Ethics & Professional Conduct In Solicitors Accounts Flashcards
1
Q
What is COFA?
A
Compliance Officer for Finance & Administration
2
Q
Who should finance breaches be reported to?
A
COFA who then notifies SRA
3
Q
If client money is used wrongly what should the firm do?
A
Replace the money with business money
4
Q
What action against a solicitor should a firm take regarding serious breaches of using clients money?
A
- Notify COFA
- Disciplinary action (suspension)
- Report to the police
5
Q
How often should balances be checked?
A
Regularly to identify mistakes quickly and reminded promptly if incorrect
6
Q
Which account should mixed money for a bill/payment on account be paid into?
A
Either client or business but client part should be moved promptly to the correct ledger
