SRA: Fine needed to deter others
A partner who acted for both sides of a property transaction where there was a conflict of interest has been fined by the Solicitors Regulation Authority (SRA).
Stephen Vasey of Stoke firm Walters & Plaskitt acted for two clients where one of them relinquished the beneficial ownership of their property to the other.
“There was a conflict of their interests and no substantially common purpose in relation to the matter,” according to an SRA notice published yesterday.
“Mr Vasey did not have instructions from the client relinquishing their beneficial ownership and did not ensure the service he provided was competent. He failed to consider the individual needs, attributes, and circumstances of his clients.”
As well as acting where there was a conflict, the regulator found that Mr Vasey broke various rules, including not acting in the best interests of his client.
A financial penalty was the “appropriate and proportionate sanction”, the SRA went on – it would send a signal to the wider profession “with the aim of preventing similar behaviour by others”.
“The conduct was not found to be reckless but had the potential to cause significant loss and had a significant impact on the client. Mr Vasey had direct control and responsibility for the conduct.”
The SRA’s fining guidance led to a fine of £1,198, as 16% of his gross annual income, discounted by 5% to take account of his co-operation with its investigation.
Mr Vasey was also ordered to pay costs of £1,350.
