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
International News via 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.
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.
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.
“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.
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
