This eLearning course provides comprehensive training on the SRA Accounts Rules, which set out how solicitors and law firms in England and Wales must handle client money. Protecting client funds is one of the most fundamental responsibilities of a regulated legal practice, and compliance with the Accounts Rules is essential to maintaining trust and avoiding regulatory action.
The course begins by explaining what constitutes client money and the principles that underpin its safekeeping. It then works through the Rules governing client accounts, including Rules 3, 4 and 5 (covering the use of a client account, the forms of client account, and how money should be paid into and held in a client account), and Rules 6, 7 and 8 (covering withdrawals from a client account, client's own accounts, and the handling of money belonging to the client and others).
Beyond client money, the training addresses how firms should deal with other money, such as office money and sums that belong jointly to the client and the firm. It explains the circumstances in which money can be transferred between client and office accounts and the safeguards that must be in place.
The final part of the course covers accounting and record-keeping obligations, including the records firms must keep, the need for accurate and timely accounting systems, reconciliations, and the storage and retention of accounting information. Upon completion, learners will understand their responsibilities under the SRA Accounts Rules and be able to handle client and office money correctly.
