Interest policy

In the course of acting for clients it might be necessary to hold money on their behalf. This could be as a result of a payment on account for disbursements or during the administration of a trust or estate.

Where funds are provided by clients for disbursements which will be incurred during the course of advice these are held on an undesignated client account. This is a general account where Argo holds funds which will be spent for client needs in the future. This is a pooled account. These funds are usually held on a short term basis and are provided to settle items like LPA application fees, Probate applications fees, Court of Protection application fees.

Where funds are held for the administration of an estate, trust or personal affairs these are held on a designated client account. This means that individual named client accounts are held for an estate, trust or personal affairs case. All payments and receipts are credited specifically to this account. Individual bank statements are produced for each account and are available for review if requested. Interest is credited monthly to these designated accounts at the prevailing rate.

The rate of interest that the firm pays is dependent upon the rate offered by our client account bankers, Metrobank and other institutions with which we may place funds. The rate paid represents the rate that most business clients would be able to achieve if they were to place the same sum in an instant access account with that bank.

In accordance with CILEx Accounts Rules it is the firm's policy to account to its clients for interest held on client money. For further information about the CILEx Accounts Rules please follow the link below.

https://cilexregulation.org.uk/information-crl-regulated-firms/rules/