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Client Deposit Accounts
Table Of Contents
Yes, Cranbrook Legal maintains a separate client account for handling client funds. As a firm regulated by the Solicitors Regulation Authority (SRA), we ensure that all client money is deposited into this distinct account, separate from the firm's own funds, in compliance with the SRA Accounts Rules. This account prevents the firm from using client funds for operational expenses or other unrelated purposes.
This practice safeguards client funds and ensures they are used solely for matters related to the client's case.
In the UK, law firms that handle client funds are subject to strict regulatory requirements to ensure the proper management and protection of those funds. Cranbrook Legal, as a firm regulated by the Solicitors Regulation Authority (SRA), is bound by these rules.
Cranbrook Legal adheres to strict protocols when managing deposit and completion funds, particularly in commercial transactions or other legal matters. This process is regulated by the Solicitors Regulation Authority (SRA) Accounts Rules to ensure client money is protected and handled appropriately.
Deposit funds are typically requested at the start of a transaction, such as a Commercial transaction, immigration application, or court disbursement. Clients transfer the agreed deposit amount into the law firm's client deposit account, which is entirely separate from the firm’s operational accounts. Upon receiving the funds, Cranbrook Legal will issue a written acknowledgment confirming receipt. These funds are strictly ring-fenced and can only be used for the agreed purpose, such as paying third parties or to complete a transaction. The deposit cannot be transferred into the firm’s business account unless it represents legal fees for work already completed, or the client provides explicit consent.
Completion funds represent the final balance payment required before concluding a transaction, particularly in property purchases. The client transfers the remaining funds to the firm’s Client Deposit Account, and the law firm conducts pre-completion checks to ensure all contractual terms have been met. On the day of completion, Cranbrook Legal transfers the funds to the appropriate parties, and provides the client with a completion statement detailing all payments made.
To protect client money, Cranbrook Legal uses a designated Client Deposit Account and ensure funds are not commingled with business funds. Cranbrook Legal carries out regular account reconciliations to prevent errors or discrepancies.
Additionally, Cranbrook Legal holds indemnity insurance in place to safeguard client money in case of fraud or financial instability.
The SRA monitors law firms through regular audits and reporting obligations, with the power to take disciplinary action for breaches. Clients are further protected by the Solicitors Compensation Fund, which provides reimbursement if a regulated law firm misuses client money.
Before entrusting a law firm with deposit or completion funds, clients should confirm that the firm is regulated by the SRA, maintains a client deposit account, provides written confirmations of payments, and issues a clear breakdown of how funds will be used.
Cranbrook Legal protects client monies from risk through a combination of regulatory compliance, internal controls, and insurance safeguards. These measures ensure that client funds are secure, properly managed, and used solely for their intended purpose.
A fundamental protection is the requirement for law firms like Cranbrook Legal to maintain Client Deposit Accounts that are entirely separate from their own business accounts. This segregation prevents client money from being used for the firm's operational expenses or any purpose other than the client's legal matter. The Solicitors Regulation Authority (SRA) Accounts Rules mandate that client funds must be deposited into a designated client account at a regulated bank or building society without undue delay. This ensures that client money is protected from the firm's financial difficulties or insolvency.
Cranbrook Legal is also required to maintain detailed accounting records that document all transactions involving client money. These records must be updated promptly and reconciled at least every five weeks to detect discrepancies or errors. Cranbrook Legal is required to appoint a Compliance Officer for Finance and Administration (COFA), who is responsible for overseeing the firm's compliance with the SRA Accounts Rules and reporting any breaches to the regulator. At Cranbrook Legal, this role is held by the Firm’s Managing Director, Amer Zaman.
To further safeguard client monies, Cranbrook Legal is required to have Professional Indemnity Insurance (PII). This insurance provides compensation to clients in cases where the firm’s negligence causes financial loss. Additionally, clients are protected by the Solicitors Compensation Fund, which acts as a safety net if client money is lost due to fraud, dishonesty, or the firm’s insolvency.
To mitigate the risk of cybercrime and fraud, Cranbrook Legal implements secure banking practices and cybersecurity measures. This may include verifying bank account details before transferring large sums, encrypting sensitive communications, and requiring multiple authorisations for high-value transactions.
Regulatory oversight by the SRA ensures that firms are subject to audits and investigations if they fail to comply with the rules. Firms that breach client money regulations face disciplinary action, ranging from fines and suspension to closure.
By adhering to these stringent safeguards, Cranbrook Legal provides its clients with reassurance that their money is protected from financial risk, fraud, and mismanagement.
A client account at Cranbrook Legal can be used by various types of clients, provided the funds are related to legal services the firm is delivering. The use of a Client Deposit Account is strictly regulated by the Solicitors Regulation Authority (SRA) to ensure that client money is protected and only held when necessary.
