Our client account is currently held with National Westminster Bank plc (“Natwest”), although we may place client money in a client account with another bank or building society in accordance with the Solicitors’ Accounts Rules 1998.

 

It is unlikely that we will be liable if client money is lost if a bank or building society collapses. Any liability we do incur is limited by 18 - 20 of our Terms of Business.

 

The Financial Services Compensation Scheme (“FSCS”) covers deposits belonging to clients who are individuals or small businesses up to £50,000 per client per “authorised deposit-taking institution”. Please note that some deposit-taking institutions have several brands, and in the case of Natwest, the following brands are all considered as one deposit-taking institution – Royal Bank of Scotland,  Natwest, Coutts & Co and Ulster Bank.

 

The £50,000 FSCS limit applies to the individual client, and so, if you hold other personal monies in Natwest (or the other banks mentioned above) the limit remains £50,000 in total.

 

In the event of a bank failure you consent to us notifying the FSCS of your name, the amount held in our client account and other details, together with supporting evidence.

 

Given the uncertain economic climate we may move all or part of our client funds to another bank or building society apart from Natwest and, in addition, any of the above points may change. 

 

If you have any concerns or questions, please do not hesitate to contact Christopher Shipley on 01306 880110.