The Solicitors Accounts Rules & Dealing with Residual Balances - Live At Your Desk

Introduction

Since the requirement to actively deal with residual client balances was introduced into the SRA Accounts Rules back in 2009, the SRA has been paying close attention to what firms are doing to return client funds.

It is important that firms have clear plans in place to deal with all client funds when there is no reason to retain them, and firms need to be careful that they do not inadvertently find themselves providing prohibited banking facilities to clients when they are holding onto client money.

The latest Accounts Rules and accompanying guidance have brought this into even sharper focus and so it is important to understand the requirements.

What You Will Learn

This live and interactive session will cover the following:

• What are residual balances?
• How do they arise?
• Why are they a concern to the SRA?
• SRA guidance relevant to residual balances
• The potential relationship between residual balances and prohibited banking facilities
• What you can expect from your reporting accountant’s review of residual balances
• How to identify and deal with residual balances
• What if the client cannot be located?
• How to deal with a qualified accountant’s report on the subject
• What the COFA should be doing to review and deal with balances

Quick Quiz - Test Your Knowledge: Solicitors Accounts Rules

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.