SRA Accounts Rules & The Banking Restrictions - Your Questions Answered

Introduction

The SRA Standards and Regulations were launched on 25 November 2019 and the long-awaited replacement of the SRA Accounts Rules 2011 went live. We are now working with the much briefer SRA Accounts Rules 2019. Despite the brevity, we must still understand risk priorities, and these include the risk attached to providing banking services to clients and third parties.

In this webinar we reflect on the style and substance of the Accounts Rules 2019 and the important decisions which must be made as to how to respond to them. We will look at the ongoing restriction on providing banking facilities which remains one of the major risks of operating a client account and use recent disciplinary decisions to reflect on the scope of the prohibition and the consequences of a breach.

What You Will Learn

This webinar will cover the following:

• Understand the regulatory framework for client money requirements
• Understand the wording of rule 3.3
• Review the disciplinary decisions in this area
• Consider the risks of providing a banking service and how to avoid this
• Be in a position to evaluate whether the COFA and the firm are responding appropriately to regulatory changes

This webinar was recorded on 28th October 2021