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Review Your SQE 1 Practice Records

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A client pays an advance of £5,000 for future legal services. According to the SRA Accounts Rules, where should this money be deposited?

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The advance payment must be deposited into a client account. The SRA Accounts Rules require that client money be kept separate from the firm's business funds to ensure it is protected and used only for its intended purpose. Key Point: Advance payments from clients must be deposited into a client account to ensure their protection and compliance with the SRA Accounts Rules.

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