When we hold monies in Client Account for a client, or for a person funding all or part of our fees, or for a trust, we must account to our client or that person or trust for interest when it is fair and reasonable to do so in all the circumstances.
The Firm will pay interest on all monies held in Client Account save where the interest payable is less than £20.00.
Interest will be calculated at the prevailing rate of interest on our Client Account payable by HSBC Bank from time to time.
Interest will be paid in accordance with this policy at the conclusion of a client’s matter.
Interest will be calculated :-
In some circumstances we may agree with our client to a different arrangement than detailed above.In this case there must be a written agreement between the Firm and the client.All agreements must be fair and reasonable.
The Firm’s client care letter will refer to our policy on the payment of interest and will be forwarded to all clients.
This policy reflects the size of this Practice and the type of work carried out by it.It is unusual to hold significant sums of money on Client Account.
This policy will be reviewed annually or sooner if Solicitors Accounts Rules change.The procedure will include checking the Solicitors Accounts Rules to ensure the Policy is up to date and accurate.