Trueman's Solicitors Limited
Eden House 38 St Aldates Oxford , OX1 1BN
Recognised body
650724

Decision - Agreement

Outcome: Regulatory settlement agreement

Outcome date: 30 December 2025

Published date: 5 January 2026

Firm details

No detail provided:

Outcome details

This outcome was reached by agreement.

Decision details

1. Agreed outcome

1.1 Trueman's Solicitors Limited (the firm), a Recognised Body, authorised and regulated by the Solicitors Regulation Authority (SRA), agrees to the following outcome to the investigation:

1. to pay a financial penalty in the sum of £21,764 under Rule 3.1(b) of the SRA Regulatory and Disciplinary Procedure Rules.
2. to the publication of this agreement under Rule 9.2 of the SRA Regulatory and Disciplinary Procedure Rules; and
3. to pay the costs of the investigation of £600, under Rule 10.1 and Schedule 1 of the SRA Regulatory and Disciplinary Procedures Rules.

2. Summary of Facts

2.1 We carried out an investigation into the firm following an inspection by our AML Proactive Supervision Team.

2.2 Our inspection and subsequent investigation identified areas of concern in relation to the firm's compliance with the Money Laundering, Terrorist Financing (Information on the Payer) Regulations 2017 (MLRs 2017), the SRA Principles and the SRA Code of Conduct for Firms.

Policies, controls, and procedures (PCPs)

2.3 Between 6 August 2018 and 19 May 2025, the firm failed to maintain fully compliant PCPs to mitigate and effectively manage the risks of money laundering and terrorist financing, identified in any firm-wide risk assessment (FWRA), pursuant to Regulation 19(1)(a) of the MLRs 2017.

Customer due diligence (CDD) measures / Source of funds (SoF)

2.4 In four files, the firm failed to conduct ongoing monitoring, including scrutiny of transactions (including, where necessary, the customer's SoF), as required by Regulation 28(11)(a) of the MLRs 2017, or in the alternative, the firm failed to record the steps it had taken to satisfy the requirements of Regulation 28(11)(a) pursuant to Regulation 28(16).

Client and matter risk assessments (CMRAs)

2.5 In two files, the firm failed to maintain records of its risk assessment under Regulation 28 of the MLRs 2017. Therefore, the firm was unable to demonstrate that the extent of the measures it had taken to satisfy the requirements of Regulation 28 were appropriate, as required by Regulation 28(16) of the MLRs 2017.

3. Admissions

3.1 The firm admits, and the SRA accepts, that by failing to comply with the MLRs 2017, it has breached or failed to achieve:

To the extent that the conduct took place on or before 24 November 2019:

1. Outcome 7.5 of the SRA Code of Conduct 2011 – which states you must comply with legislation applicable to your business, including anti-money laundering and data protection legislation.
2. Principle 6 of the SRA Principles 2011 – which states you must behave in a way that maintains the trust the public places in you and in the provision of legal services.
3. Principle 8 of the SRA Principles 2011 – which states you must run your business or carry out your role in the business effectively and in accordance with proper governance and sound financial and risk management principles.

To the extent that the conduct took place 25 November 2019 onwards (when the SRA Standards and Regulations came into force):

4. (d) Principle 2 of the SRA Principles – which states you act in a way that upholds public trust and confidence in the solicitors' profession and in legal services provided by authorised persons.
5. Paragraph 2.1(a) of the SRA Code of Conduct for Firms – which states you have effective governance structures, arrangements, systems, and controls in place that ensure you comply with all the SRA's regulatory arrangements, as well as with other regulatory and legislative requirements, which apply to you.
6. Paragraph 2.2 of the SRA Code of Conduct for Firms – which states you keep and maintain records to demonstrate compliance with your obligations under the SRA's regulatory arrangements.
7. Paragraph 3.1 of the SRA Code of Conduct for Firms – which states that you keep up to date with and follow the law and regulation governing the way you work.

4. Why a fine is an appropriate outcome

4.1 The SRA's Enforcement Strategy sets out its approach to the use of its enforcement powers where there has been a failure to meet its standards or requirements.

4.2 When considering the appropriate sanctions and controls in this matter, the SRA has considered the admissions made by the firm and the following mitigation:

1. The firm took steps to rectify its failings and is now compliant with the MLRs 2017.
2. There is no evidence of harm to the firm's clients.
3. The firm has cooperated with the SRA's AML Proactive Supervision and AML Investigation teams, and admitted the breaches listed above at the earliest opportunity.

