The new SRA Handbook will, from 6 October 2011, incorporate new Accounts Rules (regarded as a high risk area) requiring firms to have a written policy on the payment of interest, which seeks a "fair income".
This course will guide you through the new outcomes focused regulation in relation to the payment of interest, to help you to understand the new approach and to help you develop your firm’s policy on paying interest, in time for October 2011 when the new rules will come into effect. In particular the course will cover the following:
- * What will an interest policy need to cover?
- When will it be 'fair and reasonable' to pay interest?
- What factors will an interest policy need to take into account to arrive at a 'fair and reasonable' amount of interest?
- What you will be required to explain to clients;
- When it may be appropriate (or not) to 'contract out' of payment of interest by agreement with your client;
- Who in your firm will have responsibility for complying with the new interest rules?