The head of finance and administration at collapsed conveyancing firm PM Law has been banned from working in the legal profession in the latest twist surrounding the failed firm.

A ruling by the Solicitors Regulation Authority (SRA) identified “breaches of regulatory duties” by Jonathan Bostock.

These included causing, or allowing to be caused, withdrawals from PM Law client accounts which led to a client account shortage.

The SRA said Bostock failed to report that PM Law was experiencing serious financial difficulty and provided the documents and information which he knew or ought to have known were misleading.

Property Soup reveals today how he has been disqualified from working for any regulated firm and ordered to pay £1,350 in costs.

AN ‘INSULTING’ OUTCOME

Mortgage Soup reported earlier this year how PM Law had closed unexpectedly in February and even staff were unaware, with most losing their jobs overnight.

Hundreds and maybe thousands of borrowers where left high and dry after the Cumbria law firm ceased trading citing unspecified regulatory issues

The SRA has since taken control of all paper and digital files and has been paying out any owed money.

“People lost jobs overnight.”

Former staff are unhappy about the level of fine though.

One northern based head of business development for a well known legal firm who lost her job due to the debacle and has since been re employed told Property Soup: “After what the staff and clients endured with no knowledge of what was happening, this is insulting.

“People lost jobs overnight – myself included – clients lost completion dates and they lost money too.

“The legal regulator is meant to protect the general public and hard working law firm employees.

“Frankly, I’m staggered that an individual whose leadership decisions have resulted in significant detriment to hundreds of people has seemingly now gotten away with just a ban.”