Interest Policy

This document sets out Cornish Venning Limited’s policy as to interest and banking arrangements for money held on behalf of clients. The over-riding objective of this policy is to achieve what the Company believes is a fair outcome for both the client and the Company.

When the Company receives money (other than in settlement of a clients bill) from or on behalf of a client, it will be paid into a general client account in the name of the Company with HSBC who is the firms primary banker.

The rate of interest paid to clients on money held in the general client account will be no less than what is paid from time to time by HSBC on a business instant access deposit account or a designated client account. Clients are unlikely to receive as much interest as might have been obtained had they held and invested the money themselves.

All client money, whether general client funds or designated deposited funds, will be held on instant access terms unless otherwise agreed.

Interest on general client money is normally calculated and applied on a half yearly basis on 31st July and 31st of January. Where client requirements so demand, the calculation and application will be made on agreed dates (e.g. closure of the matter).

Interest on money held in general client account will not be applied to specific matters if less than £20 per half year.

Interest is paid by the Company’s bankers to the Company on the pooled amounts of client money for all clients and matters dealt with by the Company and, subject to any interest paid to clients above, is for the benefit of the Company.

Designated deposit accounts may be maintained with any of the Company’s bankers. Client money may be moved from general client account to designated deposit accounts by the Company or on client request. The rates of interest on designated deposit accounts will be a rates published from time to time with that particular bank.

All the interest earned on designated deposit accounts is for the benefit of the client and can be paid either half yearly or on closure.

Trust money will be held in either the general client account or in the designated deposit account and is subject to the same interest policy on those accounts as set out in this document.

Joint accounts held between the Company and another law firm will be designated deposit accounts under the meaning of this policy and subject to the same conditions as set out above.

The Company will ensure that funds are placed with a clearing bank which is authorised by the Financial Conduct Authority (FCA) to accept deposits, and are held at a branch or head office in England and Wales unless instructed to hold money elsewhere.

In accordance with Law Society Guidance, if the bank in which the Company holds funds should fail, then 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.

We will not be liable to you or any third party for any loss or damage suffered as a result of any act, omission, fraud, delay, negligence, insolvency or default of any bank, financial institution, clearing or payments system nor that of the directors, officers, employees, agents or representatives of any of the foregoing.

This policy will be reviewed from time to time to ensure the over-riding objectives are met.