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For "serious" breaches of the accounts rules, money laundering regulations, conduct rules and for lending credibility to dubious investment schemes it is a joke that (a) there was no open hearing in the SDT (b) no practising certificate restrictions (c) no press release or comment from the SRA (d) a soft fine.

There really is one rule for the bigger firms. A sole practitioner/small firm would have been struck off/suspended/fined and then bankrupted due to costs without hope of getting a practising certificate or indemnity insurance ever again.

This issue will have little or no negative impact on the partners or Clyde & Co. It is a disgrace that this happened at all given the compliance resources available at Clyde & Co compared to a smaller firm.

The SRA give the bigger firms an easy ride as it is far quicker, easier and less costly to make headlines and to make examples out of small firms and sole practitioners.

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