51Trust money subject to specific powers

51 Trust money subject to specific powers

(1)  This regulation has effect for the purposes of section 248 of the Act.

(2)  If a law practice or an associate of the practice is given a power to deal with trust money for or on behalf of another person, the practice must keep –

(a) a record of all dealings with the money to which the practice or associate is a party; and

(b) all supporting information in relation to the dealings –

in a manner that enables the dealings to be clearly understood.

(3)  The record, supporting information and power must be kept by the law practice as part of the practice's trust records.