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Client Monies

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1 Client Monies

1.1 We operate both General and Designated Client Monies Bank Accounts. Where monies are held in Our General Client Monies Account, to avoid excessive administration, interest will only be paid to You where a material, considered to be more than £100 on a rolling twelve-month basis, amount of interest will be earned on the balances held on Your behalf in any calendar year. Any such interest will be calculated using the prevailing rate applied by Barclays Bank Plc for small deposits subject to the minimum period of notice for withdrawals. Subject to any tax legislation, interest will be paid gross.

1.2 If the total sum of money held on Your behalf exceeds £10,000 for a period of 30 days or more, or such sum is likely to be held for 30 days, or if You instruct Us to do so in respect of lesser amounts, then the money will be placed in a Designated Client Monies Bank Account. This account may be interest bearing. Any interest earned on the Designated Client Monies Account will be paid to You. Subject to any tax legislation, interest will be paid gross.

1.3 We will only transact through a Client Monies Bank Account where the transactions relate to accountancy Services being provided by Us.

1.4 We operate Client Monies Bank Accounts at Our discretion and reserve the right to return funds, close accounts or to withdraw this Service at Our Sole discretion.

1.5 The Financial Services Compensation Scheme (FSCS) may provide compensation in the unlikely event of the failure of a bank authorised by the UK Financial Conduct Authority (FCA). Compensation limits will apply to the combined total of client’s money held by Us on Your behalf, and any accounts which You also hold with the same bank, or other bank brand name covered by the same FCA authorisation number. Further information about compensation arrangements is available from the FSCS at www.fscs.org.uk or by calling them on 0800 678 1100 or 020 7741 4100.

1.6 We will return monies held on Your behalf promptly as soon as there is no longer any reason to retain those monies. In the unlikely event of Us holding any unclaimed monies, We reserve the right to pay such monies to a registered charity in line with the guidelines set out in the ICAEW’s Clients’ Money Regulations. We will not do this unless We have been unable to contact You for at least five years and We have taken reasonable steps to trace You and return the monies.

 

Effective April 4 2024