The primary types of clients who can use Cranbrook Legal’s Client Deposit Account include individual clients, business clients, and third parties linked to a legal transaction.
Individual clients commonly use Client Deposit Accounts when engaging legal services for matters such as commercial transactions and immigration applications. These clients may deposit money for disbursements, legal fees, or settlement payments. Business clients may require Client Deposit Accounts when instructing law firms for commercial transactions. Funds may be deposited for contractual payments (deposits and completion funds), legal costs, or settlements on behalf of the business. Third parties can also benefit from client accounts if they are directly involved in the legal transaction, such as lenders in property transactions or beneficiaries in a commercial agreement. However, the law firm must confirm that the funds are connected to legal services they are providing.The SRA Accounts Rules restrict law firms from holding money that is unrelated to legal services. This means a law firm cannot act solely as a bank or escrow service without providing legal advice or representation. Additionally, client accounts cannot be used for money laundering, holding funds indefinitely, or for purely administrative convenience.
Who from Cranbrook Legal Has Access to the Firm’s Client Deposit Account
Access to the Client Deposit Account at Cranbrook Legal is strictly controlled to protect client money and comply with the Solicitors Regulation Authority (SRA) Accounts Rules. Only authorised personnel who are directly involved in the management or administration of client funds can access the client account.
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Successful Sponsor Licence Application
Efficient and helpful. Amer and his Team are quick to respond to queries, even over the weekends and at night. Sponsor Licence granted after only 4 weeks. Thanks.
Daniel Johnson
Care Home Sponsor Licence Application!
We used Cranbrook Legal for the processing of a Sponsor Licence Application. We are a Health Care provider and have faced huge difficulties in recruiting for our Care Homes. Amer and his team were quick to identify the documents needed for our specific case and they were able to prepare a really strong application. I have no doubt that the really good Cover Letter convinced the Home Office to approve our Application. Thanks again, superb work!
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ILR Application
Thanks to Amer and team for all help given to me my indefinite visa and British citizenship : so many solicitor tell me that British Nationality is impossible for me but Amer looked at my file and took care and fight with Home Office and in the end they give up and give me British Nationality .thank you for Amer and Cranbrook team
Hossan Ali
At Cranbrook Legal, our Managing Director, Amer Zaman is the designated Compliance Officer for Finance and Administration and has sole access to the Client Deposit account.
Additionally, regular internal and external audits are conducted to review client account activity and ensure compliance with regulatory requirements. The SRA holds law firms accountable for any misuse of client funds, with severe penalties for breaches, including fines, suspension, or disqualification from practice.
By limiting access to client accounts to only authorised, qualified personnel and maintaining strict oversight, Cranbrook Legal ensures that client money is safeguarded and used exclusively for the intended legal services.
How many people are authorised to release/make Payments on a Client's behalf
At Cranbrook Legal, our Managing Director, Amer Zaman has sole authorisation to make payments from the Client Deposit Account.
Cranbrook Legal verifies the identity of individuals requesting the release of funds through a combination of identity verification procedures, security checks, and regulatory compliance measures. This process helps prevent fraud, money laundering, and unauthorised access to client funds.
To assure proper verification, Cranbrook Legal will typically follow these steps:
Client Due Diligence (CDD): As part of anti-money laundering regulations, law firms must conduct CDD checks before engaging with clients. This involves collecting and verifying identification documents such as passports, driving licences, or national ID cards, alongside proof of address documents like utility bills or bank statements.
Enhanced Due Diligence (EDD): For higher-risk transactions or large sums of money, law firms may perform EDD. This involves obtaining additional information about the client’s source of funds, source of wealth, and business activities.
Identity Verification Technology: Some firms use electronic verification systems, such as biometric facial recognition or third-party digital identity verification services, to confirm a client’s identity remotely.
Client Instruction Confirmation: Before releasing funds, law firms may request clients to confirm their instructions in writing, via secure email, or through signed documents. Verbal instructions alone are rarely sufficient without additional verification.
Bank Account Verification: The firm will verify that the bank account receiving the funds is in the client's name and matches the account details provided during initial onboarding.
Call-Back Procedures: For large transactions or where instructions seem unusual, the law firm may implement a call-back system, contacting the client on a pre-verified phone number to confirm the request.
Internal Authorisation: Senior staff members or compliance officers often review and approve payment requests, especially for high-value transactions.
Fraud and Cybercrime Protection: Cranbrook Legal employs secure communication channels and may use encrypted email services to prevent interception or tampering with payment instructions.
These combined measures ensure that the person requesting the release of funds is genuinely the client or an authorised representative, providing both legal and financial protection for clients and the firm.
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