Client Interest Policy

Purpose of the policy

It defines our approach to any interest arising from monies held in our client accounts on behalf of clients or other relevant people.

Our approach

We account for interest to clients or other relevant people for whom we hold monies when it is fair and reasonable to do so. We seek to achieve a fair outcome for them and the firm.

Current arrangements

Monies are normally held in a General Client account - from which funds are instantly accessible. This means the amount of interest obtained might not be as high as they could obtain from direct investment or subject to notice of withdrawal. Interest will be based on the rate of interest payable by our primary bank on the relevant amount, if it were to be held separately in our instant access general client account.

Additional factors

We do not normally pay out interest where the sum concerned is less than £50.

In relation to the Administration of an Estate interest will be calculated up to the date that the estate value is finalised and estate accounts sent to Executors for approval.

Interest earned on money held by us is subject to tax. It will be passed on without deduction and the recipient is personally responsible for declaring this to the relevant authorities.

Last Updated: 13th March 2023