Practical Guidance and Case Studies
This session provides practical guidance on the SRA Accounts Rules with a specific focus on Rule 3.3 Prohibited Banking Facilities. Participants will explore the regulatory framework underpinning this rule, understand the rationale behind its strict enforcement, and examine the consequences of non-adherence. The course will highlight common pitfalls firms encounter, such as inadvertently using client accounts as a banking facility and the compliance risks that arise as a result.
Through a series of real-world case studies, we will analyse how breaches have occurred, the impact on firms, and the steps taken to remediate issues. The session will also offer practical strategies for identifying and mitigating risk, including internal controls, staff training, and policy reviews. Attendees will leave with a clearer understanding of how to apply the rules in practice and how to respond effectively if a breach is identified.
What will it cover?
- Understand the regulatory framework surrounding prohibited banking facilities under the SRA Accounts Rules, including the rationale behind the prohibition.
- Identify common scenarios where firms may inadvertently breach the rules, particularly in relation to client accounts being used as banking facilities.
- Analyse real-world case studies to understand how breaches have occurred, the consequences for firms, and the lessons learned.
- Recognise the importance of internal controls and oversight mechanisms in preventing non-compliance.
- Evaluate the firm’s responsibilities when prohibited banking facilities are identified, including breach reporting and remedial actions.
- Apply practical guidance to ensure compliance, including policy reviews, staff training, and risk mitigation strategies.
1 hour of CPD training applicable.