Client account
Tags
Accounts & financeGuidance
Guidance
Investment schemes - Warning noticeWarning notice: This warning notice sets out the dangers of becoming involved in and facilitating dubious investment schemes.
Improper use of client account as a banking facility - Case studiesCase studies to be read in conjunction with the warning notice on improper use of client account as a banking facility.
Improper use of client account as a banking facility - Warning noticeWarning notice: How to prevent your firm’s client bank account being improperly used as a banking facility.
Do I need to operate a client account? - GuidanceGuidance: Questions and answers for SRA-authorised firms that receive client money in the form of fees and disbursements and want to rely on the exemption not to operate a client account.
Glossary terms
client account
has the meaning given to it in the SRA Accounts Rules
bank
has the meaning given in section 87(1) of the SA
building society
means a building society within the meaning of the Building Societies Act 1986
authorised body
means:
- a body that has been authorised by the SRA to practise as a licensed body or a recognised body; or
- a sole practitioner's practice that has been authorised by the SRA as a recognised sole practice
client
means the person for whom you act and, where the context permits, includes prospective and former clients
in the SRA Financial Services (Scope) Rules, in relation to any regulated financial services activities carried on by an authorised body for a trust or the estate of a deceased person (including a controlled trust), means the trustees or personal representatives in their capacity as such and not any person who is a beneficiary under the trust or interested in the estate
regulated services
means the legal and other professional services that you provide that are regulated by the SRA and includes, where appropriate, acting as a trustee or as the holder of a specified office or appointment