Thanks to @StephenMayson I am reminded of the legal regulators' prospective task list. From the regulatory point of view, it may be very sensible to remove or restrict a solicitor's ability to handle client money at all. One wonders what effect this may have on the brand of "solicitor", if you take the view that one of the key components of that brand is the trustiworthiness implied by the ability to look after not only a client's secrets, but their assets too. The Singapore and South African legal industries may have a different view!
Alternatives to handling client money This work will identify alternatives to legal services providers holding and distributing as necessary client money in carrying out a transaction. Protecting client money is a priority for regulators and is tightly regulated. Meeting stringent regulatory obligations in this area can be costly for providers. Therefore, there are potential benefits for consumers, providers and regulators in exploring alternatives. The intended output is a document that can be used as a resource by regulators and providers seeking to understand the alternatives that may be available.