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Jeary & Lewis: facing accountability in compliance

Jeary & Lewis: facing accountability in compliance


The Chippenham based firm found itself on the receiving end of a financial penalty

The decision, reached by the Solicitors Regulation Authority (SRA), highlights the importance of compliance within legal practices.

The outcome, dated March 28, 2024, and published on April 30, 2024, reveals that Jeary & Lewis Limited was directed to pay a fixed financial penalty of £750, alongside costs amounting to £150. The reason for this penalty stems from the firm's failure to adhere to crucial regulatory requirements.

Operating from Block A1 & A2, Methuen South, Methuen Park, Chippenham, SN14 0GT, Jeary & Lewis Limited, as a recognised body, is obligated to maintain a compliance officer for legal practice (COLP) and a compliance officer for finance and administration (COFA). These roles are pivotal in ensuring that the firm, its managers, and employees abide by the SRA's regulatory framework.

However, Jeary & Lewis Limited faltered in meeting these obligations. Specifically, the firm neglected to promptly notify the SRA of a material change regarding its COFA, contravening paragraph 3.8(a) of the Code of Conduct for Firms. Despite being given notice and ample time to rectify this breach, the firm failed to do so, leading to the imposed penalty.

This outcome underscores the critical nature of compliance within legal practices. Jeary & Lewis Limited's experience serves as a cautionary tale, highlighting the consequences of overlooking regulatory requirements. As legal entities navigate the intricacies of their operations, adherence to regulatory standards remains paramount to maintain integrity and trust within the legal profession.