Disciplinary Record - Tollers Trustees Ltd

Decision - Fined

Outcome: Fine

Outcome date: 24 January 2024

Published date: 1 March 2024

Firm details

Firm or organisation at date of publication

Name: Tollers Trustees Ltd

Address(es): 1 Waterside Way, Northampton

Firm ID: 658338

Outcome details

This outcome was reached by SRA decision.

Decision details

Tollers Trustees Ltd was directed to pay a fixed financial penalty of £750 and costs of £150.

Reasons/basis

Tollers Trustees Ltd is a recognised body whose office is at 1 Waterside Way, Northampton, NN4 7XD.

Firms must at all times have in place a compliance officer for legal practice (COLP) and a compliance officer for finance and administration (COFA).

A firm must designate a person as its COLP and a person as its COFA and the SRA must approve that person before they commence their role.

The COLP and COFA of a firm have specific responsibility for ensuring a firm, its managers and employees comply with the SRA’s regulatory requirements. They are also responsible for recording any breaches and reporting those to the SRA, where necessary.

A firm must promptly notify the SRA if it becomes aware of any material changes to information previously provided to the SRA, by it or on its behalf, including to its compliance officers.

Tollers Trustees Ltd failed to:

• promptly notify the SRA of a material change to the information it had previously provided to the SRA about its COLP
• promptly notify the SRA of a material change to the information it had previously provided to the SRA about its COFA

in breach of paragraph 3.8(a) of the Code of Conduct for Firms.

The firm failed to remedy this breach after being given notice and reasonable time in which to do so