Accountants “failing in solicitor duties” – an update


Blowing the whistle: do accountants know about their duty?

Our story last week reported on concerns that reporting accountants are not complying with their duty under the Solicitors Accounts Rules (SAR) to blow the whistle on solicitors.

The duty under the SAR kicks in if the accountant discovers evidence of fraud or theft, or receives information giving them “reasonable cause to believe is likely to be of material significance” in determining whether a solicitor is a fit and proper person to hold client money.

The story came from the annual conference of the Institute of Chartered Accountants of England and Wales’ solicitors group, held in London. The conference was repeated in Manchester today, and Ian Smith, who chairs the group, has reported to Legal Futures that Solicitors Regulation Authority investigations manager John Mercer told the event that just 11 reports have been made in the past year.

Speaking last week, both Mr Smith and Mr Mercer suggested that this was most likely down to a lack of education about the provision.

Tags:




Leave a Comment

By clicking Submit you consent to Legal Futures storing your personal data and confirm you have read our Privacy Policy and section 5 of our Terms & Conditions which deals with user-generated content. All comments will be moderated before posting.

Required fields are marked *
Email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Blog


My lockdown legacy – what will yours be?
30 July 2020

As we go back to work, we will not – and should not – forget the lessons we learnt during lockdown. I really hope that we drive change as a result and create a positive legacy for our industry.


Diversity without inclusivity is mere tokenism
27 July 2020

Until under-represented groups reach a critical mass (of 30%) in partnerships, boards and chambers, problems of sexism and exclusionary working practices in the legal profession will not be eradicated.


Loading animation