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Mark, a solicitor, is managing a client account and needs to transfer funds to a third party on behalf of a client. What is the correct procedure according to the SRA Accounts Rules?
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Mark must transfer the funds from the client account to comply with the SRA Accounts Rules. This ensures that client money is used appropriately and that there is a clear audit trail of transactions involving client funds. Key Point: The SRA Accounts Rules stipulate that all client funds must be managed through the client account to ensure transparency and proper handling of client money. This rule protects the client’s funds from being misused and maintains trust in the solicitor-client relationship.
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