PART IIIPROFESSIONAL PRACTICE, CONDUCT AND DISCIPLINE

Accounts, etc.

Regulations as to keeping of accounts by solicitors33

1

The Society shall as soon as practicable make regulations—

a

as to the opening and keeping by solicitors of accounts at banksF1 or with building societies

i

for clients' money;

F1ii

for money comprised in controlled trusts;

b

as to the keeping by solicitors of accounts containing particulars and information as to money received, held or paid by them—

i

for or on account of their clients;

ii

for or on account of any such trust as is mentioned in sub-paragraph ( a);

c

as to the investment in trusteeF2 investments of the money of any such trust as is mentioned in sub-paragraph ( a);

d

empowering the Society to take such action and collect such evidence as may be necessary to enable them to ascertain whether or not the regulations are being complied with.

2

If a solicitor contravenes any regulation made under this Article any person may make a complaint in respect of that contravention to theF1 Tribunal.

3

Regulations made under paragraph (1)( a) to ( c) shall not apply to—

a

a solicitor acting in the course of his employment as a public officer; or

b

a solicitor who holds an office under any local authority or statutory undertakers and who does not engage in private practice as a solicitor;

and such regulations shall not apply to a solicitor who holds an office to which sub-paragraph ( b) applies and who is engaged in private practice as a solicitor, except so far as regards money received, held or paid by him in the course of that private practice.