BA WILLIAMS SOLICITORS INTEREST POLICY

Payment of Interest on Client Account
1. In accepting your instructions, we may need to hold your money in our client account.
2. Money held on behalf of clients:
2.1 must be immediately available unless clear instructions are provided to the contrary.
2.2 must be kept safe and available for the purpose for which it is provided.
2.3 must be kept separate from funds belonging to the Practice.
3. We operate an instant access account with HSBC to fulfil the above. This is the ‘Client Account’ and holds pooled money belonging to different clients and matters.
4. Client money will ordinarily be held in the Client Account.

Client Account Interest
5. Rule 7 of the Solicitors Regulation Authority (SRA) Accounts Rules 2019 require that:
5.1 We account to clients of third parties for a fair sum of interest on any client money held by us on their behalf.
5.2 We may by a written agreement come to a different arrangement with the client or the third party for whom the money is held as to the payment of interest, but we must provide sufficient information to enable them to give informed consent.
It is our policy to account to clients for interest on a fair and reasonable basis for both the client and the firm.
5.3 We will not account to you for any interest in the following situations:
• if the amount calculated is £75 or less as below that sum we consider that the administrative costs of dealing with the funds would exceed the interest due
• on money held for the payment of a professional disbursement and or counsel has requested a delay in settlement
• on an advance from us into our general client account to fund a payment on your behalf in excess of funds already held for you in that account
• if we have an agreement to contract out of payment of interest.
• if the money held are transferred to a separate client designated account, then all interest will apply as per the bank’s interest policy.
6. We will usually pay interest in the following circumstances:
6.1 Where we are, or are acting for, the personal representatives of a deceased estate and where we collect in assets belonging to the deceased prior to distribution to the beneficiaries.
6.2 Where we are, or are acting for, the trustees of any express trust.

6.3 Where we or a partner/member of staff are an attorney under a registered Lasting Power of Attorney, or registered Enduring Power of Attorney, or a Deputy appointed by the Court of Protection, or an Appointee appointed by the Department for Work and Pensions
6.4 Where we have specifically agreed in writing that we will do so.
7. In respect of 6.1 – 6.4 above the rate of interest that we will pay is unlikely to be as high as the rate which you may be able to obtain when depositing the money that we hold on your behalf yourself.
8. The present interest rate in respect of balances to which 6.1 – 6.4 will be according to the prevailing bank interest rate.
9. Interest will be calculated from the time funds become cleared for interest purposes:
9.1 Cheques or bankers’ drafts: four days after the cheque or bankers draft has been
deposited with our bank
9.2 Electronic payments: the date of receipt
9.3 Debit/Credit card payments: the date of receipt of funds (usually up to 5 days following authorisation)
10. Interest may be calculated at any time – usually at the conclusion of a matter – and will be added to the Client Account.
11. All interest paid under this policy is paid gross. It is your responsibility to notify HMRC of any interest received and to calculate and make payment of any tax due as a result. We will not notify HMRC or pay any tax due on your behalf unless we have formal instructions to do so and have agreed this with you in writing.
12. If we hold money for you in a separate designated client account on your behalf we will
account to you for all the interest earned on such an account and we will charge a monthly fee of £120.00 to manage the designated account.

13. It may be that the cost of dealing with the interest payable outweighs the sum due. If you do not wish to receive interest, then you may opt-out by informing this firm’s Compliance Office for Finance and Administration in writing and noting your matter reference number:

COFA
Efosa Obaseki
Email: e.obaseki@bawilliamssolicitors.com

This policy was last reviewed on 18th August 2025