LATEST UPDATE
Compulsory Automation of Trust Interest Receipts
In the latest issue of IRBA News, Issue 70, two finalised disciplinary matters and 26 finalised investigation matters were reported.
The Legal Practitioners Fidelity Fund Board (LPFF Board) issued an important communication on 15 July 2025 indicating its decision to implement the automation of all trust interest receipts, effective from 1 September 2025. Legal practitioners with Section 86 trust accounts that are not yet integrated into the banks' Automated Monthly Transfer System must make the necessary arrangements with their banks to ensure compliance. The communication is available on:
In support of the LPFF Board's decision to automate all trust interest receipts, the Legal Practice Council accordingly amended Rule 54.14.16. The Rule amendment was gazetted on 8 December 2023 (Government Gazette No. 49833), and is available on:
