In June 2017, the SRA released the outcome of the consultation together with their take on the comments received. They highlight that the result showed overall support of the changes that had been included, although there had been differing opinion on some of the detail.
For instance, the definition of ‘client money’ split opinion. The SRA has listened to all of the comments and has amended the included wording so that firms can continue to operate as they currently are.
If you would like to see the amended rules or the SRA consultation responses, you can find a copy on the SRA website.
There are currently more consultations in connection with the handbook revisions so don’t expect any changes this year. We envisage that the new rules and handbook will be adopted by late 2018. Before then we are expecting the SRA to release several toolkits to help firms with their adjustments to the new rules.
We undertake many solicitor firms’ compliance checks to ensure the legal firm is operating in line with the current issued guidance relating to client money. We are also starting to undertake reviews of the internal systems a number of firms currently have in place to minimise fraud, especially concerning clients’ money.
This article originally appeared on the blog of our member firm, Larking Gowen.