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Our Interest policy seeks to provide a fair outcome for clients whilst recognising that money must be immediately available, unless clear instructions are received to the contrary.
Shoosmiths LLP is authorised and regulated by the Solicitors Regulation Authority (SRA). Rule 22 of the SRA Accounts Rules 2011 sets out when interest must be paid on money held in our client account. Full details are available at http://www.sra.org.uk/handbook/
The Scottish Law Society Accounts Rules apply to all matters handled from our Edinburgh office.
The purpose of the SRA Accounts Rules 2011 is to ensure that client money is kept safe and available for the purpose for which it is provided and separate from funds belonging to the firm.
Client money must be held in a client account as defined by the Banking Act. In doing this, funds are protected from being used to cover any liability to the bank by the firm.
There are two types of client account:
Money held in a designated client account - we will account to you for all the interest earned on that account (net of any tax deducted at source).
Money held in a general client account (or money under our control which should have been held in a client account but was not) - we will account to you for interest when it is fair and reasonable to do so in all the circumstances having regard to the principles and practices as detailed below.
This policy will be reviewed from time to time to ensure that it continues to deliver a fair outcome to clients.
Interest will be calculated and paid by reference to applicable rates over the period for which we hold cleared funds.
Unless otherwise agreed, where we are conducting more than one matter for you, balances will not be aggregated for calculation purposes.