The firm’s policy will remain unchanged from that applied under The Solicitors’ Accounts Rules 1998.
No interest will be paid to clients if:-
- The amount of that interest, as calculated following the procedure set out below amounts to £20.00 or less.
- If the sum of money held does not exceed the amount shown in the left hand column below for a time not exceeding the period indicated in the right hand column:
| Amount | Time |
|---|---|
| £1,000 | 8 weeks |
| £2,000 | 4 weeks |
| £10,000 | 2 weeks |
| £20,000 | 1 week |
- If the sum of money held exceeds £20,000 but is held for one week or less, no interest shall be paid to the client unless it is deemed fair and reasonable to account for a sum in lieu of interest having regard to all the circumstances. Such determination shall be made on a case by case basis by Robin Patey or, in his absence, James Maxey.
- the rate of interest payable shall be calculated by reference to the current rate of interest paid to the firm by RBS on the client account.
