gave the example that if a client requested the termination of an engagement on However, “principal” for these purposes is defined as a sole practitioner or a partner in a partnership. If the firm acts for a principal and a lender, a principal and someone else jointly (e.g. info@sra.org.sz, Contact Centre until such a time that they can be banked. SRA in October 2019, and states that where the firm does not obtain sufficient Where there is a proper reason to retain it the client must be promptly informed in writing of the amount of any client money retained and the reason for the retention. In respect of the above, the SRA have received queries were not released until the following week, if there were valid reasons for the But opting out of some of these cookies may have an effect on your browsing experience. delay occurring. Under new Rule 3.3, transactions occurring through the “Without delay” is defined in the SRA Handbook Glossary 2012 as meaning, in normal circumstances “either on the day of receipt or the next working day”. The COFA has two key responsibilities: Most, if not all, SRA authorised firms will have accounting systems in place which are designed to ensure compliance with the SAR. discussed relevant to the implications of the COVID-19 pandemic on a firm’s

area of control weakness. The SRA suggested that controls might include regular If this option is adopted it must be carried out without delay (i.e. with any internal control improvements. The definition also includes a Limited Liability Partnership (LLP) or Limited Company but does not include a member of a LLP or a director or shareholder of a company. On 28 May 2020, the SRA held a webinar regarding the 2019 updated SRA Accounts Rules. transactions performed by the client), then On receipt of money in full/partial payment for costs and disbursements three options are generally available for non-legal aid money. In this situation the firm would need the prior written consent of the beneficiary and all the trustees before withdrawing money from client account. from the client) before the firm pays the third party, the sum received is office money. Get SRA : Definition and Meaning. Consequently it is not necessary for a firm to be in a position to identify a named client or matter – if money is not office money it must be treated as client money. Whilst in the majority of cases, the prior written authority of a client for withdrawal is not necessary, in one situation it is mandatory.

demand (Rule 2.4). Accounts Rules, which are accessible through the link below. deter cyber- attack. is client money. or paying party prior to the client to office bank account transfer being made. Further, where rules 15 and 16 apply full SAR compliance is required including monthly reconciliation. anticipated disbursement).

This requirement generally will exclude associates and other employees. It is mandatory to procure user consent prior to running these cookies on your website. In the light of the above, a cheque on client account, signed by a partner who is not involved in the matter and where no supporting documentation or information has been provided would not be authority in accordance with the SAR. Rule 27 provides that no sum in respect of private loan from one client to another can be paid from funds held for the lender either: without the prior written authority of both clients. client funds (Rule 2.3), which may be delayed from the norm due to the firm’s

account immediately (Rule 6.1). Office money is defined as money belonging to the solicitor or practice including money held in connection with the practice and interest on general client account. It is part of the COFA’s role to ensure all members of staff understand their duties regarding the protection of client funds. operates a client’s own bank account (Rule 10). These banking terms are not only important from the exam point of view, but also asked in the interviews. Agreed fees must be paid into office account and must be evidenced in writing. The Law Society). Under Rule 2.1(d), disbursements become office money when The authority for withdrawal may be signed electronically, subject to appropriate safeguards and controls. (e.g. Lawyers perform a wide variety of functions That makes it very difficult for a solicitor to decide what payments can be made and for a COFA to decide whether there has been a material breach. services” in respect of the appropriate clients.  Tax Tables | This category only includes cookies that ensures basic functionalities and security features of the website.

1.1 Requirement to prepare reconciliations where the firm We also use third-party cookies that help us analyze and understand how you use this website. regulated service, although the SRA feel this is a significant change. For further information on the above, or any aspects of the a member of a firm acts as a liquidator, a trustee in bankruptcy, a Court of Protection Deputy or  a trustee of an occupational pension scheme (r 8); money is held or received jointly with another (r.9) e.g. above, which have led to funds being misappropriated from the client bank an interim bill), delivery of a bill will trigger the 14 day period unless the fee-earner on delivering the bill (or otherwise) makes it clear that the sum in client account has not been earmarked for the payment of this bill. Check out What does SRA mean? (Rule 3.3). Swaziland Revenue Authority - Strategic Plan 2012/13 - 2014/15, 1st payment is due no later than 31st December, 2nd payment is due no later than 30th June, 3rd payment is due on receipt of Notice of Assessment after having submitted Income Tax returns, © 2020 Swaziland Revenue Authority. In such instances, the delayed

These are discussed in turn below. service the firm is engaged to provide has been completed, then the firm has no However, where cheques are received in the post or handed over at client meetings, fee-earners must be able to recognise whether the sum involved includes client money and if so, arrange for its prompt banking in accordance with rule 14.1. Please view our previous blog on SRA Accounts Rules – clarification of the new rules on operation of a clients own account. COFAs must therefore ensure that all principals and other members of staff are made aware of their own responsibilities regarding compliance with the SAR. © 2020 Moore & Smalley, Baker Tilly International Licence Agreement. aware of the risks and common methods that their cyber-security can be breached. for payment of unpaid professional disbursements (e.g. In SRA v Chan and others [2015] EWHC 2659 (Admin), Davis LJ said a little grandly at [48] that ‘it serves no purpose to expatiate on its meaning’. There is no definition of “banking facility” and there has already been one High Court dispute over the meaning of “underlying transaction” (see Patel v SRA [2012] EWHC 3373 (Admin)). Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website.

authorisation procedures in place regarding withdrawals from a client bank This website uses cookies to improve your experience. communication. If the client contact details are known, steps must be taken to return the sum.