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.
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.
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.
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.
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.
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.
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.
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.
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.
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.