In an unexpected revelation, a solicitor from Accrington, Lancashire, has been publicly reprimanded by the Solicitors Regulation Authority (SRA) for retaining client funds without justification for an extensive period of 14 years.
Anthony Foley, operating as a sole practitioner, admitted to breaching professional conduct rules by failing to advance the administration of an estate in a timely manner. Originally concluding the estate’s administration in May 2005, Foley overlooked shares held by the deceased, referred to as ‘Client A’, in seven different companies. This omission was discovered only after the estate was initially settled.
These shares, not sold during the estate’s administration, left a significant amount unaccounted for. Five holdings were eventually liquidated between March 2008 and November 2009, generating £4,896. The remaining two were sold for £5,236 between January 2018 and April 2019. The proceeds from these sales were unnecessarily retained in Foley’s client account.
Additionally, it was uncovered that ‘Client A’ was entitled to further shares forming part of the estate, sold as late as May 2022. Before these could be disposed of, a grant de bonis non administration was required, alongside confirmation from HM Revenue & Customs that no inheritance tax was due. Despite these proceedings, the beneficiaries remained uninformed of this financial development until they received an updated estate account in November 2022.
These professional oversights culminated in the SRA ordering Foley to cover £300 in costs. This incident underscores the crucial responsibility legal practitioners have in safeguarding their clients’ interests and maintaining adherence to regulatory obligations.
The SRA’s reprimand of Anthony Foley serves as a stark reminder of the legal accountability expected of solicitors. The safeguarding of client assets and diligent communication with beneficiaries are fundamental to maintaining trust and integrity in legal practice.
