The Law Society has updated its practice note on the banking crisis, giving greater guidance upon the handling of clients’ funds, including guidance where accounts are in foreign banks. See http://www.lawsociety.org.uk/productsandservices/practicenotes/bankingcrisis/1811.article
A slightly wider note on undertakings is provided, although nothing novel is proposed. The Law Society advises solicitors that: “You are free to decide whether to offer or accept an undertaking, so long as to do so is not against the client’s interests. You do not need to give an undertaking simply because it is in the client’s interests to do so. You may also negotiate the terms of their undertakings, where this is in the best interests of clients.” ‘Twas always thus. Qualified undertakings in the residential sector continue to be discouraged by the Law Society.