Interest Policy

This policy sets out how we deal with interest on money held by Endeavour Partnership LLP (the “Firm“) for a client. In accordance with the Solicitors Accounts Rules 2019, it is the Firm’s policy to account to its clients for interest on a fair and reasonable basis for both the client and the Firm.

When monies are received on behalf of a client, it will be paid into a client account currently with HSBC UK Bank plc (“HSBC“) which is the firm’s primary bank. The Firm operates client accounts with HSBC in pound sterling (GBP), US dollar (USD) and euro (EUR) (each being a “general client account” and, together, the “general client accounts”). In any general client account, the Firm will hold pooled amounts for different matters for its clients in the relevant currency. These funds are held on an instant access basis to facilitate transactions. The Firm also holds a secondary client account in pound sterling (GBP) with Santander UK Bank plc (“Santander“) (“secondary client account“) with any funds held with Santander being held on the same basis as with HSBC.

Clients will not receive as much interest as might have been obtained had they retained the funds and invested the money themselves.

If we hold money in a general client account or the secondary client account on your behalf, or if money should have been held on your behalf but was not, then we will account to you for a sum in lieu of interest (gross) calculated as below.

1. We will not account to you for any interest in the following situations:

• if the amount calculated is £100 or less per individual client. Below that sum, we consider that the administrative costs of dealing with the funds would exceed the interest due;
• on any funds held in a non-sterling general client account (on the basis that we don’t receive interest from HSBC on those accounts);
• if for any reason HSBC or Santander does not pay interest to the Firm on monies held in a general client account or secondary client account;
• on money held for the payment of a professional disbursement if the person to whom the money is owed has requested a delay in settlement;
• on an advance from us into our general client accounts or second client account to fund a payment on your behalf in excess of funds already held for you in that account; and
• if there is an agreement between you and the Firm to contract out of the provisions of this policy.

1. We will calculate the interest on a monthly basis and pay the appropriate amount within a reasonable period following conclusion of the matter in question.
2. In calculating interest, we will apply a rate that is the lower of the rate received from HSBC or Santander (as applicable) or 25% of the Bank of England base rate.
3. We will review the interest rate we apply regularly and particularly whenever the Bank of England changes its base rate.

Interest is paid by HSBC and Santander to the Firm on the aggregate of all client money held in the general client accounts and secondary client account and, subject to any interest paid to you, belongs to the Firm. If HSBC or Santander should become insolvent or otherwise fail, the Firm reserves the right to disclose to the Financial Services Compensation Scheme (FSCS),  relevant details of clients whose money is held in a general client account or secondary client account in order to assist them in claiming compensation, (currently capped at £85,000). Your instructions to the Firm to act on your behalf including your giving of consent for the Firm to make any such disclosure.

This policy is reviewed from time to time by the COFA and partners of the Firm.

Reviewed 2023 (July)