33(1)Section 33 (interest on clients' money) is amended as follows.E+W
(2)For subsection (1) substitute—
“(1)Rules under section 32 may require a solicitor to pay interest, or sums in lieu of and equivalent to interest, to a client, any other person or any trust, for whom the solicitor holds money.”
(3)In subsection (2), omit from “and the rules” to the end.
(4)For subsection (3) substitute—
“(3)Except as provided by the rules, a solicitor is not liable to account to any client, other person or trust for interest received by the solicitor on money held at a bank or building society in an account which is for money received or held for, or on account of—
(a)the solicitor's clients, other persons or trusts, generally, or
(b)that client, person or trust, separately.”
(5)For subsection (4) substitute—
“(4)Rules under section 32 may—
(a)prescribe the circumstances in which a solicitor may make arrangements to limit or exclude an obligation imposed on the solicitor by rules made by virtue of this section, and
(b)prescribe the requirements to be met by and in relation to those arrangements.”
Commencement Information
I1Sch. 16 para. 33 in force at 31.3.2009 by S.I 2009/503, art. 2(b)(i)