This document sets out the policy of Movus Law in respect of residual sums held by us on a client matter after it has been completed.
The Solicitors Regulation Authority’s Accounts Rules require us to return client money promptly to the client as soon as there is no longer a proper reason to hold those funds. On occasions, however, residual client account balances do occur where monies have not been returned to the client at the end of a transaction. In some circumstances, it can be difficult to return client monies if the client cannot be identified or traced.
In these circumstances, our policy is to take all reasonable steps to return the money to the rightful owner where the amount involved is less than £500 in respect of any one client. In taking those steps we will have regard to:
- The age of the residual balance;
- The amount of the residual balance;
- Whether or not client’s most up to date contact details are available;
- the costs associated with tracing the client if contact details are not available.
Where, in spite of having taken these steps we are unable to return the money to the rightful owner, we will pay it to a charity of our choosing.
In accordance with our Standard Terms and Conditions of Business, we are not obliged to account to a client for residual money we holding where the amount is £1.00 or less but will donate such sums to a charity of our choice. For amounts up to £5.00 we will send you the equivalent sum by way of postage stamps to your last known address. In agreeing to our Standard Terms and Conditiond of Business a client agrees to this policy.
For residual balances over £500 in respect of any one client, we must obtain the Solicitors Regulation Authority’s consent before removing this money from our client account.