MALCOLM & CO SOLICITORS LLP
SRA-regulated firm
- Head office address
- LONDON View contact details
- Website
- www.malcolmandco.co.uk
- Type of firm
- Recognised body since 24/11/2015, authorised for all legal services
- Regulator
- Solicitors Regulation Authority
- SRA number
- 625008
- Regulatory record
- Show regulatory record
We set the rules for this firm. There are benefits and protections for customers of SRA-regulated firms.
Important information
- The firm can provide all types of law, including reserved legal activities
- Everyone working in this firm must follow our rules
- If things go wrong, the firm must have insurance cover
- If things go wrong and your money is lost, our compensation fund may be able to reimburse you
- If things go wrong we may be able to get your documents and money back
Areas of law shows the sort of work this firm does. Reserved activities lists the special legal jobs this firm can do because we regulate it as a law practice.
DECISION HISTORY
This section gives the disciplinary and regulatory decisions published under our decision publication policy.
Decision - Fined
Outcome: Fine
Outcome date: 29 September 2023
Published date: 16 January 2024
Firm details
No detail provided:
Outcome details
This outcome was reached by SRA decision.
Decision details
Who does this disciplinary decision relate to?
Malcolm & Co Solicitors is a recognised body whose office is at 4 Warner Place, London E2 7DA.
Summary of Decision
Malcolm & Co Solicitors (the firm) has been fined for allowing its client account to be used as a banking facility.
Facts of the misconduct
Between 19 October 2018 and 19 March 2019, the firm allowed and/or failed to prevent its client account being used to provide a banking facility for matters other than in respect of an underlying legal transaction or a service forming part of the normal regulated activities of solicitors. It was found that in so doing:
- the firm breached Principle 8 of the SRA Principles 2011 and
- breached rule 14.5 of the SRA Accounts Rules 2011.
Decision on sanction
Malcolm & Co Solicitors was directed to pay a financial penalty of £986 and ordered to pay costs of £600.
It was decided that a financial penalty was an appropriate and proportionate sanction. This was because the firm’s conduct was serious by reference to the following factor in the SRA Enforcement Strategy:
- The misuse of a client account and client money is by its nature more serious.
However, the firm cooperated with the SRA investigation. Its conduct was not reckless or intentional. There was no pattern of misconduct or evidence of lasting harm.
In view of the above, the firm’s conduct was placed in conduct band B3, which has a financial penalty bracket of 0.4% to 1.2% of annual domestic turnover. In the absence of aggravating factors, the firm’s conduct was placed at the lower end of this bracket.
SRA Principles 2011
Principle 8 You must run your business or carry out your role in the business effectively and in accordance with proper governance and sound financial and risk management principles.
SRA Accounts Rules 2011
Rule 14.5 You must not provide banking facilities through a client account. Payments into, and transfers or withdrawals from, a client account must be in respect of instructions relating to an underlying transaction (and the funds arising therefrom) or to a service forming part of your normal regulated activities.
