Sweeping of the 5% of interest earned on s 86(4) trust investments

The Legal Practitioners Fidelity Fund (LPFF) would like to inform legal practitioners that with effect from 1 March 2019 the banks that have entered into a Banking Arrangement, and those banks that will be entering into a Banking Arrangement with the LPFF will automatically sweep the 5% of trust interest earned on s 86(4) trust investments, in terms of s 86(5) of the Legal Practice Act, to the nominated LPFF bank account.

According to the LPFF, the monthly sweep of 5% of interest earned will apply to all interest credited to a client’s s 86 (4) trust investment from 1 March 2019, irrespective of the date of the opening of the investment.

Read the LPFF notice here

For more information contact Bonfils Barandereka at the Public Relations and Communication department of the LPFF on 012 622 3900 or at bonfils.barandereka@fidfund.co.za