According to the SRA Accounts Rules, a client account must be held in a bank or building society located in England or Wales. The account's name must include the firm's name and clearly be labelled as a client account to distinguish client money from business funds. This ensures transparency and proper identification of client money, preventing its misuse. There is no requirement for the account to be located near the firm's offices or for all partners to be signatories or have their names included in the account title. 

Key Point: The SRA Accounts Rules mandate that client accounts must be clearly labelled and identifiable, held in a bank or building society in England or Wales, ensuring client money's security and proper management. Mislabeling or improper setup can lead to breaches of regulatory compliance and ethical issues.