PART I - GENERAL
This section includes definitions as used in the Rules, covering basic concepts such as “client monies”, “Banks” etc., and is a useful starting point to understanding the Rules.
When do the Rules apply?
They are effective from 1st February 2002.
These Rules seem much longer than the 1997 Accounts Rules. Why is that?
The answer is in the title. These new Rules are known as the Solicitors’ (Scotland) Accounts etc. Rules 2001. They consist of three existing sets of Rules and have reorganised into a single set for easy reference all the Rules for which the Guarantee Fund Committee have the responsibilty to report on to Council. The six sections in these Rules are divided into:-
General (including helpful definitions)
Accounts Rules (book-keeping section)
Accounts Certificate
Inspections and Investigations
Professional Practice (non-accounting rules covering Bridging loans, Secured loans to Solicitors, Powers of Attorney and Money Laundering)
Guarantee Fund Rules (including how to make a claim on the Fund).
