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Requirement to obtain practising certificate with trust money authorisation

The handling of trust money and the operation of trust accounts by legal practitioners and law practices is closely regulated by the VLSB+C to ensure strict compliance with the Uniform Law.

To apply for a practising certificate authorising the receipt of trust money, you must satisfy the VLSB+C that you possess the necessary skills and expertise to operate a law practice trust account competently, diligently and honestly. 

The VLSB+C’s Grant of Trust Authorisation Policy (PDF) identifies the skills and expertise required, and explains how the discretion is exercised when considering an application to vary a practising certificate for trust money authorisation. 

The LIV’s trust account course is approved by the VLSB+C as meeting its skills and expertise requirements to obtain a practising certificate with trust money authorisation.

The Course

The LIV’s approved trust account course is assessment based self-learning. To maintain integrity of the assessment process, all responses are required to be handwritten (typed answers will be returned uncorrected). All assessments are reviewed by an authorised trust account investigator.

Course learning outcomes include:

  • identification of trust money
  • understanding your obligations in establishing a trust bank account
  • familiarisation with Uniform Law requirements for trust accounting and procedures for recording transactions
  • awareness of the external examination process and reporting obligations.

Visit the Approved Trust Account Course product page at Law Book to buy online

Frequently Asked Questions