Interest Policy

Payments in lieu of interest on client funds

This policy outlines the principles and procedures for the accrual and payment of interest on client monies held by Nash & Co Solicitors LLP (the Firm). In accordance with the Solicitors Regulatory Authority Accounts Rules, it is the firm's policy to account to its clients for interest on monies held that is fair and reasonable to both parties in accordance with relevant regulations and best practices. This policy applies to all clients where the Firm holds money in a general client account on their behalf while providing legal services. We may amend or replace this interest policy from time to time; any changes to or replacement of our policy will become effective from the date we publish them on our website. We will apply the policy then in force at the time that we credit interest to you

Rate and calculation of interest paid

The Firm will pay interest on the lower of the advertised rate of the first tranche of Lloyds Bank instant access saver account prevailing rate, or the interest rate applied to the Firms general client account, this rate is reviewed monthly, with any rate change applied the month following review.

Interest due to a client on a matter accrues once client funds have been received and cleared into the general client bank account of the firm and is calculated on a daily compounded basis. Cheques usually require a minimum of three days to clear.

We will not pay interest on money held:

I. on money held for the Legal Aid Agency

II. if a client fails to present a cheque to his or her bank for payment interest will not be paid on this money.

Interest will be paid gross, on completion of the matter, without any deduction of tax and clients are responsible for notifying the tax authorities of any interest received.

In instances where the interest earned is negligible, or below the predetermined de minimis threshold of £100.00, interest may not be allocated to individual clients. The Firm takes the view that any amount below £100.00 is reasonably retained by the Firm to cover the administrative costs of dealing with client funds.

Protection of client money

The Firm has an active policy of considering the potential exposure of client funds to commercial risks and regularly reviews the choice of banking institutions where the Firm holds client funds.

The Firm is not, in this capacity, acting as financial advisers and whilst the Firm will take reasonable steps to protect client funds such actions will only ever be based on information available in the public domain.

Clients should note that the protections from the Financial Services Compensation Scheme do not provide individual clients with any significant degree of protection for sums held in a solicitor’s client account in the same way that might exist if the client held the funds personally.

Alternative arrangements

Clients have the right to seek alternative arrangements to hold their funds privately during the course of a transaction.

Updated March 2025