A solicitor has been penalised with £18,750 under the regulator’s new fining powers for permitting a client account shortage and accepting £10,000 from an elderly client. 

According to a public notice posted by the Solicitors Regulation Authority, Mark Hawkridge, manager and owner of Hawkridge & Company LLP, in Gillingham, Kent, allowed client money to be withdrawn from the client account creating a shortage of £17,819.16.

The SRA also found Hawkridge accepted and paid into his personal bank account a £10,000 cheque from an elderly client for whom he held power of attorney. The client did not take independent legal advice, the regulator said.

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SRA: Solicitor who accepted £10,000 ‘abused position by taking unfair advantage of client’

The SRA said: ‘The cheque was from an elderly client for whom he acted as attorney. Mr Hawkridge abused his position by taking unfair advantage of the client and did not stop acting for the client and advise them to obtain independent legal advice before accepting the money.’

Hawkridge also did not fulfil his duties as the compliance officer for finance and administration, the notice states. 

The client account shortage was replaced within six weeks of being identified and Hawkridge repaid the elderly client five months after he accepted the £10,000 cheque.

In deciding on sanction, the regulator said Hawkridge’s conduct ‘had the potential to cause significant loss or have a significant impact’.

Hawkridge admitted the allegations and breaches of the rules. He replaced the client account shortage and repaid the client by crediting £10,000 to their ledger.

Fining Hawkridge £18,750, the SRA said ‘a penalty at this level would act as a credible deterrent to Mr Hawkridge and to others.’ He must also pay costs of £1,350.