Our client interest policy
We will sometimes need to hold money on your behalf.
Our interest policy is in place to ensure we provide a fair outcome for clients, recognising that client money must be available via instant access accounts unless clear and precise instructions from a client are in place to the contrary.
Under the regulations it is our responsibility to ensure that client money is kept safe and available for the purpose for which it is provided and is kept separate at all times from SAS Daniels’ own bank account.
Our interest policy seeks to provide a fair outcome for clients where funds are held by us on their behalf.
Client monies will normally be held in a general client bank account titled “Client Account” where the majority of client funds are held for different matters and clients. In doing this, funds are clearly identified as client monies.
Funds held in a general client account will be on an instant access basis to ensure funds are accessible at all time. It is unlikely clients will receive as much interest on this money as might be obtained had they held and invested the funds themselves.
Due to regulatory requirements and administrative costs, we will not pay interest if the sum calculated is less than £100 in total for the full period for which we hold your money.
We will retain interest paid to us by the bank on the aggregate of all client money held in our general client account.
In calculating interest, we will apply a rate that we believe reflects the market rate of interest paid on an instant access current account offered by the high street banks over the period when interest would otherwise accrue.
As at 1st February 2025 the rate we pay clients is 2.51%. The sum in lieu of interest will be paid without any deduction of income tax as it is the recipient’s responsibility to declare the payment to HMRC for tax purposes.
We will review the interest rates quarterly at our discretion and also whenever the Bank of England changes its base rate.
If a client instructs us to place their funds in a separate designated client account rather than our general instant access client account, all interest earned on those funds while held in the separate designated client account will be paid to the client in full.
Please note:
If the bank in which SAS Daniels LLP holds funds should fail, we reserve the right to disclose to the FSCS the names and other details of clients whose money is held there in order for those clients to claim compensation up to the applicable limit, currently £85,000.
Our client interest policy
We will sometimes need to hold money on your behalf.
Our interest policy is in place to ensure we provide a fair outcome for clients, recognising that client money must be available via instant access accounts unless clear and precise instructions from a client are in place to the contrary.
Under the regulations it is our responsibility to ensure that client money is kept safe and available for the purpose for which it is provided and is kept separate at all times from SAS Daniels’ own bank account.
Our interest policy seeks to provide a fair outcome for clients where funds are held by us on their behalf.
Client monies will normally be held in a general client bank account titled “Client Account” where the majority of client funds are held for different matters and clients. In doing this, funds are clearly identified as client monies.
Funds held in a general client account will be on an instant access basis to ensure funds are accessible at all time. It is unlikely clients will receive as much interest on this money as might be obtained had they held and invested the funds themselves.
Due to regulatory requirements and administrative costs, we will not pay interest if the sum calculated is less than £100 in total for the full period for which we hold your money.
We will retain interest paid to us by the bank on the aggregate of all client money held in our general client account.
In calculating interest, we will apply a rate that we believe reflects the market rate of interest paid on an instant access current account offered by the high street banks over the period when interest would otherwise accrue.
As at 1st February 2025 the rate we pay clients is 2.51%. The sum in lieu of interest will be paid without any deduction of income tax as it is the recipient’s responsibility to declare the payment to HMRC for tax purposes.
We will review the interest rates quarterly at our discretion and also whenever the Bank of England changes its base rate.
If a client instructs us to place their funds in a separate designated client account rather than our general instant access client account, all interest earned on those funds while held in the separate designated client account will be paid to the client in full.
Please note:
If the bank in which SAS Daniels LLP holds funds should fail, we reserve the right to disclose to the FSCS the names and other details of clients whose money is held there in order for those clients to claim compensation up to the applicable limit, currently £85,000.