FCA bans law firm manager ‘responsible for £28m client money shortfall’
Summary
The FCA has banned a former law firm manager from financial services after findings that he allowed more than £28 million of client money to be taken from client accounts without authorisation. The case follows SRA action against Kingly Solicitors, including a record fine, firm closure, and findings of forged statements, improper transfers and a remaining client money shortfall of around £10 million.
Why it matters
This is a significant client money and professional conduct case with direct relevance to conveyancing and any property-related legal work involving client accounts. It underlines the importance of robust controls, segregation of funds and oversight of firms handling completion monies, deposits and other client funds.
Key points
- FCA banned former non-legal manager Nurul Miah from financial services.
- SRA found more than £28 million was taken from client accounts without permission.
- Around £10 million of client money remained missing after some funds were returned.
- Kingly Solicitors was shut down and fined almost £4 million by the SRA.
- The case involved forged statements and improper transfers to linked companies.
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