Solicitor Accounts Rules consultation launched

The Law Society of Scotland is seeking law firm cashroom managers'/solicitors’ views on proposals to update its current Accounts Rules.

The proposed changes aim to modernise the rules and where possible, simplify requirements placed on members while ensuring continued high professional standards and robust protection for the public.

The Accounts Rules are in place to ensure that client funds lodged with a solicitor firm, for example if someone is buying a property, are protected.

The proposals include the introduction of an ability to set assessments for cashroom managers regarding their knowledge of the accounts rules and additional requirements on the management of client accounts.

Rachel Wood, Executive Director of Regulation at the Law Society of Scotland, said: "Solicitors are subject to a stringent regulatory regime and must meet a number of requirements including complying with Law Society Accounts Rules.

"While the current rules are robust, following our review we have set out proposals for improvement.

"The introduction of a new assessment system for cashroom managers will enable better risk assessment to focus inspection activity and will highlight common training needs for cashroom managers. "

The proposed changes are available to read here.

Comments on the proposals should be sent to the Society’s Financial Compliance Team by noon on Friday, 19 August by emailing fincomp@lawscot.org.uk.