Client Account Interest Policy

The way we treat interest on client account balances is changing. The policy below will be coming into force on 1 June 2024.

When we hold money for clients in our general client account (a pooled account operating across different clients and different matters) we account to our clients for a fair sum for interest in accordance with the SRA Accounts Rules.

Our assessment of what we consider to be fair has regard to the administrative cost of calculating and applying sums for interest and making payments.

Accordingly on a quarterly basis or earlier completion of a client’s transaction we will pay a sum in lieu of interest:

• accrued from the 4th day following receipt of the client money;
• at a rate of 0.25% below the prevailing rate of the HSBC Business Money Manager Account;
• if the sum accrued is £50 or more; and
• without deduction of tax.

This policy does not apply where we have entered into a separate arrangement with you in respect of interest.

This policy is kept under review by our Chief Financial Operations Officer.