In accordance with the SRA Accounts Rules, it is the firm’s policy to account to its clients for a sum in lieu of interest on a fair and reasonable basis.
The rate of interest paid will be at the rate paid by our Bank, C Hoare & Co, on our general client account.
Please note that this rate may not be as high as the rate which you may be able to achieve if you were to invest the monies yourself.
Monies will be held on your behalf in a general client account and we will not account for interest in the following circumstances:
a) If the amount of interest calculated is £50 or less; or
b) If there is an agreement to contract out of the provisions of this policy
If we hold money in a separate designated client account on your behalf, we will account to you for the actual interest earned on that account.
Interest will be calculated and credited to your account on a six monthly basis or on completion of the matter.
If sums of monies are held in relation to separate matters for you then each sum will usually be treated separately. Therefore we will apply the fair and reasonable test to the individual sums without aggregation unless the matters are so closely related that they ought to be considered together.
Interest is paid on cleared funds only.