Q. I’ve heard that the banks are introducing a new cheque clearing system. When will this happen and how will things change?
A. The new system is going to be phased in gradually across banks and building societies from the end of October 2017. The changes mean that cheque images will be transmitted securely between banks within the UK, which will significantly reduce the time it takes for them to clear. Under the new system, solicitors will get access to funds more quickly; however funds will also leave the account faster. The time taken to clear cheques will reduce from six weekdays to the next weekday.
Cheques paid in via the Post Office or in remote branches will take up to two additional weekdays to clear, as they do now.
Q. I would be grateful for your guidance on an executry matter. I am the sole executor. The deceased left his modest estate to a charity. With regard to my terms of engagement letter, do I require to issue this to the charitable beneficiary?
A. At one point there was some confusion on whether or not a beneficiary should be sent a terms of engagement letter. This has now been clarified.
The beneficiary (the charity) is not the client of the firm and therefore we do not think it necessary to issue it with your full terms of business.
In this issue
- Talaq and the growing challenge of overseas divorces
- Too close to the wind? (1)
- The Land Register: two ticking timebombs
- Adult ADHD: a performance management issue
- Reading for pleasure
- Opinion: Sandra McDonald
- Book reviews
- President's column
- ScotLIS enters user test phase
- People on the move
- Priced out of justice
- The residence nil rate band – are your clients affected?
- State aid outside the EU
- IP actions at the Court of Session
- Give me liberty or give me a welfare attorney
- Personal injury trusts and professional trustees
- How to protect your firm and your clients from email fraud
- Court to child: a different approach
- Who can appeal a contempt ruling?
- Moveable property: reform at last?
- Too close to the wind?
- Limited partnerships and the PSC register
- Scottish Solicitors' Discipline Tribunal
- Recent changes to the PSG offer to sell
- Assigned standard securities
- On our own feet
- OPG tackles rising demand for PoAs
- Law reform roundup
- PI court timetable amended
- Reception greets Accredited Paralegal scheme
- Making paper history
- Your Law Society of Scotland Council members
- Master Policy renewal: it's easy online
- Ask Ash
- AML risks and company services
- Thinking of getting engaged?
- Q&A corner