KINGSTON SMITH FINED OVER CLIENT MONEY REGULATION BREACHES

摘要

Top 20 firm Kingston Smith has been rapped over the knuckles by the ICAEW's investigation committee which has fined the firm £5,000 over breaches of the Clients' Money Regulations (CMR) and issued it with a severe reprimand. Kingston Smith was found to have made withdrawals from the firm's client money bank accounts on behalf of five unidentified clients contrary to CMR regulations 20(h) and 22, as the firm had not obtained written authority to make the payments or obtained agreement to the fees. In the case of client A, Kingston Smith took payments totalling £97,065 between December 2004 and March 2008, along with a £8,000 payment in September 2003. Other withdrawals were for single amounts of between £5,800 and £13,000 for each of the four other clients on different dates in 2003 and 2004.