Webinars by Practice Area
SRA Accounts Rules Update
Recorded on: 25/02/2021
Despite saying goodbye to the EU, and entering into another national lockdown, law firms are still coming to terms with the import of the new Accounts Rules, 18 months after their introduction. A big law firm was recently fined a substantial sum for handling client monies without undertaking any underlying legal work. It goes on.
That said, there are many relaxations of which we can take advantage, and there are some alterations that need to be addressed if we are to remain compliant and yet operate our businesses with as much ease as possible.
Despite the Covid restrictions and some alterations to the SRA Resources that have been published, we offer some thoughts on the measures the regulators would be looking for in the systems and procedures firms should have in place. But some key questions still need fully answering.
Fee-earning and administrative staff would both benefit from this updating seminar which will consider:
- An outline of the ethos of the Accounts Rules
- Can we bill before we do the work?
- Dealing with residual balances on Client ledgers
- What if interest rates go negative – can we charge interest to clients?
- Duties of the COFA – what future for the reporting Accountants?
- Third party managed accounts – an increasingly attractive option?
- Reconciliations – what, when, who and how?
- Other frauds and scams to avoid