Interest Policy

CLIENT INTEREST POLICY

As part of carrying out our business, we may need to hold money on your behalf.  Any money received will be paid into a separate, general client account held with our Bank. Where applicable, interest will be calculated and paid on request, upon completion of your matter.

We will not pay interest in any of the following situations:

• if, on calculation, the amount calculated per matter is less than £75 over the calculation period;
• where the rate of interest does not exceed 0.75% at the point of calculation;
• on money held for the Legal Aid Agency;
• on money held on account of costs;
• on payments in Advance; or
• if you have requested to opt out of the provisions of this policy

Unless we expressly agree in writing we do not hold money on your behalf as trustee.

Where you have overdue outstanding bill(s) / disbursement(s) we reserve the right to use any interest calculated and payable on your matter to contribute to the outstanding amounts due.

The gross interest rate used to calculate interest is aligned with the published rate paid on the Barclays Everyday Saver account. This will be reviewed and updated at the start of every calendar quarter. We deduct 0.75% from this rate to cover the costs of our administration.

Our aim is to pay interest at a fair and reasonable rate, however, under SRA rules, we are obliged to hold funds in an instant access account and as the holding of funds is incidental to that of carrying out our legal instructions, the rate payable may not be as high as the rate you could obtain when depositing money for yourself.

We do not deduct tax from interest payments. It is your responsibility to notify HMRC of any tax due on payments of interest from us.

In the unlikely event of a failure of the bank which holds our client’s monies, we will not be liable to you for any monies lost. You may in these circumstances be entitled to compensation under the Financial Services Compensation Scheme. You should check with the Financial Conduct Authority (“FCA”). You may request the name of the bank where their funds are held at any time.