UK Regulator Bans Former Kingly Solicitors Owner for Client Money Breach
FCA Action Against Kingly Solicitors Limited
(Corrects name of law firm to Kingly Solicitors Limited from Kingsley Solicitors Limited in paragraphs 1 and 2 after the FCA issued a correction; Corrects paragraph 6 to say Reuters could not reach Kingly for comment.)
Background of the Ban
Sept 15 (Reuters) - The British financial regulator on Tuesday banned the former owner of UK-based law firm Kingly Solicitors Limited from working in financial services for withdrawing client money without authorization.
Details of Client Money Misuse
The Financial Conduct Authority (FCA) said Nurul Miah, who was the non-legal manager of Kingly, dishonestly caused or allowed more than £28 million ($37.73 million) to be taken from client accounts without permission between April 2019 and July 2020.
Findings by the Solicitors Regulation Authority
The FCA said its decision follows the law regulator, the Solicitors Regulation Authority's (SRA), finding that £10 million of client money was missing and had been used by Miah for his own benefit.
Regulator Statements and Penalties
"We have banned him to protect consumers and help maintain confidence in the financial system," said Therese Chambers, executive director of enforcement and market oversight at the FCA.
The SRA had imposed its largest-ever fine of nearly £4 million for the breaches last year, the law regulator's website showed.
Response and Additional Information
Reuters could not immediately contact Miah and Kingly.
($1 = 0.7422 pounds)
(Reporting by Prerna Bedi; additional reporting by Anushka Chourasia in Bengaluru; Editing by Maju Samuel)
