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You're allowing solicitors to hold client money in their own name?

What sort of madness is this?

Let us suppose FLS holds £3m of client monies.
FLS suddenly dies (not unheard of) and his spouse as executrix with a grant of probate transfers the monies out his old account into hers and gets on the slow boat to off shore tax land.

Ohhh well, I am sure we can be glad that the PII won't cover it and the comp fund will wash their hands of it and the clients can go whistle.

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