SRA fines Broomfields Solicitors £16,233 for long-running anti-money laundering breaches
Broomfields Solicitors LLP has been fined £16,233 by the Solicitors Regulation Authority (SRA) for failing to maintain adequate anti-money laundering controls over several years.
The Lutterworth-based firm, located at 7 St John’s Business Park, Rugby Road, admitted to breaches of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017). The issues were identified following a desk-based review by the SRA’s Anti-Money Laundering (AML) Proactive Supervision Team.
According to the SRA’s published decision, the firm failed to maintain a compliant firm-wide risk assessment (FWRA) between June 2017 and July 2025. It also failed to keep written records of the steps taken to identify and assess its exposure to money laundering and terrorist financing risks — a breach of Regulation 18(1), (2) and (4) of the MLRs 2017.
The SRA said Broomfields’ failure to conduct a proper assessment left it vulnerable to criminal misuse, particularly in high-risk practice areas such as conveyancing, which forms a significant part of the firm’s work.
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In a regulatory settlement agreement published on 7 October 2025, the SRA confirmed that the firm had admitted its failings and agreed to pay both the fine and an additional £600 in investigation costs.
The regulator found that Broomfields had breached multiple principles and codes of conduct across two regulatory regimes — the SRA Handbook 2011 and the SRA Standards and Regulations 2019.
For the period before November 2019, the SRA found breaches of:
- Outcome 7.5 of the SRA Code of Conduct 2011, requiring compliance with anti-money laundering laws.
- Principle 6, which demands that solicitors behave in a way that maintains public trust in the profession.
- Principle 8, requiring effective governance and sound financial management.
From November 2019 onwards, Broomfields was found to have breached:
- Principle 2 of the SRA Principles 2019, requiring firms to uphold public trust and confidence.
- Paragraph 2.1(a) of the Code of Conduct for Firms 2019, which mandates effective governance systems and compliance with regulatory requirements.
- Paragraph 3.1, requiring firms to stay up to date with relevant law and regulation.
The SRA described the conduct as “more serious”, noting that the firm’s failings continued for years after they were known to be improper. Despite warning notices issued in 2019, Broomfields did not bring its AML systems into full compliance until recently.
However, the SRA acknowledged several mitigating factors. The firm had since rectified its failings, cooperated fully with investigators, and admitted breaches at the earliest opportunity.
In calculating the fine, the regulator assessed the nature of the misconduct as “serious” (scoring three points) and the potential harm as “medium” (scoring four points). Together, these produced a total score of seven — placing the penalty within Band C of the SRA’s fining framework.
The SRA initially calculated a base penalty of £20,291, but reduced this to £16,233 in recognition of the firm’s cooperation and remedial action.
In its published explanation, the SRA said the fine was appropriate to “maintain professional standards and uphold public confidence in the solicitors’ profession.”
The regulator also emphasised that the firm did not profit financially from the breach and has since updated its risk assessment processes to meet AML standards.
The publication of the agreement was deemed to be in the public interest, ensuring transparency about the enforcement process and acting as a deterrent to other firms.
The SRA concluded:
“The conduct showed a disregard towards statutory and regulatory obligations and had the potential to cause harm by failing to have a compliant AML control environment in place, which left the firm susceptible to money laundering and terrorist financing.”
The firm has agreed not to contest or deny the admissions made in the agreement. Should it do so, the SRA could reopen the investigation or refer the matter to the Solicitors Disciplinary Tribunal (SDT).
Broomfields has 28 days to pay the fine and investigation costs.