Interest Policy

Our interest policy should be read in conjunction with the SRA Accounts Rules set out within the SRA Standards and Regulations.

• If we hold money in a separate designated client account on your behalf, we will account to you for all the interest earned on that account.
• If we hold money in a general client account on your behalf, or if money should have been held on your behalf but was not, then we will account to you for a sum in lieu of interest calculated as below.
• We will not account to you for any interest in the following situations:
  1. If the amount calculated is £88 or less;
  2. If there is an agreement to contract out of the provisions of this policy.
• You can request that you are not paid interest, if for example you do not want to receive it for religious or tax reasons. If money is held for a continuous period and for part of that period it is held in a separate designated client account we will account to you for a sum in lieu of interest for the rest of the period when the money was held in a general client account regardless of whether it is less that £88.
• If we hold sums of money intermittently on your behalf in our general client account and the sum in lieu of interest calculated for any single period is £88 or less, we will only account to you if the total interest exceeds £88.
• Each of your matters will be treated separately and we will not combine interest  payments between all your transactions when calculating this figure unless we consider this to be unfair.
• In determining the period over which interest is to be calculated we will look at the following:  the period between the date when the relevant funds received by us clear our account and when we send the funds or a cheque is raised.
• We will calculate and pay interest once your matter has been concluded. There will be a deduction of £88 representing the cost of calculating and arranging the payment of the sum.
• In calculating interest we will apply the rates that reflect the rate of interest paid on a designated client deposit account offered by our bank.