Our Policies: Client Money Notice
Client Money Notice
As a firm which is both authorised and regulated by the Financial Conduct Authority (FCA), Rowan Dartington is required to comply with the rules prescribed in the FCA Handbook. The handbook details rules on handling both client assets and client money.
Depositing client money & Interest Rates on deposit balances
FCA rules (CASS 7.13.3) also state that client monies need to be deposited with an approved bank of the firm’s choosing.
The current rate of interest paid by Rowan Dartington is:
- Holdings under £50k – 0.50% below Bank of England Base Rate
- Holdings between £50k and £100k -0.15%
- Holdings between £100k and £1m – 0.25%
- Holdings over £1m – 0.5%
Rate change with effect from 1 October 2016
Following the Bank of England’s recent decision to reduce their Base Rate to 0.25%, with effect from 1 October 2016, the rate of interest paid by Rowan Dartington will reduce to:
- Holding under £1m – 0.00%
- Holdings over £1m – 0.25%
The above rates apply to individual cash balances held in each of your cash accounts at Rowan Dartington which may include separate Deposit, Income, ISA Deposit and ISA Income balances. These balances are not aggregated at a client level for calculation of interest paid. The interest rate band within which the individual cash balance falls is applicable to the entire balance.
Any interest due will be calculated daily and be paid quarterly in arrears.