This policy replaces all previous versions of our Client Money Policy.
The Solicitors Account Rules require us to account to our clients, on a fair and reasonable basis, for a sum in lieu of interest in respect of client monies held by the firm.
The Solicitors Account Rules also require us to hold such client money for the purpose for which it has been provided, so we must hold the funds in an instant access account. That means any interest paid on the funds held is likely to be lower than a client would get depositing the funds themselves.
2.1. Interest will be calculated from the date the money has been cleared in our bank account and regarded by the bank as cleared funds. Simple interest will then be paid or credited when the monies are paid out for the purposes for which they were required. This is applicable to each and every deposit of client funds into client account.
2.2. The level of interest you can expect to receive, referred to as a payment in lieu of interest earned, will be based on the advertised interest rates payable by our primary bank for the applicable period on the relevant amount, as if it had been held separately in a designated client account in your name. The rates currently in force can be found here NatWest Interest Rates
2.3 We will not account to you for any interest in the following circumstances.
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