These rules set out what the SRA does with money it takes possession of following an intervention into a firm’s and/or an individual’s practice. We hold this money on trust for the people it belongs to. This type of trust is called a statutory trust. The people that the money belongs to are beneficiaries of the trust. We have produced guidance on the way that we deal with this money.
This introduction does not form part of the SRA Statutory Trust Rules.
Part 1: General
Part 2: Claims
Made by the SRA Board on 30 May 2018.
Made under paragraph 6B of Schedule 1 to the Solicitors Act 1974, paragraphs 32 to 34 of Schedule 2 to the Administration of Justice Act 1985, and paragraph 6 of Schedule 14 to the Legal Services Act 2007, governing the treatment of sums vested in the Law Society under paragraphs 6 or 6A of Schedule 1 to the Solicitors Act 1974 and under paragraphs 3 or 4 of Schedule 14 to the Legal Services Act 2007