A solicitor in Wakefield has been fined by the Solicitors Regulation Authority (SRA) for failing to adhere to financial compliance regulations during his tenure as director and compliance officer at a law firm.
Aman Mahroof, who practised at Tyler Hoffman in Wakefield, was found to have allowed his firm to disregard essential account management protocols between October 2016 and April 2019. His roles included being the compliance officer for legal practice (COLP) and compliance officer for finance and administration (COFA).
During this period, the firm neglected to conduct required three-way client account reconciliations and failed to maintain accurate records of all non-client financial transactions. Specifically, the firm did not uphold a comprehensive list of client liabilities, nor did it update ledgers with non-client money receipts and firm bills, leading to outdated client ledger balances.
The publication of the SRA notice highlighted Mr Mahroof’s shortcomings, noting the absence of three-way client account reconciliations since the firm began in 2016. The decision to impose a fine was articulated as a measure to instil broader regulatory adherence among solicitors, thereby maintaining public confidence in the profession.
Aggravating factors cited by the SRA included the potential for significant harm due to Mr Mahroof’s conduct, alongside his direct accountability for the firm’s regulatory compliance as a director, COLP, and COFA. Despite these responsibilities, he failed to adequately observe his regulatory duties throughout his tenure, resulting in a consistent pattern of neglect.
The SRA applied its fining guidelines, determining a penalty equivalent to 16% of Mr Mahroof’s gross annual income, although this was reduced by 5% in recognition of his cooperation and acceptance of the sanction. Thus, the final fine amounted to £5,472, accompanied by additional costs of £600.
This case underscores the critical importance of compliance within legal practices, demonstrating the SRA’s commitment to enforcing standards through decisive action against those who falter in their duties.
