FCA Bans Former Owner of Collapsed Kingly Solicitors Following SRA £4m Fine

The Financial Conduct Authority (FCA) has issued a prohibition order against Nurul Miah (also known as Neil Mia and Neil Miah), the former owner of the collapsed law firm Kingly Solicitors, barring him from working in financial services. This regulatory action complements the Solicitors Regulation Authority's (SRA) record £4 million fine and ban on Mr Miah from practising in law firms.

Background and Regulatory Findings

Mr Miah was approved by the FCA in 2016 as a senior manager of Oracle Consultants, an investment services provider, and was separately approved by the SRA in April 2017 as sole owner of Kingly Solicitors, an unconnected legal firm. Kingly rapidly expanded through acquisitions, operating under various trading names including Richard Herne & Co, Hancock Quins, and Beesons.

In 2020, the SRA intervened and shut down Kingly Solicitors after uncovering serious concerns about the misuse of client funds. The collapse affected 180 employees and left creditors owed £17 million. Investigations revealed 310 improper transfers amounting to £28 million from client accounts to companies linked to Mr Miah, resulting in a client account shortfall exceeding £10 million.

Regulatory Sanctions and Implications

Although Mr Miah was not a qualified solicitor, the SRA noted his considerable control over Kingly’s operations and his professional experience in financial services. In September 2024, the SRA imposed a £4 million fine and a ban on Mr Miah from working in law firms, with the decision published in May 2025.

Following this, the FCA withdrew its approval of Mr Miah’s role at Oracle Consultants and prohibited him from performing any regulated activities within authorised or exempt firms. The FCA characterised Mr Miah as lacking honesty and integrity, deeming him unfit to conduct regulated financial services.

Therese Chambers, FCA’s Executive Director of Enforcement and Market Oversight, stated that the ban protects consumers and maintains confidence in the financial system by excluding individuals who misuse client funds.

Wider Context and Impact on Legal Regulation

The Kingly Solicitors collapse was one of the largest interventions in the SRA’s history, involving the recovery of over 220,000 client files and £22.5 million in client money. It was the first of several consolidator law firm failures in recent years, contributing to increased pressure on the SRA compensation fund and prompting a consumer protection review.

This case underscores the importance of robust regulatory oversight in both legal and financial services sectors, particularly where individuals exercise significant control without being qualified solicitors.

Disclaimer: This article provides general information about recent regulatory actions and does not constitute legal advice. For specific legal guidance, consult a qualified professional.

For further information on legal profession regulation and updates, visit https://227law.com.