Client funds

Banks and money we hold for you in our Client Account

Money we hold for you is deposited with major banks or building societies having FSA or EEA equivalent authorisation in accordance with the requirements of the Solicitors' Accounts Rules for holding client money.

We make no representation about the financial position of any such bank or building society and, reflecting Law Society Guidance and what we say in our terms of business, we will not be reponsible for any losses resulting from any failure or insolvency of any such bank or building society.

The Law Society has obtained confirmation

• that the UK Financial Services Compensation Scheme applies to client money held in our client account for individuals and certain other small businesses, as it does to other banking deposits; and
• that the £50,000 limit under that Scheme applies to the individual client, so that if the client holds other personal monies with the same bank as holds our client account, the limit remains £50,000 in total.

Some deposit taking institutions have several brands or belong to groups and the total limit of £50,000 may apply across accounts in such cases also. Clients should please check with their bank, the FSA or a financial adviser for more information. This note does not constitute legal advice about the Compensation Scheme.

If you have any questions on this topic concerning money we are holding on your behalf, please send an email to  enquiries@charlesrussell.co.uk.