Providing a specialist approach to highly sensitive work.
All solicitors will know that each year, they and their firm, are responsible for reporting to the Solicitors Regulation Authority (SRA) in respect of monies passing through their client accounts. The regulations surrounding this work were changed with effect from October 2011, to the effect that the Rules are considered to be more “outcomes focused”.
Accountants are now directed to ensure that solicitors follow the principles set out in the SRA Handbook, but specifically, with regard to the SAR, to ensure:
- that client money is safe,
- that clients and public have confidence in the way that money is held
- that firms are managed in such a way as to safeguard client money and
- that the SRA is made aware of any issues relevant to the protection client money
Whilst the fundamentals of the Rules have largely remained the same, there is an additional degree of emphasis which firms, and their employees, need to be aware of.
We have a specialist group, which deal with solicitors account rules reporting, and have adopted a uniform approach to this highly sensitive work, which ensures full compliance and reporting, as well as constructive advice and guidance to the firm as to how their systems may be improved. All staff in this group regularly attend specialist training, to ensure that they are fully aware of changes in the rules and the partner in charge of this group is a member of the Solicitors Special Interest group at the Institute of Chartered accountants in England and Wales.
Please contact us for a free initial discussion to see how we can help you!