‘Bolder, pragmatic, more proactive’: Regulators bare teeth, but will they bite?

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‘Bolder, pragmatic, more proactive’: Regulators bare teeth, but will they bite?

2024 started with uncharacteristically decisive action from the Solicitors Disciplinary Tribunal (SDT), when in January it issued its joint highest-ever fine against Clyde & Co, following a slew of anti-money laundering breaches. It was a bold move from the regulator, which in recent months has drawn criticism over its perceived lack of action during the collapse of Axiom Ince.

As the fallout from Axiom Ince continues, both the Solicitors Regulation Authority (SRA) and the Legal Service Board (LSB) have announced reviews into the handling of Axiom Ince in the run up to the SRA’s intervention. Both regulators have highlighted the need to centre consumer protection in their regulatory approach, as the scandal threatens to derail confidence in the profession. Continue reading “‘Bolder, pragmatic, more proactive’: Regulators bare teeth, but will they bite?”

‘A timely reminder’: SDT issues joint highest-ever fine in anti-money laundering crackdown

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‘A timely reminder’: SDT issues joint highest-ever fine in anti-money laundering crackdown

The Solicitors Disciplinary Tribunal has fined Clyde & Co £500,000 and former partner Edward Mills-Webb £11,900 following a slew of anti-money laundering breaches.

At a hearing that took place last week (9-11 January), the SDT considered a statement of facts and admissions agreed by the parties, ultimately finding all allegations to be proved. The SDT ordered Clyde & Co to pay a £500,000 fine, as well as contributing to the SRA’s £128,197.48 costs. Meanwhile, Mills-Webb was ordered to pay a £11,900 fine and contribute towards the SRA’s £54,941.77 costs. Continue reading “‘A timely reminder’: SDT issues joint highest-ever fine in anti-money laundering crackdown”

‘It sits squarely in the SFO’s wheelhouse’: criminal investigation launched into Axiom Ince as regulators and ex-employees grapple with aftermath

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‘It sits squarely in the SFO’s wheelhouse’: criminal investigation launched into Axiom Ince as regulators and ex-employees grapple with aftermath

A criminal investigation has been launched into Axiom Ince, the Serious Fraud Office (SFO) announced last month. Seven individuals have been arrested in connection with the investigation and searches have been carried out across nine sites.

More than 80 SFO investigators, alongside Metropolitan Police officers, went to locations across the South-East of England on the morning of 14 November to search for potential evidence and bring in individuals for questioning. Continue reading “‘It sits squarely in the SFO’s wheelhouse’: criminal investigation launched into Axiom Ince as regulators and ex-employees grapple with aftermath”

SFO opens criminal investigation into Axiom Ince

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SFO opens criminal investigation into Axiom Ince

A criminal investigation has been launched into Axiom Ince, the Serious Fraud Office (SFO) announced today (14 November). Seven individuals have been arrested in connection with the investigation and searches have been carried out across nine sites.

More than 80 SFO investigators, alongside Metropolitan Police officers, went to locations across the southeast of England early this morning to search for potential evidence and bring in individuals for questioning. Continue reading “SFO opens criminal investigation into Axiom Ince”

Axiom Ince appoints administrators as Law Society questions compensation fund levy

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Axiom Ince appoints administrators as Law Society questions compensation fund levy

Axiom Ince has filed documents with the High Court to appoint Neil Bennett, Alex Cadwallader and Andrew Poxon of Leonard Curtis as joint administrators. They will be responsible for closing the firm’s business, realising its assets, and reporting to its creditors.

The joint administrators will operate separately from intervening agents Gordons, Shakespeare Martineau and Stephensons, who will continue to deal with the client affairs of Axiom Ince. Continue reading “Axiom Ince appoints administrators as Law Society questions compensation fund levy”

‘A salutary lesson’: Axiom Ince closed by SRA following months of turmoil

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‘A salutary lesson’: Axiom Ince closed by SRA following months of turmoil

Drawing a long-running saga to its inevitable conclusion, the Solicitors Regulation Authority (SRA) announced on 3 October that it had closed down Axiom Ince with immediate effect following its intervention to protect the interest of clients and former clients of the firm.

Regarding the intervention, the SRA said: ‘We will stop the firm from operating, take possession of all documents and papers held by the firm, and take possession of all money held by the firm (including clients’ money). We are not responsible towards employees or trade creditors of firms that we have intervened in.’ Continue reading “‘A salutary lesson’: Axiom Ince closed by SRA following months of turmoil”

SRA closes Axiom Ince with immediate effect following intervention

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SRA closes Axiom Ince with immediate effect following intervention

Drawing a long-running saga to its inevitable conclusion, the Solicitors Regulation Authority (SRA) has today (3 October) announced that it has closed down Axiom Ince with immediate effect following its intervention to protect the interest of clients and former clients of the firm.

This intervention by the SRA prevents Axiom Ince from operating, while it takes ownership of all documents held by the firm and all money, including client money, held by the firm. It has appointed intervening agents to deal with all live matters held by Axiom Ince across its network and to deal with the closure of its offices. Continue reading “SRA closes Axiom Ince with immediate effect following intervention”

Ince in firing line over ‘inappropriate’ restaurant behaviour allegations

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Ince in firing line over ‘inappropriate’ restaurant behaviour allegations

Ince has launched a formal internal investigation after a viral tweet from a Cardiff restaurant owner claimed a group of its lawyers had behaved inappropriately towards a waitress.

In the social media post, which as of today (9 May) has been ‘liked’ close to 132,000 times, Cora owner Lee Skeet alleged in an email that the group had ‘talked down to, disrespected, and touched unwantedly’ a 22-year-old waitress named Lily.

Continue reading “Ince in firing line over ‘inappropriate’ restaurant behaviour allegations”

Ex-Mishcon partner hit with £17,500 SRA fine over conduct breach

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Ex-Mishcon partner hit with £17,500 SRA fine over conduct breach

A former Mishcon de Reya partner has accepted a £17,500 penalty for his conduct which contributed to the record £232,500 SRA settlement agreed with the firm in January.

In an agreement published yesterday (7 March), Michael Nouril admitted to serious breaches of money laundering regulations relating to work for two individual clients, and corporate vehicles connected with the same two individual clients. In addition to the settlement, he will also pay  £3,500 in costs. Continue reading “Ex-Mishcon partner hit with £17,500 SRA fine over conduct breach”

SRA draws line under probe into ex-Freshfields partner handling of UBS alleged rape case

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SRA draws line under probe into ex-Freshfields partner handling of UBS alleged rape case

The Solicitors Regulation Authority (SRA) has closed its investigation into the conduct of former Freshfields Bruckhaus Deringer partner Caroline Stroud in her handling of an internal inquiry into a rape allegation at UBS.

The move will be a welcome development for Freshfields after an investigation was launched back in August 2020 into whether Stroud misled the alleged victim, referred to as ‘Ms A’, during an internal review of the investment bank’s response to the rape allegation by not making it clear that she had been drafted in by UBS. Continue reading “SRA draws line under probe into ex-Freshfields partner handling of UBS alleged rape case”