SRA Handbook

Residual balances

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Version 3 of the Handbook was published on 20/04/2012. For more information, please click 'History' Above

Rule 9: Residual balances

9.1

The SRA may use any funds which remain in a statutory trust account following the distribution to beneficiaries under rule 8 to offset any costs, charges or other expenses which it has incurred in establishing the beneficial entitlements to the statutory trust monies and in distributing the monies accordingly.

9.2

If funds remain in a statutory trust account after payment to beneficiaries and the deduction of costs, charges and expenses in accordance with rule 9.1, the SRA may transfer such remaining funds into the compensation fund held by the SRA in respect of the activities carried on by the intervened practitioner and thereupon any claim to such funds shall be extinguished.