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Trust Account Supervisor 2018

Trust Account Supervisor 2018
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Assessment days  l  Learning objectives  l  Course resources  l  Fees  l  Cancellations  l CPD Hours

The Financial Assurance Scheme requires all practices operating a trust account to appoint a qualified Trust Account Supervisor. The Trust Account Supervisor may be a partner or director in a law firm, or a sole practitioner.

To become a Trust Account Supervisor you must pass the NZLS Trust Account Supervisor assessments. The assessments are limited to lawyers and are required under Regulation 19, Lawyers and Conveyancers Act (Trust Account Regulations) 2008.

If you have previously completed the TAS course, you may wish to refer to Regulation 19(3) Lawyers and Conveyancers (Trust Account) regulations 2008 to assess whether you are eligible to complete only a ‘refresher’ course. For further information about refresher requirements please email trustaccountsupervisor@lawyerseducation.co.nz

Preparing for the assessment

The Training Programme consists of self-study learning modules that are designed to help you prepare for assessment.

It is recommended that candidates spend 40 to 50 hours completing the self-study learning material prior to the assessment day. You will also need to examine a trust account in operation and write a report outlining your observations, to be handed in before the assessment day.

The learning materials include background information, examples and practice exercises with answers. You prepare for the assessment day by working through the course materials in your own time and at your own pace.

The modules

  • Trust accounting requirements
  • Recording trust account transactions
  • Processing trust account transactions
  • Trust account reconciliation
  • Key internal controls of the trust account
  • Month end review of reports to the Law Society
  • Risk Management
  • Professional obligations when irregularities are suspected.

Learning objectives

Candidates will be able to:
  • Differentiate between the obligations of any partner/director and the additional obligations of the Trust Account Supervisor.
  • Review the firm’s trust account procedures to ensure that they comply with the LCA and Trust Account Regulations.
  • Use the Trust Account Guidelines to ensure that best practice is followed in their firm.
  • Identify the internal controls which their firm has in place and whether they might be more robust – and how to make them so.
  • If required, set up from scratch a trust account and the procedures to ensure compliance with administrative and legal requirements.
  • Respond appropriately to situations where there are ethical issues in the handling of clients’ money.
  • Be alert to practices which might allow the mishandling of clients’ money – and how to respond if this is suspected.

Materials

Course materials will be sent to you when you have paid for your enrolment. Early enrolment is recommended to allow enough time to prepare effectively for the assessment.

Your course materials comprise a manual, which is the course text covering relevant rules and regulations, and a workbook, which contains the study guide and practical exercises designed to help you prepare for the assessment day.

Course resources

  • Observation Report Template - Click here
  • Lawyers and Conveyancers Act 2006 - Click here
  • NZLS Lawyers Trust Accounting Guidelines 2018 - Click here
  • Lawyers and Conveyancers Act (Trust Account) Regulations 2008 - Click here
  • Lawyers and Conveyancers Act (Lawyers: Conduct and Client Care) Rules 2008 - Click here
  • Lawyers and Conveyancers Act (Lawyers: Fidelity Fund) Regulations 2008 - Click here

Assessment day -  8.30am - 4.30pm

The assessment comprises four elements:

  • A written observation report to be handed in before the assessment day.
  • A written trust accounting procedure examination.
  • A written internal controls examination.
  • Participation in four discussion-based assessments on risk management and professional obligations.
In the event that you fail any part of the assessment, you will be required to resit the elements that you failed. This may take place in your home town.

Download a copy of the course brochure

Assessment days

Auckland 1 19 April
Hamilton 19 July
Wellington 13 September
Auckland 2 13 November
Christchurch 22 November

Presenter/Examiner

  • Philip Strang, NZLS Inspector, Christchurch

Assessing Trust Account Supervisors

  • Andrew Fletcher, Hamilton
  • David Murphy, Wellington
  • Simon Price, Christchurch
  • Niamh McMahon, Auckland 

Fees & Cancellation/Refund policy

Trust Account Supervisor Training Programme (includes course materials, morning and afternoon teas and lunch on the day) $550
Recount or re-mark $75
Resit of all or part of the two written assessments $115
Late submission or resubmission of the observation report $75
   
Transfer to a later assessment day - additional fee payable
This calendar year
15+ working days' notice
5-15 working days' notice
0-5 working days
Next calendar year (note: new materials are required)
15+ working days' notice
5-15 working days' notice
0-5 working days
Note: Registrants can claim 7.5 CPD hours on receipt of their returned observation report and participation on the assessment day. 

$170
$300
$550

$350
$480
$550

 
Cancellation - refund available

15+ working days' notice
5-15 working days' notice
0-5 working days
Please note:
  • Minimum and maximum numbers apply.
  • Registration is limited to lawyers.
  • Registrations will be accepted on a first-come/first-served basis.
  • Registrations close 20 working days before the presentation date (the closing date). NZLS CLE Ltd reserves the right to cancel any session that does not reach the budgeted minimum number of registrations. This decision will be made on the closing date and a full refund will be made to each registrant of the cancelled session.
$300
$170
No refund





 
Course materials (for those who do not need to complete the assessment)
- Manual
- Workbook

$110
$95
  

CPD Hours

Registrants can claim 7.5 CPD hours on receipt of their returned observation report and participation on the assessment day.

 
CONTACT
INQUIRIES
freephone (within NZ)
0800 333 111

EMAIL 
cle@lawyerseducation.co.nz

PHONE
04 472 7837

FAX
04 463 2986
 
ADDRESS
NZLS CLE Ltd
Law Society Building
26 Waring Taylor Street
Wellington 6011

DX SP 20202
PO Box 5041
Wellington 6140
New Zealand