What trust records do I need to satisfy the requirements of the Legal Profession Act 2004 and the Legal Profession Regulations 2005?
A practitioner should maintain the following trust records: • Trust account receipts • Trust pay-in books • Trust account deposit records • Trust account ledgers • Cash books • Transfer Journal • Trust reconciliation statements • Cheque butts or cheque requisitions and bank statements • Controlled money client statements • Controlled money receipts • Controlled money written directions • Register of controlled money • Monthly statement of controlled money balances • Files relating to trust transactions • Register of Investments • Printed record of EFT (payments) • Register of powers of attorney and estates • Bills and client statements of account • Back-up of computerised trust accounting system These records should be retained for seven years, as required by regulations 3.3.36 and 3.3.37.
