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On 6 October 2011 the biggest change to law firm regulation in decades will come into effect with the introduction of the SRA Handbook.
Significant changes have been made to the SRA Accounts Rules, a key part of the SRA Handbook that outlines the requirements in place to protect client money. Staff with financial responsibilities within solicitors’ practices will need to prepare in advance of implementation on 6 October to ensure compliance with the revised Rules.
The fully updated 12th Edition of the Solicitors’ Accounts Manual provides the text of the Rules, taking account of key changes made since June 2009 including:-
Reflecting the advent of alternative business structures (ABSs), the Rules emphasise that their application is required for activities that are regulated by the SRA.