Client Account Interest Policy
Macmillans Solicitors LLP (the Firm), have a policy where we pay an amount in lieu of interest to clients where the Firm holds funds in a general client account while delivering legal services.
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We do not maintain designated client accounts, and any existing ones will be closed upon the completion of the matter.
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Interest Rate and Calculation
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Interest owed to a client for a specific matter starts accruing once their funds have been received and cleared into the general client bank account of the Firm. This interest is calculated on a daily compounded basis. Please note, cheques typically require a minimum of three days to clear. Interest is not payable on uncleared funds.
We will pay interest to the client, gross, without any deduction of tax on conclusion of the matter. Clients are responsible for reporting this interest to HMRC if any is received. If the total interest calculated for a client during the course of a matter amounts to less than £100, we will not provide interest to the client. We make this decision because we consider such amounts to be de minimis and see that they reasonably cover the administrative costs associated with managing client funds. Our interest rates apply to both funds held in the general client bank account and in a separate designated deposit account. This rate will change from time to time and shall be up to 0.3%, depending on the value held.
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Protection of Client Funds
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Macmillans maintains an active policy to evaluate the potential exposure of client funds to commercial risks. We also regularly assess our choice of banking institutions where we hold client funds. It's important to clarify that, in this capacity, we do not act as financial advisors. While we take reasonable measures to safeguard client funds, our actions are based solely on publicly available information.
Clients should be aware that the protection offered by the Financial Services Compensation Scheme does not provide the same level of protection for sums held in a solicitor's client account as it would if the client personally held the funds.
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Alternative Arrangements
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Clients have the right to explore alternative methods for privately holding their funds during a transaction.