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Interest policy

POLICY FOR THE PAYMENT OF INTEREST ON CLIENT MONIES

Maurice Turnor Gardner LLP (MTG) will account to our clients for a sum in lieu of interest on a fair and reasonable basis.

  • Client monies will be deposited in a general client bank account in which amounts held for different clients are pooled, unless we are otherwise instructed (see below).
  • Client monies will be held in an instant access bank account in order to facilitate transactions, unless we are otherwise instructed.
  • Funds held may be subject to overnight sweeps into separate instant access interest bearing accounts.
  • Interest will normally be calculated at a rate equivalent to that available to MTG at the time the client monies are held had the client monies been deposited in a separate instant access account with that bank. The rate will be reviewed on a regular basis to ensure it is fair and reasonable.
  • If the total amount of interest calculated over the course of a matter is less than £50 no payment in lieu of interest will be paid. The fairness of this limit will be reviewed regularly.

INSTRUCTIONS TO PLACE CLIENT MONEY ON A TERM DEPOSIT ACCOUNT

If specific instructions are received from a client to place client monies on a term deposit, a separate designated client account will be created with our bank. All interest earned on client monies held in a separate designated client account will be paid to the client in full.

It is unlikely that a client will receive as much interest as might have been obtained had the monies been invested by the client directly with a bank.