Page 279 - IOM Law Society Rules Book

ADVOCATES ACCOUNTS RULES 2008

(d) any written instructions to withhold client money from a client account (or a
copy of an advocate’s confirmation of oral instructions) in accordance with rule
16;

(e) any central registers kept under paragraphs (11) to (13) below; and

(f) any copy letters kept centrally under rule 31(2) (dividend cheques endorsed
over by recognised body).

(g) any written agreements made under rule 27.

(10) An advocate must retain for at least two years;

(a) all paid cheques, unless there is a written arrangement with the bank, building
society or other financial institution that it will retain the cheques on the
advocate’s behalf for that period; and

(b) originals or copies of all other authorities for the withdrawal of money from a
client account.

Centrally kept records for certain accounts, etc.

(11) Statements and passbooks for client money or controlled trust money held outside a
client account under rule 16(1)(a) or rule 18(c) must be kept together centrally, or an advocate
must maintain a central register of these accounts.

(12) Any records kept under rule 9 (liquidators, trustees in bankruptcy, Mental Health Act
receivers and trustees of occupational pension schemes) must be kept together centrally, or an
advocate must maintain a central register of the appointments.

(13) The statements, passbooks, duplicate statements and copies of passbook entries relating
to any joint account held under rule 10 must be kept together centrally, or an advocate must
maintain a central register of all joint accounts.

(14) If a recognised body as nominee follows the option in rule 31(2) (keeping instruction
letters for dividend payments), a central book must be kept of all instruction letters to the
share-owner’s bank or building society, etc.

Computerisation

(15) Records required by this rule may be kept on a computerised system, apart from the
following documents, which must be retained as printed or otherwise issued:

(a) original statements and passbooks retained under paragraph (9)(b) above;

(b) original statements, passbooks and other accounting records retained under
paragraph (9)(c) above; and

(c) original cheques and copy authorities retained under paragraph (10) above.

Rule 32 – Accounting records for client accounts, etc. page 36