Key Points
- The Financial Conduct Authority (FCA) has banned Nurul Miah, also known as Neil Mia and Neil Miah, from working in financial services.
- The FCA said Miah dishonestly caused or allowed more than £28 million of client money to be taken from accounts without permission between April 2019 and July 2020.
- The action follows findings by the Solicitors Regulation Authority (SRA) concerning Miah’s conduct while he was a non-legal manager and owner of Kingly Solicitors Limited.
- The SRA found that more than £10 million of client money was missing and had been used by Miah for his own benefit.
- In May 2025, the SRA imposed its largest-ever financial penalty, ordering Miah to pay £3,984,440 plus £41,670 in costs.
- The SRA investigation identified 310 improper transfers from client accounts to companies linked to Miah.
- The regulator said some of those funds were used for loan repayments and purchases of assets unrelated to the law firm’s business.
- Investigators also uncovered forged statements that they said were intended to conceal unauthorised transactions.
- Kingly Solicitors, originally known as RH Legal (Bristol) Ltd, was shut down by the SRA in 2020 following concerns over the misuse of client funds.
- The SRA secured £22.5 million in client money and collected approximately 220,000 files, including more than 90,000 wills and deeds.
- FCA Executive Director of Enforcement and Market Oversight Therese Chambers said the ban was imposed to protect consumers and maintain confidence in the financial system.
- Reuters reported that it could not immediately contact Miah, while Kingly Solicitors did not respond to a request for comment.
**The UK Financial Conduct Authority has banned former Kingly Solicitors owner and non-legal manager Nurul Miah from working in financial services after the regulator said he dishonestly caused or allowed more than £28 million to be withdrawn from client accounts without permission between April 2019 and July 2020. The FCA action follows earlier findings by the Solicitors Regulation Authority that more than £10 million in client money was missing and had been used for Miah’s own benefit. The case has resulted in regulatory action from both authorities, including the SRA’s largest-ever fine of almost £4 million and the FCA’s financial-services ban. **
What action has the FCA taken against Nurul Miah?
The FCA announced on 15 September 2026 that it had banned Nurul Miah from working in financial services. The regulator said Miah is also known as Neil Mia and Neil Miah, making the prohibition applicable to those names as well.
According to the FCA, the decision followed findings by the SRA concerning Miah’s conduct at Kingly Solicitors Limited. The FCA said Miah dishonestly caused or allowed more than £28 million of client money to be taken from client accounts without permission during a period running from April 2019 to July 2020.
The regulator concluded that the conduct demonstrated that Miah did not have the level of honesty and integrity required to work in financial services.
FCA Executive Director of Enforcement and Market Oversight Therese Chambers said: “Mr Miah dishonestly used client money for his own benefit. He has no place in financial services.”
Chambers added that the ban was intended to protect consumers and help maintain confidence in the financial system.
The FCA said it was publicising the decision so that consumers and firms would know that Miah cannot work in financial services.
What did the Solicitors Regulation Authority find?
The FCA’s decision follows an earlier regulatory investigation by the Solicitors Regulation Authority, which regulates solicitors and law firms in England and Wales.
The SRA found that more than £10 million of client money was missing and had been used by Miah for his own benefit. Its investigation identified 310 improper transfers from client accounts to companies linked to him.
The SRA said the transfers were used for purposes including loan repayments and the purchase of assets unrelated to the firm’s business.
The authority also said investigators discovered forged statements that attempted to conceal the unauthorised transactions. The SRA reported its findings and supporting evidence to relevant law enforcement authorities.
The regulator’s disciplinary record identifies Miah as a non-lawyer manager, rather than a solicitor. It states that he was the owner and manager of Kingly Solicitors Limited between 3 April 2017 and 23 July 2020.
The SRA made a finding of dishonesty against Miah and disqualified him from holding specified roles within SRA-regulated law firms.
How much was Miah fined by the SRA?
In May 2025, the SRA announced what it described as its largest-ever fine, ordering Nurul Miah to pay a financial penalty of £3,984,440.
Miah was also ordered to pay £41,670 in costs.
The SRA’s disciplinary record states that the penalty followed a finding of dishonesty and a disqualification order under Section 99 of the Legal Services Act 2007.
Miah was disqualified from holding roles including Head of Legal Practice, Head of Finance and Administration, manager or employee of an organisation licensed under the relevant provisions of the Legal Services Act.
As reported by Prerna Bedi of Reuters, with additional reporting by Anushka Chourasia in Bengaluru and editing by Maju Samuel, the SRA had imposed its largest-ever fine of nearly £4 million following the breaches.
Global Banking & Finance Review published the Reuters report on 15 September 2026 under the headline concerning the UK regulator’s ban. The publication attributed the reporting to Reuters and reproduced the relevant regulatory details.
What happened to Kingly Solicitors?
