Client Money Banking and Interest Policy

CLS client money is held in client accounts at banks or building societies in England and Wales regulated by the Prudential Regulation Authority (PRA) which are covered for compensation by the Financial Services Compensation Scheme (FSCS). In order to enhance the level of FSCS protection for its clients, CLS diversifies its client money holdings across a minimum of 3 separate banks or building societies at any one time.

The rate of interest that CLS pays is set to the published rate available from Barclays on their Business Premium Account (balances from £1 to £1m), a deposit account with same-day access, which the firm believes reflects a fair sum of interest available on an instant access account on the open market.

CLS does not pay the full blended rate of interest that it earns on client funds because this is an enhanced rate that the Firm can secure from managing and administering large levels of client funds in aggregate over the long term.

In the event that the blended rate of interest that CLS receives on its pooled client money holdings falls below that of the published rate on the Barclays Business Premium Account, CLS would pay the lower rate.

Interest will not be paid where the value is £20 or less.