SRA: No good reason for delay
A solicitor who retained client money for 14 years without good reason has been rebuked by the Solicitors Regulation Authority (SRA).
Anthony Foley, a sole practitioner in Accrington, Lancashire, admitted his breaches of the rules, which also included not progressing the administration of an estate.
According to a notice published by the SRA, he had acted as sole executor of the estate and originally concluded its administration in May 2005.
Following distribution, it came to light that the deceased, ‘Client A’, had shares in seven companies which had not been sold during the administration – Mr Foley had not been aware of them at the time.
It then also emerged that Client A was the beneficiary of shares which had not been administered and which would form part of their estate.
Five of the shareholdings were sold between March 2008 and November 2009 for £4,896, with the other two sold for £5,236 between January 2018 and April 2019. The sale proceeds were retained in Mr Foley’s client account.
The shares to which Client A was the beneficiary were sold in May 2022. These shares required a grant de bonis non administration and clearance from HM Revenue & Customs that no inheritance tax was payable.
However, the beneficiaries were not told about this extra money until they received the additional estate account in November 2022.
Mr Foley was also ordered to pay the SRA costs of £300.
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