SOLICITORS REGULATION AUTHORITY v CLYDE & CO LLP, CHRISTOPHER DUFFY, SIMON GAMBLIN AND NICK PURNELL

[2017] Lloyd's Rep FC Plus 32

SOLICITORS DISCIPLINARY TRIBUNAL

Before Miss Teresa Cullen (solicitor member, chair), Mr Peter Davies (solicitor member), and Dr Paul Hurly (lay member)

Solicitors – Breach of accounts rules and principles – Acting as escrow agent – Acting as banker – Acting for client in dubious financial arrangements or investment schemes – Failure to have procedures in place to deal with dormant client balances – Financial penalty – Fines – Level of fines – Solicitors Act 1974 – Money Laundering Regulations 2007 (SI 2007 No 2157) – Solicitors Accounts Rules 1998, rr 15(3) and (4) – SRA Accounts Rules 2011, rr 6, 14.3, 14.4 and 14.5 – SRA Principles 2011, principles 6, 7 and 8 – SRA Code of Conduct 2011, outcomes 1.3, 7.2, 7.3, 7.4 and 7.5 – Guidance Notes on Sanction 2016.