The ACCA supports SRA’s proposals to tighten oversight of solicitors handling client money. They back mandatory filing of all accountants’ reports with the SRA and yearly declarations from companies holding client funds. However, they oppose placing responsibility for filing reports on accountants instead of the company. ACCA suggests dual notifications and highlights challenges with obtaining bank confirmations. ACCA is willing to assist SRA in engaging with banking regulators.

Read more at Yahoo Finance: ACCA backs SRA crackdown on solicitors holding client money