Interest on Client Monies Policy
We may, from time to time, hold money on your behalf.
The Solicitors Accounts Rules require this firm to have a written policy that is fair and reasonable for both the client and the firm in respect of the payment of interest.
Where money is held in a client account interest must be accounted to the client when it is fair and reasonable to do so in all the circumstances and this policy seeks to achieve that objective.
When we receive monies on behalf of a client it will be paid into a general undesignated client account which we hold with Lloyds Bank. This account will hold all client account monies held by this firm on behalf of its clients. Such monies are kept separately from the firm’s funds. The account will be operated, and all funds dealt with, in accordance with the Solicitors Regulation Authority’s Accounts Rules.
Client account funds are held in an instant access account so that they are instantly available in order to facilitate transactions. Clients are therefore unlikely to receive as much interest as they might have obtained had they held and invested the money themselves.
Interest is only payable on cleared funds. Interest is not at any time payable on uncleared funds. Routinely banks take 5 working days to clear any cheques received.
To avoid an excessive amount of administration, interest will only be paid to you where the amount of interest that would be earned on the balance held on your behalf in any calendar year exceeds £50.
If the total sum of money held on your behalf exceeds £10,000 for a period of more than 30 days then the money will be placed in a separate special designated deposit account accruing interest for you at the rate of interest that is given at that time by Lloyds Bank. All interest earned on such money will be paid to you.
We will calculate and pay interest once your matter has been concluded. Payments on account of interest whilst money continue to be held, will not be made.
All interest will be paid to you gross and it is your responsibility to comply with any tax legislation.
If a client believes that interest is due to them and it has not been paid or that the amount of interest paid to you is insufficient, then the client should in the first instance raise this with the fee earner who has conduct of their matter.
If you still have any queries, concerns or problems, or if you wish to make a compliant, then please contact our Complaints Manager, Oliver Beyret-Powell, on 01452 347638, or by post at 70 Westgate Street, Gloucester GL1 2NZ.
We aim to deal with all complaints promptly, fairly and effectively. All complaints should be made within 12 months from the date that you realised that there was a concern.
A full copy of our complaints procedure is available upon request, please ask the fee-earner dealing with your case for a copy should you require sight of it. Alternatively it is available on our website at https://www.flme.co.uk/complaints-procedure/.
We will try to resolve all complaints within a maximum period of 8 weeks. After that time, or if you are not satisfied with our handling of your complaint, you can ask the Legal Ombudsman (who investigates complaints about service issues with lawyers) to independently look at your complaint.
The Legal Ombudsman can be contacted at PO Box 6167 Slough, SL1 0EH; telephone 0300 555 0333 or by email at .
The Legal Ombudsman expects complaints to be made to them within one year of the date of the act or omission about which you are concerned or within one year of you realising there was a concern. You must also refer your concerns to the Legal Ombudsman within six months of our final response to you.
A copy of this policy will be sent to all clients at the outset of their matter and will be displayed on our website.