Since October 2014, residual client account balances of up to £500 can be donated to charity without authorisation from the Solicitors Regulation Authority (SRA).
Dealing with unclaimed client accounts can be a challenge. They take up extra time when reconciling accounts, creating more administrative work, as they must be accounted for and explained on an annual basis. You can donate unclaimed client accounts to RNIB, if reasonable attempts have failed to establish the identity and contact details of the money's owner.
How solicitors can donate unclaimed client accounts to RNIB
Where the rightful owner cannot be traced you may donate the unclaimed client funds to RNIB.
Please contact [email protected] to arrange a bank transfer.
Transferring amounts over £500
Amounts over £500 can also be paid to RNIB provided the Solicitors Regulation Authority (SRA) grants permission. To obtain permission please contact the Professional Ethics Guidance Team at the SRA:
Professional Ethics, The Cube, 199 Wharfside Street, Birmingham, B1 1RN
DX 720293 Birmingham 47
Tel: 0370 606 2577
Email: [email protected]
Guidance and the relevant application form may also be found on the SRA website.
Subject to confirmation that you have obtained the necessary SRA approval, we will email you acknowledgment of receipt, and provide a signed individual indemnity letter for your records.
RNIB has sufficient safeguards in place to guarantee that all funds if reclaimed will be refunded.
Use our template letter to notify your intention to donate the unclaimed funds.
If you’ve got any questions about donating unclaimed client accounts, contact us: