Solicitors Accounts Rules - The New November Rules & Key Concerns Explained
The recent introduction of the new Accounts Rules (part of the SRA Standards and Regulations 2019) has ushered in a new, more streamlined approach.
As the rules change there is - as always - an increased focus on understanding the key elements and what they do, and do not allow.
This webinar will focus on enabling fee-earners and finance staff to understand the restrictions and the freedoms allowed by the Accounts Rules - in order that you can become more efficient handlers of money.
Since this webinar was filmed, the SRA has provided supplemental information which is included in the additional materials for this webinar.
What You Will Learn
This webinar will cover the following:
- The Existing SARs
- Fiduciary duties regarding client money
- What do the rules currently require?
- SDAs and other client accounts
- Dealing with fees and costs - when can you get paid?
- Interest policies
- New accounting provisions
- The New 2019 Rules
- The SRA's culture shift - new staff, new thinking
- 45 pages are reduced to 6 - what has gone?
- As long as client money is protected, do you need to care about the rest?
- What time-limits must you observe?
- What policies will you need to have in place?
- Can your procedures be adjusted to fit your practice?
- SRA's Key Concerns
- Whose fault is it if money goes astray?
- Identification and protection of client money
- Use of funds only for their intended purposes
- Return of funds at the end of a matter - how do you get rid of residual balances?
- Auditing, investigation and enforcement - a new approach
- The New Rules
- How should you deal with your costs?
- Do you still need to do the work before you bill the client?
- Do you still need a COFA?
- What if the COFA requires something not demanded by the rules?
- Practical Responses - Delivering the Regulator's new expectations
- Do you need to change anything?
- What do you need to bear in mind regarding funding and payment?
- Do you still need to have a policy on the payment of interest?
- Can you use a TPMA? How much does that cost?
Quick Quiz - Test Your Knowledge: Solicitors Accounts Rules