Do you remember the run on the banks in 2008 when everyone was worried about the security of their cash in the bank. I certainly do. The day after the crash was one of my busiest with concerned clients calling to enquire whether funds held in my client account were safe.
I know that for a long time this issue was uncertain for legal practices holding cash for clients in a pooled client account. I wanted to clarify Argo's position with this as I have recently been asked by a client.
You will already know that for your personal savings held with a bank you have protection for the first £85,000 of funds within that institution. This limit applies to the individual and therefore if you have other money within that institution that is also taken into account ie joint savings.
For legal practices it does not matter whether funds are held in a pooled account or individual accounts, each client holding £85,000 has protection up to that amount. At Argo to make absolutely sure that you are protected we hold individual designated client accounts with our bank in which your individual funds are held.
If for some reason we hold a temporarily large balance over £85,000 then we also have protection for these funds for a period of six months from receipt. These funds would be things like personal injury settlements, inheritance from an estate, death benefits or proceeds held by executors on behalf of an estate.
It is not Argo's policy to retain your money for any longer than we absolutely have to.
We want you to be spending and enjoying the benefit of it!!