PPC2 Professional Responsibility Practice Questions - Law Society Of Ireland Professional Practice Course 2 - Professional Responsibility Exam

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If a solicitor holds funds in their bank account for a client, but no legal services are being provided to that client, how are these funds classified under the 2023 Regulations?

They are classified as client moneys because they are held by the solicitor for the client. They do not constitute 'client moneys' under the regulations as no legal services are associated with them. They are classified as office moneys because the firm cannot legally act as a trustee. They are classified as controlled trust moneys automatically.

Correct Answer:

They do not constitute 'client moneys' under the regulations as no legal services are associated with them.

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