Page 253 - IOM Law Society Rules Book

ADVOCATES ACCOUNTS RULES 2008

(d) rule 34 – production of records; and

(e) rule 42(1)(m) – reporting accountant to check compliance

Operation of the joint account by the advocate only

(2) If the joint account is operated only by the advocate, the advocate must ensure that he
or she receives the statements from the bank, building society or other financial institutions,
and has possession of any passbooks.

Shared operation of the joint account

(3) If an advocate shares the operation of the joint account with the client, another
advocate’s practice or another third party, an advocate must;

(a) ensure that he or she receives the statements or duplicate statements from the
bank, building society or other financial institutions and retains them in
accordance with rule 32(9)(b)(ii); and

(b) ensure that he or she either has possession of any passbooks, or takes copies of
the passbook entries before handing any passbook to the other signatory, and
retains them in accordance with rule 32(9)(b)(ii).

Operation of the joint account by the other account holders

(4) If the joint account is operated solely by the other account holder, an advocate must
ensure that he or she receives the statements or duplicate statements from the bank, building
society or other financial institution and retains them in accordance with rule 32(9)(b)(ii).

Note
Although a joint account is not a client account, money held in a joint account is client money.

Rule 11 – Operation of a client’s own account

(1) If an advocate in the course of practice operates a client’s own account as signatory (for
example, as donee under a power of attorney), Parts B and C of the rules, and Part D of the
rules (with the exception of rule 33) do not apply. The following must be complied with:

(a) rule 33(1) to (3) – accounting records for clients’ own accounts;

(b) rule 34 – production of records; and

(c) rule 42(1)(n) – reporting accountant to check compliance

Operation by the advocate only

(2) If the account is operated by an advocate only, that advocate must ensure that he or she
receives the statements from the bank, building society or other financial institution, and has
possession of any passbooks.

Rule 11 – Operation of a client’s own account page 10