#1. The Legal Omsbudsman has the power to award compensation when a client wins their case. What is the highest figure the Legal Ombudsman can award?

£10,000.00

£25,000.00

£50,000.00

£100,000.00

#2. Is it permissible to issue the client with a bill of costs for an unpaid, not yet incurred, disbursement?

Yes

No

#3. Every law firm, regardless of the type of work they do, must have their complaints handing information on their website or in another format if they don’t have a website.

True

False

#4. You have instructed an interpreter in order for your client to be able to communicate with you or to enable your client to understand Court proceedings. The cost of the interpreter is being passed on to the client. When billed, the cost is:

A Disbursement

A Recharge

#5. The SRA Accounts Rules require a business/office account to be reconciled?

True

False

#6. When dealing with residual balances, instead of recording the payment to the charity from the client’s ledger, your firm moves the residual balance to a ledger in the name of the charity. The payment is then recorded and made from that ledger every six months.

Is this a breach of the SRA Accounts Rules?

Yes

No

#7. The Transparency Rules require all regulated firms, and individual freelance solicitors who publish as part of their usual business that they offer certain services, to publish information on the prices that they charge. Rule 1.3 list the services where you are required to publish the information. Which one of the following is not on the list?

Probate cases where all assets are in the UK

Immigration excluding asylum applications

Motoring offences – summary only offences

Divorce cases where all assets are in the UK

#8. The client bank reconciliation must be signed by:

COFA or manager

A non-owner solicitor

A legal cashier

Head of finance

#9. Which 2 options below are most likely to be reasons for deciding if a breach is serious?

Select all that apply:

How long the individual has been at the firm

The scale and scope of the issue

Loss to the client

#10. Transparency Rule 4.1 covers the digital badge (sometimes called the clickable logo) which shows any website visitors that your firm is regulated and it gives them a link to the protection that provides. How will a website visitor know if the logo on your website is valid?

It will be at the top of your website page

It will show the current date

It will be purple in colour

The logo will show your SRA number

#11. A cash flow forecast is?

When income is earned and when costs are incurred

A plan that shows how much money a business expects to receive in, and pay out, over a specific period of time

A financial plan for a defined period, often one year

#12. A cyber-attack cannot be reported by the COFA as it is not mentioned in the SRA Accounts Rules and is unlikely to result in a serious breach under the SRA Accounts Rules?

True

False

#13. The Transparency Rules 2018 form part of the SRA Standards and Regulations 2019 although they were released nearly a year before the Standards and Regulations. Why was this?

The SRA promised the Competition and Markets Authority that it would put something out before the end of 2018

The SRA needed to test the Standards and Regulations before they released them so the Transparency Rules were the test rules

The Law Society were pressuring the SRA to put out this price and service information

There were so many complaints to the Legal Ombudsman about prices that the SRA brought the Transparency Rules out early

#14. Rule 1.5 of the Transparency Rules states that certain costs information must be included in the information on the website. Which one of the following does not have to be included in that information?

The total costs, average costs or range of costs of the service

Whether fees or disbursements attract VAT

The experience and qualifications of the people carry out the work on the matter

The timescales for the bill of costs to be paid

#15. The cost of any time taken in trying to return a residual balance to the client can be deducted from the balance held?

True

False

#16. When does the Accountants Report (AR1) need to be sent to the SRA?

When the report is qualified

All reports should be sent to the SRA

Reports should be sent at the COFAs discretion

When firms hold client money

#17. You have paid a disbursement from the business account and now have sufficient money held in the client account towards it.

Are you required to send the client a bill or other written notification of costs prior to transferring the money from the client account to the business account?

Yes

No

#18. A bill of costs must be signed by a partner/director or member?

True

False

#19. If client money is legitimately retained for a specified reason, are you required to regularly update the client?

Yes

No

#20. Your firm acted for a client in the sale of commercial premises. The transaction has been completed and the firm are in the process of accounting to the client for the net proceeds of sale. Independently of this retainer, the client’s son has instructed another solicitor in your firm to act for him in buying a flat.

The father has asked your firm to retain enough money to cover his son’s legal fees and to send the balance to him. Your firm is concerned that by transferring the money to the son you may be in breach of rule 3.3.

Is this providing banking facilities?

Yes

No

On Demand Workshop – COFA Compliance Masterclass

COFA Compliance Masterclass

Who is this training for?

Purpose of this training?

