PART A – GENERAL
Rule 1 – Principles
The following principles must be observed. A solicitor must:
(a) comply with the requirements of practice rule 1 as to the solicitor’s integrity, the duty to act in the client’s best interests, and the good repute of the solicitor and the profession;
(b) keep other people’s money separate from money belonging to the solicitor or the practice;
(c) keep other people’s money safely in a bank or building society account identifiable as a client account (except when the rules specifically provide otherwise);
(d) use each client’s money for that client’s matters only;
(e) use controlled trust money for the purposes of that trust only;
(f) establish and maintain proper accounting systems, and proper internal controls over those systems, to ensure compliance with the rules;
(g) keep proper accounting records to show accurately the position with regard to the money held for each client and each controlled trust;
(h) account for interest on other people’s money in accordance with the rules;
(i) co-operate with the Society in checking compliance with the rules; and
(j) deliver annual accountant’s reports as required by the rules.
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