The Solicitors Regulation Authority has executed an intervention into a Croydon firm – almost 37 years after the business closed.

The regulator revealed in a notice last week that it had intervened into Blandford Gooch & Co, noting that the action had been necessary to protect the interests of former clients.

But unusually, on closer inspection it became clear that the firm in question had closed in July 1986. One of the owners, David Gooch, has since died.

The anomaly was resolved by the SRA, which explained it had been contacted by a bank to say that it still had an open client account for the firm. Technically, as the firm had not dealt with all client money, it was still classed as ‘open’.

An SRA spokesperson said: ‘We were contacted by a bank to say that it still had an open client account for the firm, which of course had closed some decades ago. It’s our role as the regulator to step in and secure this client money, however the only way to achieve this is through an intervention.

‘We spoke to representatives from former solicitors involved to make sure that they understood what we were going to do and then intervened.

The monies involved have been placed in the SRA’s statutory trust while enquiries are made about who owns them. If that cannot be achieved, it will become part of the compensation fund, albeit ring-fenced should clients come forward with proof that the money was theirs. Given these funds relate to work carried out at least 37 years ago, there would appear little chance that would happen.'

 

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