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A client transfers £20,000 to a solicitor’s account for a property purchase. What is the correct procedure for handling this client money?

A. Deposit the money into the solicitor’s personal account.

B. Deposit the money into the firm’s business account.

C. Deposit the money into the client account.

D. Split the money between the business account and the client account.

E. Hold the money in cash until needed.

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The £20,000 should be deposited into the client account to comply with the SRA Accounts Rules. This ensures that the client’s money is safeguarded and not mixed with the firm’s business funds. Key Point: Client money must be deposited into the client account to ensure its protection and proper use, in accordance with the SRA Accounts Rules.

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Solicitor AccountsUnit 3Chapter 3

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