Fiona Jane Smith

Findings — machine-extracted (anthropic-batch:claude-opus-4-8); verify against the decision

Fiona Jane Smith, co-founder, equity partner and COFA of MSP Legal Services LLP, admitted causing/allowing a client account shortage (£638,485.78 by 28 February 2023) and improper transfers of client money (£450,943.19 dissipated). She admitted dishonesty. The Tribunal, dealing with the matter on the papers via an agreed outcome, found the conduct deliberate, calculated and repeated with personal benefit from significant drawings, and found no exceptional circumstances. She was struck off the Roll and ordered to pay costs of £41,000.

Duties found breached:

• Non-discriminatory acceptance and cab-rank
• No improper use of client money
• Prompt accounting and return of money
• Good faith and courtesy to colleagues

Aggravating factors:

• Deliberate, calculated and repeated conduct over a period of time
• Personal financial benefit through drawings (£196,501.04 in 2022 and £49,210.36 in early 2023)
• Breach of a fundamental position of trust as COFA, manager and equity partner
• Misconduct continued during ongoing SRA Forensic Investigation
• High level of experience (admitted 2000)
• Significant harm to Compensation Fund (paid out £983,783.21 across 23 claims)
• Client money treated as sacrosanct was not safeguarded

Mitigating factors:

• No prior history of misconduct
• Difficulties managing the Firm during and after the Covid-19 pandemic
• Retirement of longstanding bookkeeper and change in systems
• Personal difficulties linked to family illness
• Full admissions