SRA Accounts Rules - The Banking Restriction Explained
One of the greatest risks that law firms must respond to is the possibility of a breach of the still restrictive position, and ban, on providing banking facilities to clients or others through the firm’s client account.
This webinar will consider the prohibition with a discussion about the reasons for the SRA’s position, the meaning and significance of the regulatory language, case studies and disciplinary decisions and some reflections on compliance strategies.
Holding and protecting client money remains a regulatory risk priority and the COFA and their senior colleagues must ensure that they and the firm are demonstrating the right response.
What You Will Learn
This webinar will cover the following:
- How to take into account the wording and requirements of the restriction in your compliance strategies
- What are the risks of a breach in different departments?
- How do you ensure that your colleagues do not inadvertently breach the restriction?
- Understand the regulatory framework for client money requirements
- Understand the language of the banking restriction in the SRA Accounts Rules
- Consider the practical risks of providing a banking service and how to avoid this with compliance strategies in the workplace
- Be in a position to evaluate whether the COFA and the firm are responding appropriately to the restriction
This webinar was recorded on 22nd June 2020
Quick Quiz - Test Your Knowledge: Solicitors Accounts Rules