SQE1 · FLK2 · Practice
Five options, one best answer, no negative marking. Submit each question to see the rationale and the controlling authority before moving on.
A firm acts for a client in a property purchase. The client transfers £250,000 to the firm to hold pending completion. The firm's bank requires seven days' notice for withdrawals exceeding £100,000 from the client account. Completion is scheduled for next Tuesday, four days away. The firm places the full £250,000 in the client account. On completion day, the firm cannot access the funds in time. What is the firm's position under the SRA Accounts Rules?
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