Third Party Managed Accounts (TPMAs)

Suggestion for Best Practice

The transfer of funds / Management of funds received by the practice (Lexcel 2.5a/b)

Why Law Firms Should Act Now: Understanding TPMAs and Their Impact on Your Practice

The Solicitors Regulation Authority (SRA) consultation on consumer protection is intensifying scrutiny on how client funds are managed. One proposal gaining traction is the use of Third Party Managed Accounts (TPMAs) as an alternative to traditional client accounts.
TPMAs are already permitted under the SRA Accounts Rules (Rule 11) and the CLC Accounts Code (Rule 7), yet their adoption remains low. This could reflect limited awareness or a reluctance to adopt the product. However, with the SRA’s consultation signalling a shift, the potential for TPMAs to become a mandatory requirement is increasing.

To help the firm understand the practicalities of operating a Third Party Managed Accounts (TPMA) legal sector finance specialists Gemstone Legal is hosting a series of discussions aimed at helping the sector understand how the introduction of TPMA will impact their business.

Sessions titled TPMA 101, will include discussion will the five major TPMA providers plus hear the view from insurers on the impact on PI Insurance premiums.

  1. Understand the regulatory and operational implications.
  2. Evaluate the benefits for your firm.
  3. Prepare for potential changes in the regulatory framework.

Sessions will discuss the regulatory requirements plus offer some free templates which can be used should the firm decide to use TPMAs.

Register you interest here: https://tpma101.scoreapp.com.

Regards

Paul McCluskey
Managing Director

T: 01799 610 844 | M: 07785 503 007

W: www.gemstonelegal.co.uk | l: LinkedIn

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