When tendering for business or at the earliest practical opportunity upon receiving instructions to undertake any work on behalf of a client, you shall provide the following information to the client in writing:
This rule requires solicitors to provide information in writing to clients about certain specific matters namely
The Professional Practice Committee considers that it is unnecessary to provide written information as required by rule B4 at least in domestic security transactions, as lenders are setting out the terms of the relationship in their instructions to solicitors and fees will require to be paid by the borrower.
During October 2008 there was uncertainty about the stability of banks and the Society sought the opinion of the Dean of Faculty. That opinion can be summarised as follows::
Unless agreed otherwise and set out in Terms of Business or a separate letter which provides either that no interest will be earned because of current bank interest rates, or that some of the interest will be retained by the practice unit, then the matter is covered by Rule B6.10 (the Accounts etc rules).
Advice and Information
FATCA applies to any financial institution that pays money to a US taxpayer anywhere in the world.