Interest on Client Money — SQE1 FLK2 Solicitors Accounts

The bank pays the firm £9,000 of interest on the client account, the clients are owed £6,400, and the firm keeps the difference lawfully.
Practise this topic with exam-style questions: sqe1prep.co.uk/sqe1/solicitors-accounts?utm_so…
In this episode:
• Rule 7.1 is the whole duty: account for a fair sum
• The SRA sets no rate, de minimis or minimum period
• Pooled interest is the firm's; designated account interest is the client's
• There is no conveyancing exemption, and no £10,000 threshold
• The fair sum is paid out of office money, not client money
Narrated by an AI voice from a script written and checked by the editors at sqe1prep.co.uk. Educational content only — not legal advice. SQE1 Prep is not affiliated with or endorsed by the SRA or Kaplan.