SRA announcement on reporting

Posted By: James

Sunday 11th May 2014

The Solicitors Regulation Authority (SRA) has announced that law firms holding client funds will no longer have to submit an annual accountant’s report. Instead, each firm’s compliance officer will have to sign a declaration stating they are satisfied that client accounts are being managed according to SRA regulations. Peter Noyce, Head of Professional Services at Menzies comments: “The accountant’s report is undoubtedly a burden on smaller law firms, and with an estimated 9,000 firms holding client funds, the SRA’s move could save the profession £30m a year. It cannot fail to be popular in the present climate.”

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