Client Account Interest Policy

This Policy sets out how our Firm will deal with interest on money held for our clients.

In accordance with Rule 7 of the Solicitors Accounts Rules 2019, our Firm will account to our clients on a fair and reasonable basis for both the client and the Firm.

When our Firm receives monies on behalf of a client, it will be placed into a general account that we hold with the HSBC UK Bank PLC (HSBC). We are required to hold such money in an “Instant Access” account to facilitate transactions. As such, clients are unlikely to receive as much interest as they might have obtained had they invested the money themselves.

Our Firm receives gross interest from HSBC for client monies held in this account which, as at the 22nd January 2025, is 4.55% per annum. It is our Firm's policy to pay interest to clients on sums held by our Firm in the general client account for more than 20 days.

Our Firm considers it fair and reasonable to account interest to clients on monies held in the general account at a rate of 1.2% and the balance will be retained by our Firm.

The interest that we receive from HSBC can change as the base and interest rates in the country increase or decrease from time to time. We will let clients know in writing if there are any changes to our client account interest policy which we will review annually.

Our Firm will not account clients for any interest in the following situations: -

1. If the amount of interest calculated is £50 or less. Our Firm takes the view that our administrative charges would exceed this amount.
2. For payment of a professional disbursement once Counsel or another professional has requested a delay in settlement.
3. On an advance from our Firm into our general client account to funds a payment on a client’s behalf in excess of funds already held for a client in that account.
4. If there is an agreement to contract out the provisions of this Policy.
5. Where our firm has requested to return funds to a client and a client has not co-operated with this request.
6. Where a client fails to present a cheque to his/her bank for payment.

Our Firm will only transfer funds to a Designated Deposit Account on request from a client, provided we consider it equitable to do so, taking into account the administrative costs in doing so. In the event of Client money being held in a Deposit Account, our Firm will account our clients all of the interest earned in that account.

We will calculate and pay any interest once a matter has been concluded. Payments on account of interest while money continues to be held will not be made.

Where our Firm is conducting more than one matter for a client, balances will not be aggregated for calculation purposes.

Our Firm will pay interest without deducting tax at source. It will be the Client’s responsibility to declare any interest to HM Revenue and Customs.

In the event that the Bank in which the firm holds funds fails, our Firm reserves the right to disclose to the Financial Services Compensation Scheme the names and details of Clients whose money is held there in order for those Clients to claim compensation, the limit of which is currently £85,000. Our Firm will not be liable for any excess over this amount.

This Policy was last reviewed on the 22/1/25