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New SRA Rules ratified but implementation date is still unknown

The Legal Services Board (“LSB”) has approved the application of the Solicitors Regulation Authority (“SRA”) for amendments to its regulatory arrangements in respect of its Looking to the Future reforms.   The SRA highlight that the reforms to the SRA Accounts Rules include:  
  • Less prescriptive Accounts Rules which focus less on technicalities, and more on issues directly linked to keeping client money safe; and
  • Providing a definition of ‘client money’ which maximises the need to protect the public while not placing unnecessary burdens on firms.
  At present, it is unclear when the reforms will come into force, although the SRA are currently highlighting that they are expected to be implemented during 2019.