Terms and Conditions
Acceptance of terms
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Legal Advice
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Interest Policy
- Purpose of the policy
Farnfields LLP is authorised and regulated by the Solicitors Regulation Authority (SRA). Rule 7 of the SRA Accounts Rules sets out when interest must be paid on money held in our client account. Full details are available at http://www.sra.org.uk/solicitors/standards-regulations/accounts-rules/. The purpose of the SRA Accounts Rules is to ensure that client money is kept safe and available for the purpose for which it is provided and separate from funds belonging to the firm. Client money must be held in a client account as defined by the Banking Act. In doing this, funds are protected from being used to cover any liability to the bank by the firm.
- Our approach
In accordance with these rules, it is the firm’s policy to account to its clients for a sum in lieu of interest on a fair and reasonable basis. Client monies will normally be held in general client bank accounts, in which amounts for different matters and clients are pooled.
- Current arrangements
A sum in lieu of interest will be payable on amounts held in general client bank accounts on the following basis:
- Interest will be calculated daily on the balance held for each individual matter and compounded at the end of the matter
- In normal circumstances, if the total amount of interest calculated over the course of a transaction is less than £50, no interest will be paid as our administrative charges would exceed this amount.
- Client monies will normally be held in an instant access bank account to facilitate transactions. Since the funds are held on an instant access basis it means that you are unlikely to receive as much interest on money held as might have been obtained had you invested the money yourself.
- In calculating any interest we will apply a rate that we believe reflects the market rate of interest paid on an instant access current account to an individual by a UK high street bank. In very low interest rate environments this may mean that a low rate of interest, or no interest, is payable.
- We will review interest rates regularly and also whenever the Bank of England changes its Base Rate.
- Interest will be calculated and paid by reference to applicable rates over the period for which we hold cleared funds. Unless otherwise agreed, where we are conducting more than one matter for you, balances will not be aggregated for calculation purposes.
- 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.
- Additional factors
Our Interest Policy seeks to provide a fair outcome for clients whilst recognising that money must be immediately available, unless clear instructions are received to the contrary.
Complaints regarding this policy and the amount of interest paid should be directed to Brian Noctor in the first instance. If this does not result in a satisfactory resolution then clients may refer the matter to the Legal Ombudsman.