Members of the legal profession are invited to give their views on proposed changes to the accounts rules in advance of the Law Society's 2019 annual general meeting on 30 May.
The Society’s Client Protection Sub-committee has put forward proposals to introduce two additional rules preventing Scottish solicitors from using their client accounts as a banking facility for clients.
Ken Dalling, Convener of the Client Protection Sub-committee, said: “The proposals are very much in line with our ongoing supervisory obligations. We are committed to providing Scottish solicitors with clear and comprehensive rules and guidance on what is required of them, to ensure that they are compliant with AML legislation and their businesses and clients are protected from the risks.”
“We are always keen to take our members’ views in to consideration and would encourage them to send us their comments on these proposals by the 22 April closing date”
If approved, the proposed rules will be inserted at Part II 6.3.1 and Part II 6.5.2 of the Account rules, ensuring that deposits and withdrawals in to or from a client account must relate to an underlying solicitor client transaction.
Members of the legal profession can find out more on the Law Society of Scotland website and submit their comments to AGM2019@lawscot.org.uk by 10am Monday 22 April.