Interest Policy

When we receive money from or on behalf of a client, unless otherwise agreed, this money will be paid into our client account with our bank.

The monies we hold on behalf of clients is required by the Solicitors Regulation Authority to be kept safe and must be immediately available. Any interest payable to you will not be as high as if you held and invested the monies yourself. The interest payable will be paid gross and where necessary this interest should be declared by you to HM Revenue and Customs.

We will not be liable to you or any third party for loss or damage suffered as a result of any act, omission, fraud, delay, negligence, insolvency, or default of any bank with whom the monies have been placed. Where this occurs, we reserve the right to disclose to the relevant authorities the names and other details of clients whose money is held in that bank account, in order for those clients to claim compensation up to the applicable limit, currently £85,000.00.

We will not pay interest on monies held if the interest due is less than £40.00. Interest is calculated on a daily basis for the life of the matter, added each quarter and/or upon completion of the matter from the date when cleared funds are received until the date of issue of any cheque or telegraphic transfer from our client account.

Interest will be paid at a rate of or similar to the interest provided by our primary bank on a standard instant access account, currently 1.4%, from the date of this policy unless agreed otherwise in writing with the client and subject to policy reviews.

We reserve the right to change the level of interest pursuant to base rate levels, the interest rate paid on our client account and the interest paid on standard instant access account, without notifying you of this.

No interest will be payable to a client where they owe us money for unpaid invoices.

This policy will be reviewed periodically with adjustments being made within a timely manner, being not more than 1 calendar month.

17th October 2023

Blanchards Bailey

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