What is a cash management platform and why should you consider this as an option for your clients’ cash?


By Legal Futures Associate SIFA Professional

Easily set up and manage your deposits with multiple banks in one digital platform

We would like to introduce you to the Cash Savings Platform from Akoni. If you haven’t explored this kind of service before, now is the perfect time to join us and discover the potential benefits this service could offer you.

These platforms give users access to a range of bank partners’ products and some of the best interest rates available in the market, and in some cases, special bespoke rates not available to the high street, ensuring that idle cash works harder for your clients. Accounts available for:

Individuals –

  • Power of Attorney
  • Court of Protection
  • Trustees
  • Estate Planning
  • Probate
  • SIPP & SASS

for Businesses – Limited Co, Partnerships, Sole Trader or SME and Non-Profit such as Charitable trust, Religious organisation, Co-operatives, Associations and Community Groups.

Enhance your expertise beyond legal matters by joining our free CPD webinars delivered to SIFA Professional Member firms.

Are you interested in expanding your knowledge beyond legal issues? We offer solicitors free access to our monthly webinars, where industry experts cover a range of topics on financial services.

Registration is simple, and you can earn a Continued Professional Development record by joining in. See below details and link to register. These sessions are designed to demonstrate how the legal and financial professions can work collaboratively for the benefit of your clients.

This resource offers complimentary training for you, showcasing to your regulator that you are actively engaged in enhancing your professional development beyond the legal field—an initiative that the SRA is eager to see demonstrated.

Register here

In this presentation, Andrew Waring, Director of Intermediary at Akoni, will introduce the innovative digital deposit platform designed to simplify the management of deposits across multiple banks. The session aims to provide professional intermediaries, including financial advisers and solicitors, with essential insights into the current finance landscape and how Akoni’s Cash Savings Platform can enhance their service offerings.

Participants will gain a comprehensive understanding of the platform’s capabilities, including its compliance requirements, oversight and reporting features, and the streamlined sign-up process. The presentation will also highlight the benefits of the platform for both intermediaries and their clients, ensuring they can easily access the best cash rates available in the market.

The session will conclude with a Q&A, allowing attendees to engage directly with Andy and clarify any queries regarding the platform and its applications in their practices.

Learning objectives: By the end of this session, delegates will be able to:

  • A better understanding of cash options for your clients in the current market
  • Understand how to easily find the best cash rates for your clients

Appreciate the Current Account Switch Service (CASS) & Payment System Regulator (PSR) Rules

SRA Comment – “Is existing continued professional development process still fit for purpose”?

Why should you consider registering?

Consider the insights and messaging from your regulator as a compelling reason to actively participate.

A few months ago, the SRA published their annual assessment of ongoing competence, making it clear to individual lawyers and COLPs alike that the focus on maintaining skills and knowledge remains intense. The SRA, facing scrutiny from the Legal Services Board, is committed to upholding the quality of legal services and fostering consumer confidence and trust in the profession—objectives we all share and strive for.

Interestingly the report also identified wider challenges that some solicitors are facing to meet their obligation to maintain confidence – ‘This included some solicitors only focusing their learning and development on maintaining technical legal knowledge.’

The regulator has made it abundantly clear that they are approaching this matter with utmost seriousness. The report outlines various methods they will employ to oversee the profession, particularly focusing on how firms, especially COLPs, are managing training for their teams and ensuring their competence. For individual solicitors, the SRA will be inspecting training records to assess whether they are engaging in learning and development, the methods they are using, and their commitment to regularly evaluating their own L&D needs. Additionally, they will conduct random checks following the renewal of solicitors’ practicing certificates. In essence, both firms and individuals must prioritize this issue and embed ongoing competency into the foundation of their strategic plans.

COLP & COFA Conference 2024 – Repeating the message…

This message was reiterated yet again by Richard Williams, Policy Associate at this year’s SRA COLP & COFA Conference. The same message was provided to the delegates, that really mirrored the one provided in 2023, which does beg the question, are COLP’s getting the message across to their firms about the need to address this issue? Mr Williams spoke about the report and made several statements regarding monitoring of professional development and looking to “significantly strengthen the annual declaration” and “the existing process to see if it is still fit for purpose”?

 

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