News Release

Follett Stock intervention

The Solicitors Regulation Authority (SRA) has intervened into the practices of Martin Pearse and Christopher Lingard at Follett Stock LLP and FSHL Limited.

The firm has four offices at:

  • Truro Business Park, Truro, Cornwall TR4 9NH
  • Woodwater Park, Pynes Hill, Exeter EX2 5WT
  • 6th Floor, 25 Marsh Street, Bristol BS1 4AQ
  • Falcon Court, 30-32 Fleet Street, London EC4Y 1AA

The grounds of intervention are:

  • A relevant insolvency event has occurred in relation to Follett Stock LLP and FSHL Limited
  • An intervention was necessary to exercise the powers of intervention in order to protect the interests of clients (or former or potential clients), or the interests of the beneficiaries of any trust of which Mr Pearse, Mr Lingard, Follett Stock LLP and FSHL Limited are or were a trustee

An intervention means the SRA has closed a firm with immediate effect. We will stop the firm from operating, take possession of all documents and papers held by the firm (including clients' papers), and take possession of all money held by the firm (including clients' money). The SRA is not responsible towards employees or trade creditors of firms that we have intervened in.

The SRA has appointed an agent to deal with all matters currently held by Follett Stock. The agent will assess all ongoing matters and deal with those of greatest urgency first. All clients with ongoing matters will be contacted shortly by the SRA or the agent.

The SRA's archive team will take control of all archived documents and files held by the firm. Clients of Follett Stock do not need to contact either the agent or the SRA at this time unless your matter is urgent. The agent, Karen Thompson of Lester Aldridge LLP, can be contacted on 01202 786250.

Helen Herniman, Director of Client Protection, said: “In cases like these were the firm has become insolvent, we only intervene once all other options have been exhausted. We have had to intervene on this occasion as there was a clear risk to clients’ interests caused by the firm’s difficulties.

“The legal services market is facing a tough economic environment and other firms may find they are in a similar position. We’d urge all those who may be struggling financially to get in touch as soon as possible with either ourselves at the SRA, or other organisations that can offer advice such as their local law society.”

More information about interventions.

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