Legal Finance News
- Is Your Website SRA Compliant?
Legal Finance Professionals are pleased to offer our clients a full website compliance review at a fixed fee of just £25...Is Your Website SRA Compliant? - read more
- SRA Guidance on the SRA Accounts Rules [2019] Issued
Long awaited guidance from the Solicitors Regulation Authority (SRA) on the SRA Accounts Rules has finally been publishe...SRA Guidance on the SRA Accounts Rules [2019] Issued - read more
Follow us on
Improper use of client account as a banking facility
SRA Case Study: Lack of availability of UK banking facilities
Scenario
Miss X, a potential client and newly arrived in the UK, has approached a law firm asking if it will hold monies on her behalf. She says that she does not have a UK bank account but is applying to open one. Miss X tells the firm that, although she is not instructing the firm for any legal advice at present, she will do so in the future once a business opportunity she is working on comes to fruition.
SRA's View
We would expect the firm to refuse to receive this money. There is no transaction or matter on which the firm is providing legal advice or assistance. To accept the money would be a breach of rule 14.5.