Under the SRA Accounts Rules, where must client money be held?
Answer and explanation
Correct answer: D. In a client account at a bank or building society, separate from the firm's own money
- Step 1: Client money must be kept separate from the firm's money.
- Step 2: It is held on trust for the client.
Answer
In a client account at a bank or building society, separate from the firm's own money.
Why not the others: Office accounts, cash tins and personal accounts all mix funds.
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