From time to time, in the course of our retainer or during a transaction, we will hold money on behalf of a client. That money will normally be held in our instant access client account or, if appropriate in the circumstances, on a client deposit account.
The professional rules governing the payment of interest on client funds can be found at Rule 7 of the Solicitors Accounts Rules 2019 (see www.sra.org.uk). In accordance with the rules, we will account to clients for interest on those funds when it is fair and reasonable for us to do so in all the circumstances.
If funds are held on our instant access client account, we will calculate the interest due to a client using the rates of interest payable by the Royal Bank of Scotland plc on their “Client Deposit Manager” account or whichever account designation supersedes the “Client Deposit Manager” account (see www.rbs.co.uk).
If funds are held on a separate designated client deposit account, the interest earned on that account will be accounted to the client.