Client Money - Sydney Mitchell Interest Policy
1. Client monies are held by this practice to facilitate transactions which are incidental to the provision of a regulated legal service. This firm is not a bank and does not provide financial advice. You will not receive the same amount of interest, had you held and invested the money yourself.
2. If we hold money on your behalf, we will account to you for interest subject to a minimum amount payable of £75.00, unless an alternative arrangement has been reached between you and this practice in writing. The interest rate or rates paid will be equivalent to the higher rate you could earn on a Lloyds Bank instant access Easy Saver account. The current and historic rates can be viewed at https://www.lloydsbank.com/savings/easy-saver.html The period for which interest will be paid will normally run from the date or dates on which cleared funds are received into our client account, until the date or dates of the issue of any cheque or electronic payment in discharge thereof. Interest is paid gross of tax and it is your responsibility to inform HMRC of any interest received.
3. No interest is paid where the only financial transactions on your matter are payments on account of our costs and any disbursements to be paid on your behalf.
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