ETHICS AND PROFESSIONAL CONDUCT (FLK1 & FLK2)

(1) SRA Principles: The purpose, scope and content of the SRA Principles. (2) SRA Code of Conduct: The purpose, scope and content of the SRA Code of Conduct for Solicitors, RELs and RFLs as well as the SRA Code of Conduct for Firms in relation to Managers in authorised firms and Compliance Officers. [See the Statement of Solicitor Competence (SoSC) at Annex 1 of the SQE1 Assessment Specification] SOLICITORS ACCOUNTS (FLK2) (1) Client money: Definition, the requirement to pay client money into a client account, circumstances in which client money may be withheld from a client account, repayment, accounting entries required and the requirement to keep client money separate from money belonging to the authorised body. (2) Client account: Meaning and name of the account, obligation not to use client account to provide banking facilities, withdrawals and accounting entries required. (3) Interest: Requirement to pay interest on client money and accounting entries required. (4) Breach of the SRA Accounts Rules: Duty to correct breaches of SRA Accounts Rules promptly on discovery and accounting entries required. (5) Requirement to keep and maintain accurate records in client ledgers, including the requirement to carry out reconciliation of client accounts and to keep a record of bills to include disbursements using the agency and principal methods, transfers, submission, reduction and payment of bills including the VAT element, and accounting entries required. (6) Operation of joint account and a client’s own account. (7) Third-party managed accounts.lOMoAR cPSD| (8) Obtaining and delivery of accountants’ reports; storage and retention of accounting records. PROPERTY PRACTICE (FLK2) (1) Investigation of a registered and unregistered freehold title: Key elements and structure of freehold property transactions, the process of analysing Land Registry official copy entries, the process of analysing an epitome of title and deducing ownership, issues that could arise from an investigation of title and further action required, and purpose and process of reporting to the client