Simon James Price

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

The SRA prosecuted Simon James Price for alleged failure to conduct adequate source of wealth/funds due diligence on a client under the MLR 2007. The SRA applied to withdraw the proceedings following receipt of Mr Price's detailed Answer, citing diminished public interest and reduced prospect of any sanction. The Tribunal granted the withdrawal, finding it was no longer in the public interest and there was no realistic prospect of an order against Mr Price. On costs, the Tribunal found the SRA had improperly brought proceedings: its own specialist AML Investigation Officer had concluded in a Statement Following Representations (5 May 2023) that there was no proper basis for referral, but this was disregarded by the decision-maker and not disclosed to Mr Price or the Tribunal until shortly before costs submissions. This constituted a 'good reason' to depart from the usual no-order-as-to-costs starting point. The Tribunal assessed costs at £184,000 (disallowing Stage One costs and reducing amounts found excessive, including the use of two KCs, junior counsel and an external expert). No finding of dishonesty was made or alleged against Mr Price.