The Clients’ Interest Policy is part of the Clients’ Terms of Business. A hard copy of this is available upon request.
References in this policy to “we”, “us”, and “our” are references to Nash & Co Solicitors LLP (company number OC326240). References to “you” and “your” are to the client or other person on whose behalf we are holding the relevant funds.
If we hold money in a separate designated client account, we will account to you for all the interest actually earned on that account regardless of the amount of the interest. This is in addition to any interest payable on other money held on your behalf in our general client account or on the same money for any period when it is in our general client account rather than the designated account.
General Client Accounts
If we hold money in a general client account on your behalf, or should have been but for whatever reason was not, we will pay as interest an amount calculated as provided below.
The amount of interest payable will be calculated by applying the same rate or rates as reflects the published market rate of interest paid on an instant access current account by Svenska Handelsbanken AB (publ) over the period or periods during which the money was or should have been held in the general client account. The rate will therefore vary from time to time and details of the current rate payable are available by contacting our accounts team on 01752 664444 or email: [email protected].
The relevant period will start from the day after we receive the money in cleared funds in our account and end either on the date when we send the money out by electronic transfer or the date 3 days after issuing a cheque.
If the amount calculated is less than £20 we will not account to you for interest. If money is held for varying periods, the interest will be calculated for each period but added together before determining if the amount exceeds £20.
We will also not account for interest where the money to which the interest relates is held for the Legal Aid Authority or on any amount advanced by us to cover any payment in excess of monies held by us on your behalf (i.e. to make up a shortfall pending receipt of the balance from you) or where you have agreed that this interest policy is not to apply.
Timing of interest payments
We may account to you for interest during the course of your instruction but usually interest will only be calculated and paid to you once your matter has been concluded or the designated account is closed as appropriate.