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.
1. Client monies will usually be held in general client bank accounts, where funds for different matters and clients are pooled.
2. A sum in lieu of interest will be payable on amounts held in general client bank accounts on the following basis:
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.
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.
3. We will generally pay interest to the client gross, and it is the client’s responsibility to declare this amount to HMRC.
4. This policy will be reviewed periodically. (Last reviewed 21st February 2025.)
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