From 1st January 2025 the firm’s Client Account will no longer attract interest. Consequently, we will not pay interest to clients on any amount held in the Client Account regardless of the duration for which the funds are held.
Up to and including 31st December 2024 we may pay interest to clients on funds held in the Client Account provided that the aggregate interest accrued is £50.00 or more. For amounts below this threshold we consider that the administrative costs outweigh the interest due. Interest will be calculated at the applicable NatWest Client Deposit gross rate, which is subject to fluctuation. The current rate can be found at www.natwest.com/business/savings/client-deposit-manager.html.
We hold client money in the NatWest Bank PLC which is regulated by the Financial Conduct Authority (FCA). Please note that we are not liable for any losses incurred if this institution is unable to repay depositors in full.
If the bank in which the firm holds funds should fail, the firm reserves the right to disclose relevant client details to the Financial Services Compensation Scheme (FSCS), which may enable clients to claim compensation up to the current limit of £85,000.00. More information about the FSCS can be found at www.fscs.org.uk.
This policy is reviewed periodically, and at least annually, by the COFA and the Directors of the firm.