Solicitors have a legal, professional, regulatory and moral obligation to manage cash effectively on behalf of others when they engage with client money as a:
- Power of Attorney
- Court Deputy
Our Solicitor partners use our cash management service to meet these obligations by maximising the interest rate returns and the level of FSCS protection they obtain on the deposits they hold for their clients.
Under the terms of both the Trustee Act 2000 and the Solicitors Regulatory Authority, Trustees, Power of Attorneys or Court Deputies accrue a liability every year on money held on behalf of their clients.
The value obtained from our service is therefore:
- Better financial value for clients.
- Better financial value for solicitors acting as Trustees, Power of Attorneys & Court Deputies.
- Better protection of deposit assets for clients.
- Better business protection for Solicitor firms.
- Better governance and due diligence of cash management.
- Better professional, legal, legislative and moral management of cash on behalf of clients.
We are always keen to work with new Solicitor partners with power of attorney responsibilities so please get in touch if you would like more information on how to deliver a better cash management service to your clients.