For a confidential, no obligation chat please contact on 01953 883535 or 01603 813920 or complete this form

Interest Policy

In line with the Solicitors Accounts Rules 2011 this policy is in place to inform you of our arrangements with regard to interest and banking arrangements in relation to monies held on behalf of clients. The objective of the policy is to achieve what we believe is a fair outcome for both the client and the Firm.

General Client Account

 

When money is received from or on behalf of a client, it will be paid into a general client account with Lloyds Bank who is the Firm’s Only Bank. This general client account will hold pooled amounts for different matters and clients. These will usually be based on client money being held in an instant access account to facilitate a transaction. Clients are unlikely to receive as much interest as might have been obtained had they held and invested the money themselves.

The rate of interest paid to clients on money held in general client account is in line with Lloyds Bank published rates on Designated Client Accounts.

No interest will be paid to clients on monies in general client account if :-

§  The amount of that interest, as calculated following the procedure set out below amounts to £50.00 or less.

§  If the sum of money held does not exceed the amount shown in the left hand column below for a time not exceeding the period indicated in the right hand column below:

 

 

 Amount

 Time

 £1,000

 8 weeks

 £2,000

 4 weeks

 £10,000

 2 weeks

 £20,000

 1 week

 

If the sum of money held exceeds £20,000 but is held for one week or less, no interest shall be paid to the client unless a request is made by the client and it is deemed fair and reasonable to account for a sum in lieu of interest having regard to all the circumstances. Such determination shall be made on a case by case basis by the Managing Compliance Officer for Finance and Administration (COFA).

The rate of interest payable shall be calculated by reference to the current rate of interest paid to the firm by Lloyds Bank on the general client account.

Designated Accounts

 

This firm does not currently hold designated deposit accounts

 

 

This policy will be reviewed together with the interest rate applicable for any interest payments due to clients on monies held on an annual basis.

 

Contact us

We have two offices, one in Watton, Norfolk and the other in Hethersett, Norfolk. However we are more than happy to conduct home visits if getting to us is a problem.

Dawson House
20 Thetford Road
Watton
Norfolk
IP25 6BS

Call us on
01953 883535
 

Rowan House
28 Queens Road
Hethersett
NR9 3DB

Call us on
01603 813920