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Third-Party Managed Accounts

Handle client money better

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Enhance operational efficiency, mitigate risk and reduce administrative costs by outsourcing your client account function, either fully or partially.

Shieldpay's fully-digital platform allows firms to reduce time spent on admin, reduces the risk of regulatory breaches, eliminates the need to deal with residual balances and enables better client experiences with full transparency over the management of funds.

Why TPMA?

  • Authorise payments and track funds with a digital platform
  • Receive real-time notifications when funds flow to assigned parties
  • Reclaim unbillable, valuable time with enhanced operational efficiencies
  • Maintain oversight and control over funds but access additional protections and systems
  • Control residual balances, enabling law firms to stay SRA Rule 2.5 compliant


why-tpma

What's a TPMA used for?

  • Fees on account
  • Property transactions
  • Fundraising and collective investment schemes
  • Family and probate
  • Litigation settlement
  • PI claims and managed
  • R&D tax credits
  • Complex corporate or commercial transactions
  • Distribution of lender funds
whats-a-tpma-used-for
icon-charcoal-user-user-female Enhance
client experience
icon-charcoal-graph Reduce
unbillable hours
icon-charcoal-blog Utilise a
fully digital platform
icon-charcoal-shield Regulated by the FCA and registered with HMRC*

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Get in touch for a platform demo and pricing information

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Rules and regulations for law firms

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The Solicitors Regulation Authority (SRA) Account Rules provide the right for firms to use TPMAs as an alternative to holding client monies. The CLC also explicitly permits the use of TPMAs.

CiLex has provided for the use of escrow accounts. BSB mandates that barristers cannot directly hold client funds.

SRA requirements to using TPMA:

  • The TPMA provider must be authorised by the FCA as a payment institution
  • You will need to inform your client of the arrangement and ensure they understand it
  • You must notify the SRA
  • You must obtain regular statements and ensure they reflect the transactions on account

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