LPFF: 2025 Application Form for Refund of Bank Charges and Audit Fees

Posted 28 May 2025 Written by Acts Online
Category Regulatory Compliance

Brought to you by SA Accounting Academy: The Legal Practitioners Fidelity Fund (LPFF) has updated its refund application process to incorporate new audit reporting standards. The 2025 form is now required for all claims concerning financial periods ending after 1 March 2024.

In terms of Section 86 of the Legal Practice Act, No. 28 of 2014, the Legal Practitioners Fidelity Fund (LPFF) has issued the 2025 Application for a Refund of Bank Charges and Audit Fees Form. This updated PDF form reflects the requirement for registered auditors to conduct agreed-upon procedures (AUP) on the application, as per the LPFF directive. Auditors are required to use the AUP report issued by SAICA, which is effective for engagements beginning on or after 1 November 2023.

The new 2025 application form replaces the previous “CERTIFICATE BY AUDITOR” section with a dedicated section on the second page, located above the Legal Practice Council (LPC) approval and LPFF signature blocks. Practitioners were previously advised to manually cross out the certificate section; however, the new form integrates the reference to the AUP report which must be attached to the submission.

Under Section 86(5) of the Act, and subject to compliance with the LPC Rules, practitioners may deduct recoverable bank charges incurred on Section 86(2) and (3) trust accounts from interest earned on:

  • Trust interest earned on Section 86(2) and (3) accounts; and
  • 5% of trust interest earned on Section 86(4) trust investments.

The application for a refund must be submitted to the relevant Provincial Legal Practice Council no later than the end of the calendar year following the end of the financial year in question. Applications submitted after this deadline will not be considered unless exceptional circumstances are motivated and approved by the LPC.

Click here to download the Application for Refund of Bank Charges and Audit Fees Form 2025.

What this means for you, your business, or your clients

  • For yourself: No direct individual obligations; impact channelled through firm-level compliance and audit engagement standards.
  • For your business: Ensure that all refund applications for financial periods ending after 1 March 2024 utilize the new 2025 form and include the mandated SAICA AUP report.
  • For your clients: Inform legal practitioners that refund applications must be submitted to the Provincial Legal Practice Council by the end of the calendar year following their financial year-end to avoid the need for exceptional motivation.

Originally published at https://accountingacademy.co.za/news/read/lpff-new-2025-application-form-for-refund-of-bank-charges-and-audit-fees

The views expressed herein are those of the author and do not necessarily reflect those of Acts Online. Acts Online accepts no responsibility for the accuracy, completeness or fairness of the article, nor does the information contained herein constitute advice, legal or otherwise.