Taylor Rose Limited
69 Carter Lane, London , EC4V 5EQ
Licenced body
623604

Decision - Fined

Outcome: Fine

Outcome date: 23 March 2026

Published date: 23 April 2026

Firm details

No detail provided:

Outcome details

This outcome was reached by SRA decision.

Decision details

Who does this disciplinary decision relate to?

Taylor Rose Limited, located at 69 Carter Lane London EC4V 5EQ, a licensed body (the firm).

Short summary of decision

We have fined the firm for failing to have effective systems and controls in place to ensure that it complied with the SRA's regulatory requirements, failing to report possible serious breaches and failing to return client money to clients promptly.

Facts of the misconduct

In August 2023 the SRA began a forensic investigation into the firm. This identified that the firm's main client bank account had not been fully reconciled every five weeks, that the reconciliation for that account completed on 31 July 2023 contained a significant number of unreconciled items and that these had increased every month since April 2022 and had been carried over into subsequent months.

The firm entered into a compliance plan with the SRA and met the targets to bring its accounts into compliance in August 2025.

It was found that the firm:

1. From approximately April 2022 to approximately August 2025, failed to have in place effective systems and controls to ensure that it complied with the SRA's regulatory requirements and in doing so breached:
   • Paragraph 2.1(a) of the SRA Code of Conduct for Firms 2019
   • Rules 8.1(a) and 8.3 of the SRA Accounts Rules 2019.
2. From approximately September 2022 to March 2023 failed promptly to report possible breaches of Rules 8.1(a) and 8.3 of the Accounts Rules 2019 to the SRA and in doing so breached:
   • Paragraph 3.9 of the SRA Code of Conduct for Firms 2019.
3. From approximately June 2018 to August 2025, failed to promptly return client money to clients and in doing so,

insofar as the conduct took place before 25 November 2019, breached:

• Rule 14.3 of the SRA Accounts Rules 2011 and insofar as the conduct took place after 25 November 2019 breached:
• Rule 2.5 of the SRA Accounts Rules 2019.

Decision on sanction

The firm was directed to pay a financial penalty of £160,059 and ordered to pay costs of £1,350.

It was decided that a financial penalty was an appropriate and proportionate sanction.

This was because the firm's conduct was serious by reference to the following factors in the SRA Enforcement Strategy:

• It related to a failure of the firm's systems and controls for which the firm had responsibility
• Its conduct was a breach of its regulatory obligations which continued longer than was reasonable.

In view of the above, the firm's conduct was placed in conduct band A, which has a financial penalty bracket of between 0.2% and 0.3% of annual domestic turnover. Its conduct was placed in this bracket given:

1. Aggravating factors
   • The firm's conduct continued for longer than was reasonable
2. Mitigating/other factors
   • The firm apologised and showed insight and remorse
   • The firm undertook remedial action.

The financial penalty was reduced by 30% to reflect the firm's co-operation with the SRA's investigation; admissions it made during that investigation and the efforts it made to remedy the breaches.

SRA Principles and Outcomes

Accounts Rules

SRA Accounts Rules 2011

Rule 14.3 Client money must be returned to the client (or other person on whose behalf money is held) promptly, as soon as there is no longer any proper reason to retain those funds. Payments received after you have already accounted to the client, for example by way of a refund, must be paid to the client promptly.

SRA Accounts Rules 2019

Rule 2.5 You ensure that client money is returned promptly to the client, or the third party for whom the money is held, as soon as there is no longer any proper reason to hold those funds.

Rule 8.1 You keep and maintain accurate, contemporaneous, and chronological records to:

1. record in client ledgers identified by the client's name and an appropriate description of the matter to which they relate: (i) all receipts and payments which are client money on the client side of the client ledger account; (ii) all receipts and payments which are not client money and bills of costs including transactions through the authorised body's accounts on the business side of the client ledger account;

Rule 8.3 You complete at least every five weeks, for all client accounts held or operated by you, a reconciliation of the bank or building society statement balance with the cash book balance and the client ledger total, a record of which must be signed off by the COFA or a manager of the firm. You should promptly investigate and resolve any differences shown by the reconciliation.

SRA Codes of Conduct

SRA Code of Conduct for Firms 2019

Paragraph 2.1 You have effective governance structures, arrangements, systems and controls in place that ensure:

1. you comply with all the SRA's regulatory arrangements, as well as with other regulatory and legislative requirements, which apply to you;
2. your managers and employees comply with the SRA's regulatory arrangements which apply to them;
3. your managers and interest holders and those you employ or contract with do not cause or substantially contribute to a breach of the SRA's regulatory arrangements by you or your managers or employees;
4. your compliance officers are able to discharge their duties under paragraphs 9.1 and 9.2.

Paragraph 3.9 You report promptly to the SRA, or another approved regulator, as appropriate, any facts or matters that you reasonably believe are capable of amounting to a serious breach of their regulatory arrangements by any person regulated by them (including you) of which you are aware. If requested to do so by the SRA, you investigate whether there have been any serious breaches that should be reported to the SRA.