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Keeping clients’ money safe

Sabrina Pearson considers the potential impact of the SRA’s newly revised Accounts Rules on firms and reporting accountants

11 July 2017

Last year the Solicitors Regulation Authority published a consultation on the third and final phase of the update to the Accounts Rules, which saw the proposed rules reduce from 52 to just 13. The SRA’s response to this consultation has now been published, alongside a summary of the responses received, an assessment of the impact of the change on consumers and firms, and – of course – the duly revised rules.

The update to the rules is part of the SRA’s modernisation of the regulation of the legal sector; the focus of the new rules is ‘keeping clients’ money safe’. Alongside this, the rules offer more flexibility to firms and place greater trust in firms and their staff by allowing them to exercise professional judgement and decide what is best for their business and their clients. This is evident not only from the significant shortening of the rules but by the removal of p...

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