Our Interest policy seeks to provide a fair outcome for clients
The Solicitors Accounts Rules 1998 were repealed by the SRA Accounts Rules on 6 October 2011. Under Rule 23 of the SRA Accounts Rules the firm has to state it's policy with regards to the payment of interest on monies held in the firm's client account. This policy is stated below:
1. Client monies will normally be held in general client bank account, in which amounts for different matters and clients are pooled. This is on an instant access basis to ensure immediate access to funds and means it is unlikely you will receive as much interest on money held as might have been obtained had you held and invested the funds yourself. The period for which interest will be paid will normally run from the date on which cleared funds are received by us until the date of issue of any cheque or other form of payment from our client account.
2. If client monies are held in a separate designated deposit account (i.e. a specific bank account, for a specific matter) all interest earned on that account will be credited to that bank account and paid to the client in full.
In accordance with Rule 22
We will not account to you for any interest in the following situations:
- monies are being held for the payment of professional disbursements if the person to whom the money is owed has requested a delay in settlement;
- on money held for the Legal Aid Agency;
- if the amount calculated is £20 or less, the firm's de minimis limit;
- on an advance from us into our general client account to fund a payment on your behalf in excess of funds already held for you in that account;
- if there is an agreement to contract out of the provisions of this policy;
Rate of Interest
The interest rate applied will be the equivalent of the rate earned for the sum held in our Barclays Bank plc Client Account, this currently stands at 0.050%
ALWAYS QUOTE REFERENCE NUMBER
ALL PAYMENTS MUST BE CLEARED BEFORE COMMENCE WORK
Bank Transfer to EFBW Client’s Premium Account
Bank: Barclays Bank plc
Sort Code: 20-57-06
Account №: 60337641
To be taken by Accounts Department
Payable to ‘EDWARD FAIL BRADSHAW AND WATERSON SOLICITORS’
We are committed to providing a high-quality service to all our clients. If we do not meet the standards you expect, you need you to tell us about it. This will help us to resolve your particular complaint and to improve our standards for all clients in the future.
If you have a complaint, please provide details of the complaint to the fee earner with conduct of your case. While we accept this may not always possible, we would also ask you to confirm the nature and detail of your complaint in writing, in an email or letter.
Any complaint should be made to :
Miss Shila Keshvari,
Edward Fail, Bradshaw and Waterson
402 Commercial Road, Stepney
020 7790 4032
If our investigation takes longer than anticipated, we will explain why and make sure that you are provided with regular updates.
What will happen after you have notified us of your complaint?
We will record your complaint in our central register and open a separate file for your complaint. We will do this within a day of receiving your complaint.
We will send you a letter acknowledging your written complaint, tell you what will happen next and tell you the name of the person who will deal with your complaint. You can expect to receive our letter within 5 days of us receiving your complaint.
We will then start to investigate your complaint. This will normally involve the following steps:
- We will pass details of your complaint to Ms. Keshvari, our Client Care Partner, within 3 days.
- She will ask the member of staff who acted for you to summarise their understanding of the details of your complaint and the steps they have taken to try to resolve it within 5 days.
- She will then examine their reply and the information in your complaint file and she may also speak to the fee earner with conduct of your case.
- If you have not provided written details of your complaint, she will telephone you or invite you to a meeting to discuss the details.
- Ms. Keshvari will send a detailed reply to your complaint. This will include her suggestions for resolving the matter. She will do this within 5 days of completing her investigation and not later than 28 days after you made your original complaint.
What happens if you are not satisfied with the reply to your complaint?
At this stage, if you are not satisfied, you can contact us again. We will then arrange for another partner of the firm to review our decision. You will be informed of the outcome of the review of Ms. Keshvari’s decision within 14 days of you telling us of your request for this review. We will confirm our final response in relation to your complaint and explain our reasons for our decision.
What happens if you are dissatisfied with the outcome of the review?
If you are still not satisfied, you may contact the Legal Ombudsman about your complaint.
The Legal Ombudsman
PO Box 15870, Tamworth B77 9LE.
National telephone number: 0300 555 0333
International telephone number: +44 121 245 3050
There are two time limits for any complaint to the Legal Ombudsman. Firstly, your complaint should be taken to them no later than 12 months from the date that the problem occurred, and, secondly, you should refer your complaint within 6 months of receiving a final response from your lawyer. Full details of the complaints procedure and deadlines can be found on the Legal Ombudsman website at: