SRA Accounts Rules & Updates

As no doubt readers are aware, the new SRA Accounts Rules came into force on 25 November 2019, replacing the SRA Accounts Rules 2011. The old rules were a document of 70 pages and 52 rules but with the new rules less prescriptive, the document is a handful of pages containing just 13 rules. In addition, the SRA has issued guidance notes to ensure compliance with specific aspects of the rules.

The focus of the SRA Rules is still the safety of client money, but law firms now have more flexibility to put in place their own systems and procedures, especially with the removal of time frames, which have been replaced by the undefined ‘promptly’.

For most readers, I suspect little has changed and your documented systems and procedures continue with the same time frames as before, resulting in the same non-material breaches being recorded on your breach register. As we approach the second anniversary of the rules, perhaps it’s time to consider your systems and whether they embrace the new rules.

We’ve produced a webinar on the SRA Rules which can be viewed here.

If you have any concerns regarding the new SRA Accounts Rules, please get in touch with your usual contact. You can find contact details on the Our People section of the Larking Gowen website. Alternatively, call 0330 024 0888 or email enquiry@larking-gowen.co.uk

Ellis Lake