This document sets out the policy of Movus Law in respect of the payments of interest on sums held by us on behalf of clients.
As required by the Solicitors Regulation Authority’s Accounts Rules, it is our policy to account to our clients for a sum in lieu of interest on a fair and reasonable basis.
Client monies will normally be held in a general instant access client bank account, in which amounts for different matters and clients are deposited. We will pay a sum in lieu of interest on amounts held in our general client bank account on the following basis:
- Payments will be made gross (unless we are required to withhold tax under government legislation or any other regulations).
- Interest will be calculated daily on the balance held for each individual matter.
- Interest will be based on the rate of interest payable by the bank on the relevant amount as if it was held separately in our instant access general client bank account.
- Interest will be calculated and paid once a matter has been completed.
We will not account to you for any interest in the following circumstances:
- Where the total amount of interest calculated over the course of a transaction is less than £15.
- If the amount held does not exceed the amounts shown below for the specified time period:
£1,000 10 weeks or less
£2,000 5 weeks or less
£10,000 3 weeks or less
£20,000 1 week or less
If we hold client monies in a separate designated deposit account (i.e. a specific bank account, for a specific matter) all interest earned on that account will be credited to that bank account and paid to the client in full (unless we are required to withhold tax under government legislation or any other regulations).