CLC ACCOUNTS CODE

The Council for Licensed Conveyancers' (CLC) revised accounts code, which expressly allows CLC-regulated firms to use third-party managed accounts (TPMAs), has been approved by the Legal Services Board and comes into force on 30 September. It is simpler and less prescriptive; and also allows aged balances of up to £50 to be more easily managed. Firms will have to ensure the decision to use a TPMA, and the TPMA provider used, is appropriate in the circumstances of each case. 18 June 2020