Results

#1. The Legal Omsbudsman has the power to award compensation when a client wins their case. What is the highest figure the Legal Ombudsman can award?

#2. Is it permissible to issue the client with a bill of costs for an unpaid, not yet incurred, disbursement?

#3. Every law firm, regardless of the type of work they do, must have their complaints handing information on their website or in another format if they don’t have a website.

#4. You have instructed an interpreter in order for your client to be able to communicate with you or to enable your client to understand Court proceedings. The cost of the interpreter is being passed on to the client. When billed, the cost is:

#5. The SRA Accounts Rules require a business/office account to be reconciled?

#8. The client bank reconciliation must be signed by:

#9. Which 2 options below are most likely to be reasons for deciding if a breach is serious?

#10. Transparency Rule 4.1 covers the digital badge (sometimes called the clickable logo) which shows any website visitors that your firm is regulated and it gives them a link to the protection that provides. How will a website visitor know if the logo on your website is valid?

#11. A cash flow forecast is?

#12. A cyber-attack cannot be reported by the COFA as it is not mentioned in the SRA Accounts Rules and is unlikely to result in a serious breach under the SRA Accounts Rules?

#13. The Transparency Rules 2018 form part of the SRA Standards and Regulations 2019 although they were released nearly a year before the Standards and Regulations. Why was this?

#14. Rule 1.5 of the Transparency Rules states that certain costs information must be included in the information on the website. Which one of the following does not have to be included in that information?

#15. The cost of any time taken in trying to return a residual balance to the client can be deducted from the balance held?

#16. When does the Accountants Report (AR1) need to be sent to the SRA?

#17. You have paid a disbursement from the business account and now have sufficient money held in the client account towards it.

Are you required to send the client a bill or other written notification of costs prior to transferring the money from the client account to the business account?

#18. A bill of costs must be signed by a partner/director or member?

#19. If client money is legitimately retained for a specified reason, are you required to regularly update the client?

Further Information

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Why On Demand

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Can I download the On Demand videos?

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On Demand Workshop – COFA Compliance Masterclass

COFA Compliance Masterclass

Who is this training for?

Purpose of this training?

Results

#1. The Legal Omsbudsman has the power to award compensation when a client wins their case. What is the highest figure the Legal Ombudsman can award?

#2. Is it permissible to issue the client with a bill of costs for an unpaid, not yet incurred, disbursement?

#3. Every law firm, regardless of the type of work they do, must have their complaints handing information on their website or in another format if they don’t have a website.

#4. You have instructed an interpreter in order for your client to be able to communicate with you or to enable your client to understand Court proceedings. The cost of the interpreter is being passed on to the client. When billed, the cost is:

#5. The SRA Accounts Rules require a business/office account to be reconciled?

#8. The client bank reconciliation must be signed by:

#9. Which 2 options below are most likely to be reasons for deciding if a breach is serious?

#10. Transparency Rule 4.1 covers the digital badge (sometimes called the clickable logo) which shows any website visitors that your firm is regulated and it gives them a link to the protection that provides. How will a website visitor know if the logo on your website is valid?

#11. A cash flow forecast is?

#12. A cyber-attack cannot be reported by the COFA as it is not mentioned in the SRA Accounts Rules and is unlikely to result in a serious breach under the SRA Accounts Rules?

#13. The Transparency Rules 2018 form part of the SRA Standards and Regulations 2019 although they were released nearly a year before the Standards and Regulations. Why was this?

#14. Rule 1.5 of the Transparency Rules states that certain costs information must be included in the information on the website. Which one of the following does not have to be included in that information?

#15. The cost of any time taken in trying to return a residual balance to the client can be deducted from the balance held?

#16. When does the Accountants Report (AR1) need to be sent to the SRA?

#17. You have paid a disbursement from the business account and now have sufficient money held in the client account towards it.Are you required to send the client a bill or other written notification of costs prior to transferring the money from the client account to the business account?

#18. A bill of costs must be signed by a partner/director or member?

#19. If client money is legitimately retained for a specified reason, are you required to regularly update the client?

Further Information

Frequently Asked Questions

Why On Demand?

Why On Demand

Online – the Cons

How do I pose a question as a result of watching an On Demand training session?

Can I download the On Demand videos?

Recent Compli-Forum Topics

Recent Blogs

#17. You have paid a disbursement from the business account and now have sufficient money held in the client account towards it.

Are you required to send the client a bill or other written notification of costs prior to transferring the money from the client account to the business account?