Bank Account Details
Please be aware of the increase in cybercrime and fraud. If you receive an email that appears to come from Franklins Solicitors LLP which provides different bank details or indicates a change of bank details, it is unlikely to be genuine.
Please do not reply to the email or act on any information contained in it but contact us immediately to check the account details. We will not accept responsibility if you transfer money into an incorrect account.
We do not hold client monies on a general banking arrangement and therefore all monies sent to us by clients must be for a specific transaction.
Introduction
This policy sets out how Franklins Solicitors LLP applies interest in relation to funds held in our client bank account, in accordance with regulatory requirements.
Timing of payments to us
We do require client funds to be cleared in our possession at least 24 hours prior to use.
Background
Our interest policy seeks to provide a fair outcome for clients whilst recognising that money must be immediately available unless clear instructions are received to the contrary.
As required under the regulations, Franklins Solicitors must ensure that client money is kept safe and available for the purpose for which it is provided and separate from funds belonging to the firm.
We do not carry out a banking or investment service, we only hold client monies for a specific purpose and generally only for a short period of time.
We do not hold client monies on a general banking arrangement and therefore all monies sent to us by you must be for a specific legal transaction.
All client monies held by us are in a protected and separately nominated ‘Client Account’ with our bank. In doing this, funds are protected from being used to cover any liability to the bank by the firm.
There are two types of client account:
A general client account where most client money is held. 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.
A designated client account. This account is set up specifically for an individual client and will include in its title a reference to your identity. These are sometimes set up when there are specific contractual requirements to do so.
Our General Client Account bankers are Lloyds Bank plc, 28 Secklow Gate West, Milton Keynes
Our Designated Client Account bankers are Natwest, Central Milton Keynes
Protection
Our Client Account and Designated Client Account are held with Lloyds Bank plc and Natwest, Central Milton Keynes.
All client monies held by us are in a protected and separately nominated “Client Account” with our bank. Monies held for a longer duration than say one month will be held in a separate Designated Clients Account with our bank.
The £120,000 Financial Services Compensation Scheme (FSCS) limit will apply to each individual client (increased from £85,000 from Dec 2025). If a corporate body client is not considered a small company for the FSCS then they may not be eligible for compensation. If a client holds other personal monies in the same bank as our Client Account and Designated Client Account then the limit remains £120,000 in total.
The FSCS provides a £1.4 million (increased from £1m from Dec 2025) protection limit for temporary high balances, however, this cover is only related to specific life events and to natural persons. In the event of a bank failure the client agrees to us disclosing details to the FSCS. It is unlikely that we will be held liable for losses resulting from a banking failure. Some banks/building societies have several brands, where the same bank/building society is trading under different names. Clients should always check the financial services register or check with their bank/building society, the FCA or a financial advisor for more information if they are unsure as accounts in the same banking group are included within the same FSCS limit.
Application of interest for client funds held
Money held in a designated client account – we will account to you for all the interest earned on that account (net of any tax deducted at source).
Money held in a general client account – we will account to you for interest when it is fair and reasonable to do so in all the circumstances having regard to the principles and practices as detailed below.
- We will normally calculate and pay interest once your matter has been concluded, however there may be instances where it might be more appropriate to account for interest at intervals throughout the matter.
- Due to regulatory requirements and administrative costs involved we will not pay interest if the sum calculated is less than £50 in total for the full period during which we hold your money in client account
- We do not pay interest on client deposits that are with us for less than 28 days.
- We will retain interest paid to us by the bank on the aggregate of all client money held in the general client account.
We will not pay interest on money held:
- For payment of a professional disbursement once counsel or other professional has requested a delay in settlement.
- 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.
Calculation of interest payable
For monies held in a general client account, interest will be calculated and paid at a rate 0.25% below the interest rate paid by Lloyds Bank plc
Monies held longer term in a designated client account will attract the full interest on a daily rate as paid by the bank.
Unless otherwise agreed, where we are conducting more than one matter for you, balances will not be aggregated for calculation purposes.
Client Agreement
Acceptance of our standard Terms and Conditions will indicate an agreement by you to the Banking and Interest Payment Policy.
Review
This policy will be reviewed annually by the COFA to ensure that it continues to deliver a fair outcome to clients.
