The SRA's latest report on financial stability (February 2014) said its engagement with firms found poor financial management that ranged from "naive to reckless". They have also seen poor practice in the management of client accounts. This toolkit will help firms to address those common financial issues facing many firms. This toolkit will cover the following: What the requirement to maintain financial stability will mean in practice for firms. What are the danger signals and how can action be taken to remedy them? The steps that need to be taken to take control of cash management in order to achieve financial stability. Part of our popular toolkit series, it will contain a mixture of draft policies, procedural checklists and other instruments to assist practitioners in demonstrating sound financial management. The aim is to produce a working resource which practitioners can use to monitor the financial health of the firm. It will form part of a series of toolkits branded with the livery of the Risk and Compliance Service.
Publisher: The Law Society