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Office Account

an account in the name of a CLC regulated individual or body for holding Office Money.

Office Money

money which belongs to a CLC regulated individual, or body, and any other money which is not Client Money and includes:

(a) money held or received in connection with running the body e.g. PAYE, or VAT on the firm’s fees

(b) interest on Client Accounts (other than on Separate Designated Accounts)

(c) payments received in respect of fees for which a bill has been delivered, and the bill is recorded in the office columns of the appropriate client ledger account

(d) payments received in respect of disbursements already paid, or for which a liability to pay has been incurred, and the payment, or liability is recorded in the office columns of the appropriate client ledger account

(e) money received from a Client as a debt owed, which is recorded in the office columns of the appropriate client ledger account.

Outcomes

delivery of a positive result for Clients; it is the end result of the application of a principle or specific requirement

the CLC’s Regulatory Arrangements are focused upon these Outcomes, which everyone who we regulate must deliver.

Outsourcing (Outsource)

business functions contracted out to third party non-Authorised Persons, which support the delivery of reserved legal activities.

Overriding Principles

the Principles that all individuals and bodies regulated by the CLC must comply with at all times in their delivery of legal services:

 

1. Act with independence and integrity

2. Maintain high standards of work

3. Act in the best interests of your Clients

4. Comply with your duty to the court 

5. Deal with regulators and ombudsmen in an open and co-operative way 

6. Promote equality of access and service.

Owner

please see Material Interest and Beneficial Owner definitions.