In June 2016 the SRA published a consultation: Looking to the future – Accounts Rules review.
The consultation was a review of the SRA Accounts Rules 2011 (‘the Accounts Rules’), which govern the handling of client money by those the SRA regulate. The core purpose of the Accounts Rules is to ensure that money belonging to clients is kept safe. The SRA objective in consulting was to rationalise and simplify the rules and to remove any unnecessary restrictions, prescription and detail while, at the same time, maintaining appropriate consumer protections.
The consultation closed on 21 September 2016 but the full proposals can be found on the SRA website here.