24.—(1) An independent qualified conveyancer shall at all times keep clients' money separate from other money and ensure that clients' money is available for payment to clients on demand or upon such conditions as the client may authorise.
(2) An independent qualified conveyancer shall pay clients' money promptly upon receipt into a client account for the particular client concerned.
(3) A client account is an interest earning account with a bank or a building society.
(4) A client account shall include in its title the word “client” and the name of the particular client concerned, except that where the clients' money belongs too an executry or a trust, of which the client or the independent qualified conveyancer is an executor or trustee, the client account shall include in its title in the names of the executors or trustees and the word “executry” or “trust”, as the case may be.
(5) When opening a client account, an independent qualified conveyancer shall give written notice to the bank or building society concerned that the account is a client account and that therefore all money from time to time standing to the credit of that account belongs to the client and not to the independent qualified conveyancer.
(6) An independent qualified conveyancer shall account to the client for all interest earned on the client account for that client.
(7) An independent qualified conveyancer shall ensure that the rate of interest earned on clients' money in a client account is the best rate of interest reasonably obtained at the bank or building society holding the client account having regard to the amount of money involved and upon the basis that the money is withdrawable upon demand and without loss of interest.
(8) No charge shall be made by an independent qualified conveyancer for opening or maintaining a client account.
(9) An independent qualified conveyancer who fails to comply with any of the duties in this regulation or in regulation 25 shall be liable to compensate any client for any loss of clients' money or of interest resulting from that failure.