2. Overview of the Trust Safety Program
The Law Society benchers have taken a proactive approach to the regulation of trust accounts by implementing the Trust Safety Program which came into effect on April 1, 2019.
Under this program all firms operating a trust account must have an approved trust account supervisor.
The trust account supervisor is responsible for ensuring that appropriate controls, reporting, and record keeping are in place for all trust and general bank accounts operated by the firm.
In order to become an approved trust account supervisor, you must pass two thresholds:
1. Application to the Law Society:
a) Submit a Trust Account Supervisor Application Form
b) Applications will be reviewed with three possible results:
ii. conditional approval; or
2. Pass Trust Accounting Exam:
a) Review the Trust Accounting Fundamentals resource materials
b) Take online exam
Why? In 2017 the benchers developed a three year strategic plan. A major component of the strategic plan is for the Law Society to regulate proactively to protect the public interest by ensuring that legal services are delivered by competent and ethical lawyers. The strategic plan contemplates that the Law Society will proactively assist lawyers and law firms to mitigate risk. The Trust Safety Program is one initiative that has been implemented to accomplish these goals.