The Independent Qualified Conveyancers (Scotland) Regulations 1997

Keeping records

26.—(1) An independent qualified conveyancer shall, at all times, in connection with the provision of conveyancing services by that independent qualified conveyancer, keep such accounts as may be necessary–

(a) to show all the dealings of that independent qualified conveyancer with clients' money or with other money handled by that independent qualified conveyancer;

(b) to show separately in respect of each client all clients' money or other money handled by that independent qualified conveyancer; and

(c) to distinguish all clients' money from other money including money belonging to that independent qualified conveyancer,

and shall keep such accounts at all times up to date.

(2) Where an independent qualified conveyancer–

(a) withdraws from a client account any money in accordance with regulation 25(1); or

(b) credits a client account in accordance with regulation 25(5),

the independent qualified conveyancer shall record the reason for the withdrawal or (as the case may be) the credit.

(3) An independent qualified conveyancer shall record all his dealings with clients' money in such of the following forms as may be appropriate–

(a) a clients' cash book (or a clients' column of a cash book);

(b) a clients' ledger (or a clients' column of a ledger); and

(c) a record of sums transferred from the ledger account of one client to that of another,

and no other dealings shall be recorded in such clients' cash book, ledger or columns.

(4) An independent qualified conveyancer shall keep a record of all bills rendered to clients in respect of the provision of conveyancing services, which shall list each bill separately and to specify in each case the name of the client and the date of the bill.

(5) An independent qualified conveyancer shall keep a record listing all powers of attorney which have been granted in his favour together with details of the dates on which the powers of attorney were granted.

(6) At least once every month, an independent qualified conveyancer shall reconcile the balance of the clients' cash book (or clients' column of the cash book) with the balances shown on the client account statements produced by the relevant bank or building society, and shall keep in the cash book or other appropriate place a reconciliation statement showing that this has been done.

(7) The accounts, books, ledgers and records required for the purposes of this regulation need not be kept in documentary form but, where those accounts, books, ledgers and records are kept by means of a computer or in other non documentary form, the independent qualified conveyancer shall ensure that the information comprised in those accounts, books, ledgers and records can readily be produced in a form in which it can be taken away and in which it is visible and legible.

(8) A record required for the purposes of this regulation shall be preserved by the independent qualified conveyancer for at least 10 years from the date of the last entry in it.