The purpose of the SRA Accounts Rules is the protection by law firms of client money and assets including authorising withdrawals from clients’ accounts and accounting for interest.
Governed by the Solicitors Regulation Authority (SRA) under their new outcomes-focused regulation (OFR) regime, practices are required to have effective systems and controls in place to fulfil their obligations as defined by the SRA Handbook.
The SRA Accounts Rules are a widely accepted high risk area. In extreme cases of non-compliance, law firms can lose their licence to practice.
The responsibility for ensuring compliance with the Rules rests with a designated compliance officer for finance and administration (COFA) and principles within the practice. The role demands that the COFA must log, monitor and report compliance with, and breaches of, the Rules.
To assist the COFA to effectively undertake their duties by instilling financial and risk management processes to safeguard client money, our software and outsourcing service can help:-