Kingly Solicitors Limited was originally known as RH Legal (Bristol) Ltd. The SRA shut down the firm in 2020 after raising serious concerns about the misuse of client funds.
The SRA said its intervention was designed to protect clients after concerns about the firm’s handling of money.
The regulator said that, despite some funds being returned, a shortfall of approximately £10 million remained.
It secured £22.5 million in client money and said it had taken steps to provide appropriate redress through its compensation fund. It also collected and secured approximately 220,000 files from the firm’s various offices, including more than 90,000 wills and deeds.
The SRA’s current register records that Kingly Solicitors has ceased practising. Its licence ceased on 12 August 2020. The register identifies the firm’s registered addresses as including locations in Bristol, London, Milton Keynes, Watford and Leighton Buzzard.
Why is the FCA involved in a law firm client-money case?
The latest action illustrates the different regulatory responsibilities that can apply when individuals connected to professional firms also have roles or approval within financial services.
The FCA said Miah had previously been approved in 2016 to work in senior management roles at an unrelated firm, Oracle Consultants Ltd.
The FCA’s decision therefore focuses on whether Miah meets the standards required to work within financial services, rather than simply imposing another sanction relating to the operation of Kingly Solicitors.
The regulator concluded that his actions showed he lacked the honesty and integrity necessary to work in financial services. The ban means that Miah is prohibited from working in that sector.
Companies House records also show Miah’s historical connection with Oracle Consultants Ltd. The company entered liquidation proceedings, and Companies House records show that Miah resigned as a director in February 2024.
What did the earlier SRA investigation reveal about the client transfers?
The SRA’s investigation provides a more detailed picture of the transactions that led to the regulatory response.
According to the SRA, investigators identified 310 improper transfers from client accounts to companies associated with Miah. The authority said the transfers were used for inappropriate purposes, including loan repayments and the purchase of assets that were unrelated to the firm’s business.
The investigation also identified forged statements that investigators said had been created in an attempt to conceal the unauthorised transactions.
The findings were particularly significant because client accounts are intended to safeguard money belonging to clients rather than provide general working capital or personal funds for a law firm owner or manager.
The SRA said that, following the intervention, it secured substantial client funds and files while also pursuing regulatory action against those involved.
What was the wider impact on clients and the legal profession?
The consequences extended beyond the financial shortfall itself.
The SRA said the situation affected thousands of people and required regulatory intervention to protect clients and secure important legal records.
SRA Chief Executive Paul Philip said the organisation’s action represented the largest fine it had ever issued and stated that Miah’s dishonesty had affected thousands of people. The SRA said it had closed the firm, secured files and protected client money as part of its intervention.
The handling of more than 90,000 wills and deeds was particularly significant because such documents can be critical to individuals and families long after a legal firm’s operations have ended.
The SRA also said it had provided relevant evidence to law enforcement authorities and that it would continue considering how best to protect client funds.
What has Reuters reported about responses from Miah and Kingly Solicitors?
Reuters reported that it was unable to immediately contact Nurul Miah and that Kingly Solicitors did not respond to a request for comment.
This means the regulatory findings and the FCA’s latest decision remain the central publicly available account of the case in the reporting reviewed for this article.
Global Banking & Finance Review’s report, published on 15 September 2026, carried the Reuters reporting and identified Prerna Bedi as the reporter, with Anushka Chourasia providing additional reporting from Bengaluru and Maju Samuel as editor.
The FCA’s own announcement separately sets out the regulator’s reasons for the prohibition and identifies Therese Chambers as the senior FCA official commenting on the decision.
What does the case mean for legal and financial controls?
The case highlights the importance of robust financial controls, segregation of client funds, accurate accounting records and effective oversight within regulated professional organisations.
The findings also demonstrate how failures involving client money can attract scrutiny from more than one regulator where an individual has links to different regulated sectors.
For organisations operating across legal, financial and corporate environments, understanding governance obligations and maintaining effective internal controls are central to reducing regulatory and financial risk. These issues are particularly relevant to professional development in Legal, Contracts and Procurement, where training can cover legal governance, contractual responsibilities, regulatory compliance and financial controls.
What happens next for Nurul Miah?
The FCA’s prohibition represents the latest major regulatory action against Miah following the SRA’s earlier financial penalty and disqualification.
The FCA has made clear that Miah cannot work in financial services, while the SRA has already disqualified him from specified positions within SRA-regulated law firms.
The case therefore spans both legal-services regulation and financial-services regulation. It also follows a lengthy period beginning with the SRA’s intervention at Kingly Solicitors in 2020, continuing through its record fine announced in 2025 and culminating in the FCA’s prohibition announced on 15 September 2026.
The regulatory authorities’ actions underline the potential consequences of failures involving client money and the importance of maintaining confidence in regulated professional and financial services.