SRA guidance for new accounts rules

As the new SRA Accounts Rules (Accounts Rules) are to come into force 25 November 2019, we hope firms are reviewing their systems in the light of the new requirements. 

The SRA has published a guide that we attach for reference in order to help with the requirement to “keep and maintain accurate, contemporaneous, and chronological records to show your dealings with client money (rule 8.1)”.

We also attach the new SRA guide on joint accounts and on paying money to charity from the client account when the client cannot be traced.

For most firms that were compliant with the old rules, there will not be anything surprising in these guides. We therefore recommend you read them as a reminder of the expectations of the SRA and suggest that when adopting any changes to your practices as required by the new rules, your systems are considered and updated in light of these guides. 

Although the new rules are shorter, the attached guides suggests that the SRA will still expect most systems and safeguards to continue unchanged. For example, the COFA checking and signing off the monthly reconciliations and the way in which the reconciliation are laid out should continue as before.

Please do contact us if you would like to discuss any issues further.

SRA Ethics Guidance Helping you keep accurate client accounting records

SRA Ethics Guidance The prescribed circumstances in which you can withdraw client money from a client account to pay to a charity of your choice

SRA Ethics Guidance Joint accounts and record keeping