The new SRA reporting regime begins next month and the changes are significant.
The new Solicitors’ Accounts Reports (SRA) reporting regime is effective from 25 November and the changes are significant. The SRA have brought its revised guidance into one area and has supplemented its rules with a Q&A to assist its firms.
The changes mean that any reporting accountant should ensure that they re-check the definition of clients’ money and exemptions available. The definition of client money in 2.1 and 2.2 states: ‘“Client money” is money held or received by you:
In circumstances where the only client money you hold or receive falls within rule 2.1(d) above, and:
In 2.3 it states the exemptions as being that ‘you ensure that client money is paid promptly into a client account unless:
The alternative arrangement Third Party Managed Accounts continue to be promoted and the SRA guidance has been updated.
A revised schedule of services that applies for reports from 25 November 2019 has been made available. Request your copy by sending an email to firstname.lastname@example.org
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