Our interest policy should be read in conjunction with the solicitors practice and accounts rules (in particular rule 22-25) http://www.sra.org.uk/solicitors/handbook/accountsrules/
- 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 £69.30 or less;
2. On money held for the payment of a professional disbursement if the person to whom the money is due has requested a delay in settlement
3. 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 £69.30
- 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 £69.30 or less, we will account to you if the total interest exceeds £69.30.
- 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.
- In calculating interest we will apply the rates that reflect the market rate of interest paid on an instant access current account offered by a UK high street bank over the period when interest is due.
- We will review the interest rates quarterly and whenever the Bank of England changes the Bank Rate.
The rates currently payable are dependent on the amount held but are subject to a minimum rate of 0.01 %
Balance Gross % Interest Rate Paid
£10,000-£24,999 0.01 %
£250,000 + 0.01%
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