Any money received on your behalf will be held in a Client Account, in accordance with the SRA Accounts Rules 2019, unless otherwise instructed by you, in writing.
Interest earned on funds held on our General Client Account that are not earmarked for a specific purpose will be calculated and paid to you at a rate not greater than that payable on the Natwest Designated Deposit Client Account, subject to a de minimis of £50.
The period for which interest will be paid, will normally run from the date(s) on which funds are received by us until the date(s) of issue of any payments / cheque(s) from our Client Account. Clients should note that monies held on a general client account may achieve an interest rate somewhat lower than other personal accounts and reflects the immediate access facility.
Subject to the amount, purpose and/or period held, all interest earned on funds held in a Designated Deposit Client Account will be paid to you by way of credit by the bank directly to the account during the period it is operated. The rate given will be determined by the bank.
Where a client obtains borrowing from a lender in a property transaction, we will ask the lender to arrange that these funds are received by us a minimum of the day before completion. This will enable us to ensure that the necessary funds are available in time for completion. Such clients need to be aware that the lender may charge interest from the date of issue of this payment.
Should you wish to contract out of our interest policy and receive no interest due on funds held in our Client account, possibly due to your tax position or religious beliefs, we would require you to acknowledge your understanding that this may not be in your best interests and confirm your instruction, in writing.
FD Law Ltd T/A Hayes Connor Solicitors operates Client accounts at the Natwest. In the unlikely event of a bank’s failure, the Financial Services Compensation Scheme (FSCS) will repay individual clients up to a maximum of £85,000. Should you hold other personal funds at one of these banks, the limit applies to your total holding. Certain institutions trade under more than one brand name. Should the situation arise, we would ask for your agreement to disclose certain details to the FSCS.