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NewsNews | Newsletters | SubscribeProposed changes to the Solicitors Accounts Rules affecting the retention of clients moniesWe detail below an extract from a Law Society Paper of 19 March 2008 “The Solicitors Regulation Authority (SRA) has approved changes to the Solicitors’ Accounts Rules 1998 to include a specific obligation on solicitors to return surplus client funds, and to permit solicitors to deal with the withdrawal of smaller residual client account balances themselves, without recourse to the SRA. The draft rules provide that the changes will take effect three months from the date the rules receive the concurrence of the Master of the Rolls. The changes have been approved by the SRA Board.
The new procedure for dealing with smaller residual balances may result in many historic balances being cleared, thus freeing up the time of the solicitor, the accounts department and the reporting accountant. There will be a slight increase in the work to be carried out by the reporting accountant to check on compliance with the new rules. This may result in an increase in the fee charged by the reporting accountant.”
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