4.3 The SRA considers that a fine is the appropriate outcome because:

1. The conduct showed a disregard for statutory and regulatory obligations and had the potential to cause harm, by failing to have a fully compliant AML control environment, or to undertake CMRAs and SoF checks in conveyancing transactions (which form a large percentage of the work undertaken by the firm), that could have led to money laundering (and/or terrorist financing).
2. It was incumbent on the firm to meet the requirements set out in the MLRs 2017. The firm failed to do so. The public would expect a firm of solicitors to comply with its legal and regulatory obligations, to protect against these risks as a bare minimum.
3. The agreed outcome is a proportionate outcome in the public interest because it creates a credible deterrent to others and the issuing of such a sanction signifies the risk to the public, and the legal sector, that arises when solicitors do not comply with anti-money laundering legislation and their professional regulatory rules.

4.4 Rule 4.1 of the Regulatory and Disciplinary Procedure Rules states that a financial penalty may be appropriate to maintain professional standards and uphold public confidence in the solicitors' profession and in legal services provided by authorised persons. There is nothing within this Agreement which conflicts with Rule 4.1 of the Regulatory and Disciplinary Rules and on that basis, a financial penalty is appropriate.

5. Amount of the fine

5.1 The amount of the fine has been calculated in line with the SRA's published guidance on its approach to setting an appropriate financial penalty (the Guidance).

5.2 Having regard to the Guidance, the SRA and the firm agree, that the nature of the misconduct was more serious (score of three). This is because although there was no direct loss to clients, the firm's failure to ensure it had proper documentation in place, for at least seven years, put it at greater risk of being used to launder money, particularly when acting in conveyancing transactions. The nature of conveyancing is considered high risk, owing to the risk of abuse of the system by criminals. This left the firm at risk of being used to launder money and in turn increased the risk of harm.

5.3 The firm only became compliant with the MLRs 2017 because of our AML desk-based review and guidance we have provided. The breach has arisen because of recklessness and a failure to pay sufficient regard to money laundering regulations, published guidance and SRA warning notices.

5.4 The impact of the harm or risk of harm is assessed as being medium (score of four). This is because the firm had failed in its duties under multiple aspects of the MLRs 2017. It failed to ensure it had compliant PCPs and was failing to consistently carry out CMRAs and SoF on the files reviewed. The firm failed to ensure that it was fully compliant with its statutory obligations until at least seven years since the MLRs 2017 had been in force.

5.5 The nature and impact scores add up to seven. This places the penalty in Band ‘C,' as directed by the guidance.

5.6 The SRA and the firm agree a financial penalty towards the lower part of the bracket. This is because, despite the lack of compliance the firm has confirmed it has put in place measures to ensure continuing and future compliance, and the risk of repetition is minimal.

5.7 Based on the evidence the firm has provided of its annual domestic turnover; this results in a basic penalty of £29,019.

5.8 The SRA considers that the basic penalty should be reduced to £21,764. This reduction reflects the mitigation set out at paragraph 4.2 above and the SRA's discretion permitted in the Guidance.

5.9 The firm does not appear to have made any financial gain or received any other benefit as a result of its conduct. Therefore, no adjustment is necessary, and the financial penalty is £21,764.

6. Publication

6.1 Rule 9.2 of the SRA Regulatory and Disciplinary Procedure Rules states that any decision under Rule 3.1 or 3.2, including a Financial Penalty, shall be published unless the particular circumstances outweigh the public interest in publication.

6.2 The SRA considers it appropriate that this agreement is published as there are no circumstances that outweigh the public interest in publication, and it is in the interest of transparency in the regulatory and disciplinary process.

7. Acting in a way which is inconsistent with this agreement

7.1 The firm agrees that it will not deny the admissions made in this agreement or act in any way which is inconsistent with it.

7.2 If the firm denies the admissions, or acts in a way which is inconsistent with this agreement, the conduct which is subject to this agreement may be considered further by the SRA. That may result in a disciplinary outcome or a referral to the Solicitors Disciplinary Tribunal on the original facts and allegations.

8. Costs

8.1 The firm agrees to pay the costs of the SRA's investigation in the sum of £600. Such costs are due immediately following a statement of costs due being issued by the SRA.