Course description
Since the requirement to actively deal with residual client balances was introduced into the SRA Accounts Rules back in 2009, the SRA has been paying close attention to what firms are doing to return client funds.
The Accounts Rules and latest accompanying guidance from the SRA and Law Society have brought this into even sharper focus, so it is important to understand the requirements.
Presented by SRA Accounts Rules specialist Luke Dickinson, this practical workshop will explore what residual balances are, how they arise, and why they are a concern to the SRA. The seminar will also include case studies on how to deal with tricky residual balance scenarios.
Upcoming start dates
Outcome / Qualification etc.
Training Course Content
Introduction
Since the requirement to actively deal with residual client balances was introduced into the SRA Accounts Rules back in 2009, the SRA has been paying close attention to what firms are doing to return client funds.
It is important that firms have clear plans in place to deal with all client funds when there is no reason to retain them, and firms need to be careful that they do not inadvertently find themselves providing prohibited banking facilities to clients when they are holding onto client money.
The Accounts Rules and latest accompanying guidance from the SRA and Law Society have brought this into even sharper focus, so it is important to understand the requirements.
Presented by SRA Accounts Rules specialist Luke Dickinson, this practical workshop will include case studies on how to deal with tricky residual balance scenarios.
What You Will Learn
This course will cover the following:
- What are residual balances?
- How do they arise?
- Why are they a concern to the SRA?
- SRA and latest Law Society guidance relevant to residual balances
- The potential relationship between residual balances and prohibited banking facilities
- What you can expect from your reporting accountant’s review of residual balances
- How to identify and deal with residual balances
- What if the client cannot be located?
- How to deal with a qualified accountant’s report on the subject
- What the COFA should be doing to review and deal with balances
- Case studies and problem scenarios
Expenses
MBL Seminars Limited
MBL is a leading learning and development provider for professional service firms. Over the past 18 years, more than 198,000 people across 23,000 different organisations spanning 81 countries, have chosen us to deliver their training. With over 800 expert speakers...