Bank Interest Policy


In accordance with the Solicitors Regulation Authority’s Accounts Rules, Thursfields Legal Limited (“Thursfields/we”) account to you for interest on money held by us in our client account when it is fair and reasonable to do so.

The holding of client money is incidental to the carrying out of clients’ instructions. In addition, we are required to hold client money in an instant access account to facilitate transactions. As a result, the rate of interest paid is likely to be less than that which might be obtainable by you.

Interest will be paid to you where the amount of interest calculated on the balance held exceeds £50. Where money is held in relation to separate matters for you we will treat the matters separately, unless the matters are so closely related that they should be considered together. We will not account to you for interest on money held for payment of professional disbursements, once the intended recipient (eg counsel) has requested a delay in settlement.

Where we are charged by a financial institution to deposit your client money with them, any charges or costs we incur (eg negative interest rates) will be deducted by us from your client monies.

Where your monies are held in our general client account we will pay interest without deducting tax at source. You will be responsible for declaring any interest to HM Revenue & Customs. Where your monies are held in a designated deposit account, interest is usually paid net of basic rate income tax.

Interest will be calculated on a daily basis, using the average rates of interest offered to business customers on instant access deposit accounts across all banking institutions where Thursfields holds general client funds. Where appropriate we will adjust these rates to take into account our overall banking arrangements so far as they affect the rates received.

Interest will be calculated on cleared client funds. In the case of cheques received, this will be the day on which the cheque has been cleared for payment by our bank, and for amounts received in cash, or via credit or debit card, standing orders, BACS and CHAPS interest will accrue from the day of receipt into our client account. Where Thursfields issues cheques from client account, interest will normally be paid up to but excluding issue.

Thursfields will normally account to you for interest at the conclusion of the matter. Where we consider it appropriate we will calculate and credit interest on a daily basis. You agree to us using any such interest to defray and costs or charges that you owe to us.

You may contract out of receiving interest by signing a written agreement with the instructed solicitor, who will ensure that you have been provided with sufficient information at the outset of the matter to enable you to give informed consent.

This interest policy, including de minimis limit of £50, will be reviewed periodically, particularly if changes are made to the Bank of England’s Base Rate.

Complaints regarding this interest policy and the amount of interest paid should be directed to Mark Pittaway in the first instance. In the unlikely event that this does not result in a satisfactory resolution you may be able to refer the matter to the Legal Ombudsman whose details are shown here:–

Address: PO Box 6806, Wolverhampton, WV1 9WJ

Website: www.legalombudsman.org.uk

Telephone: 0300 555 0333

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