Estate money in a joint account with a lay executor: which Accounts Rules apply (rules 9 and 12)

Rule 9.1 of the SRA Accounts Rules provides that if, when acting in a client's matter, the firm holds or receives money jointly with the client or a third party, Part 2 of the Rules does not apply except rule 8.2 (obtaining statements from banks and other financial institutions at least every five weeks) and rule 8.4 (keeping a central record of bills and other written notifications of costs). The joint account with Raj falls within rule 9, so the general client account duties, such as paying money promptly into a client account and the five-weekly three-way reconciliation, do not apply to it. However, rule 12.1 requires an accountant's report for any accounting period in which the firm has operated a joint account, and the balance of joint accounts counts toward the exemption thresholds in rule 12.3. This contrasts with rule 10, under which a firm operating a client's own account as signatory must also reconcile under rule 8.3.

Why A is wrong: Rule 9 recognises that money may properly be held jointly with the client, and disapplies the client account requirements of Part 2.

Why B is wrong: Rule 9.1 expressly disapplies Part 2 save for rules 8.2 and 8.4.

Why C is wrong: Five-weekly reconciliation under rule 8.3 is preserved for a client's own account operated as signatory (rule 10), not for joint accounts under rule 9.

Why D is wrong: Rule 9.1 preserves rules 8.2 and 8.4, and rule 12.1 extends the accountant's report requirement to joint accounts.