Tag Results

SDT suspends solicitor who let client account become banking facility

A solicitor who allowed her firm’s client account to be used as a banking facility by a property investment company has been suspended by the Solicitors Disciplinary Tribunal. Theresa Quartey was described by the SDT as “inconsistent, contradictory and at times evasive” in her evidence.

February 2nd, 2016 | No Comments »

ABS applicants asked to use BARCO for client money, SRA says

Two firms applying to the Solicitors Regulation Authority to become alternative business structures asked to keep their client money with the Bar Council’s third-party escrow account, BARCO, it has emerged.

July 17th, 2015 | No Comments »

Law Society: “Piecemeal” SRA reforms could create “perverse incentives”

The Law Society has launched a sustained attack on plans by the Solicitors Regulation Authority to introduce third-party accounts, allow referral fees in legal aid cases and remove the requirement on firms to carry out reserved activities.

June 16th, 2015 | No Comments »

Solicitors set for client account alternative this year

Solicitors will soon be able to ditch client accounts and instead use “third-party managed accounts”, their regulator has revealed. THe SRA said the use of such accounts may offer a lower-cost alternative that continues to provide appropriate protection.

April 17th, 2015 | No Comments »

LSB going back to “first principles” as it mulls how to replace Legal Services Act

The Legal Services Board is returning to “first principles” as work begins to consider whether the Legal Services Act 2007 should be replaced, its chairman said today.

March 11th, 2015 | No Comments »

Court Appeal overturns ruling that law firm wrongly paid out £2.3m from client account

The Court of Appeal has overturned a High Court decision that a Sussex law firm wrongly paid out £2.28m it had received from a group of investors in what turned out to be a doomed airport investment scheme.

February 20th, 2015 | No Comments »

SRA issues warning over letting clients use law firms as banks

There are increasing reports of law firms allowing their client account to be used by others as a bank account in clear breach of the rules, the Solicitors Regulation Authority (SRA) warned yesterday.

January 16th, 2015 | No Comments »

SRA rejects bid to give law firms open access to BARCO

A request by the Bar Council for law firms to be given automatic access to BARCO has been rejected by the Solicitors Regulation Authority, it has emerged.

December 4th, 2014 | No Comments »

End of the annual accountant’s report is nigh

The Solicitors Regulation Authority has unveiled plans to remove the requirement that firms have their client accounts reviewed by an independent accountant and submit an annual accountant’s report.

May 8th, 2014 | No Comments »

Chambers sign up to escrow account pilot after FSA gives green light

Ten chambers have signed up to the pilot of Barco, the Bar Council’s third-party escrow account that will allow barristers to handle client money. It follows the Financial Services Authority granting regulatory approval for the service under the Payment Services Regulations.

January 10th, 2013 | No Comments »