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.
- 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.
- If the total amount of interest calculated over the course of a transaction is less than £20 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.