Market Street Law Limited (Northern Law Solicitors)
33 Market Street, Shaw, Oldham , OL2 8NR
Recognised body
615743

Decision - Agreement

Outcome: Regulatory settlement agreement

Outcome date: 28 November 2025

Published date: 11 December 2025

Firm details

No detail provided:

Outcome details

This outcome was reached by agreement.

Decision details

1. Agreed outcome

1.1 Market Street Law Limited (the Firm), a recognised body, authorised and regulated by the Solicitors Regulation Authority (SRA), agrees to the following outcome to the investigation:

1. Market Street Law Limited will pay a financial penalty in the sum of £11,271, under Rule 3.1(b) of the SRA Regulatory and Disciplinary Procedure Rules;
2. to the publication of this agreement, under Rule 9.2 of the SRA Regulatory and Disciplinary Procedure Rules; and
3. Market Street Law Limited will pay the costs of the investigation of £600, under Rule 10.1 and Schedule 1 of the SRA Regulatory and Disciplinary Procedure Rules.

2. Summary of Facts

2.1 We carried out an investigation into the firm following a desk-based review (DBR) by our AML Proactive Supervision team.

2.2 Our DBR and subsequent investigation identified areas of concern in relation to the firm's compliance with the Money Laundering, Terrorist Financing (Information on the Payer) Regulations 2017 (MLRs 2017), the SRA Principles 2011 and the SRA Principles [2019], the SRA Code of Conduct 2011 and the SRA Code of Conduct for Firms [2019].

Policies, controls and procedures

2.3 Between 26 June 2017 and January 2025, the firm failed to establish and maintain fully compliant policies, controls, and procedures (PCPs) to mitigate and effectively manage the risks of money laundering and terrorist financing, identified in any risk assessment (FWRA), pursuant to Regulation 19(1)(a) of the MLRs 2017, and regularly review and update them pursuant to Regulation 19(1)(b) of the MLRs 2017.

2.4 PCPs are fundamental in setting out a firm's approach to practical AML and Counter Terrorist Financing activities. They should be effective in identifying and mitigating risks within its practice and play an important role in managing the risk of a firm facilitating money laundering and / or terrorist financing.

2.5 The firm has now provided PCPs which are compliant with Regulation 19 of the MLRs 2017 and has put measures in place for ensuring continuing and future compliance.

3. Admissions

3.1 The firm admits, and the SRA accepts, that by failing to comply with the MLRs 2017:

From 26 June 2017 to 24 November 2019 (when the SRA Handbook 2011 was in force), the firm has breached:

1. Principle 6 of the SRA Principles 2011 – which states you must behave in a way that maintains the trust the public places in you and in the provision of legal services.
2. Principle 8 of the SRA Principles 2011 – which states you must run your business or carry out your role in the business effectively and in accordance with proper governance and sound financial risk management principles.

And the firm has failed to achieve:

3. Outcome 7.2 of the SRA Code of Conduct 2011 – which states you have effective systems and controls in place to achieve and comply with all the Principles, rules and outcomes and other requirements of the Handbook, where applicable
4. Outcome 7.5 of the SRA Code of Conduct 2011 – which states you comply with legislation applicable to your business, including anti-money laundering and data protection legislation.

And from 25 November 2019 (when the SRA Standards and Regulations came into force) until January 2025, the firm has breached:

5. Principle 2 of the SRA Principles 2019 – which states you act in a way that upholds public trust and confidence in the solicitors' profession and in legal services provided by authorised persons.
6. Paragraph 2.1(a) of the SRA Code of Conduct for Firms – which states you have effective governance structures, arrangements, systems and controls in place that ensure you comply with all the SRA's regulatory arrangements, as well as with other regulatory and legislative requirements, which apply to you.
7. Paragraph 3.1 of the SRA Code of Conduct for Firms 2019 – which states that you keep up to date with and follow the law and regulation governing the way you work.

4. Why a fine is an appropriate outcome

4.1 The SRA's Enforcement Strategy sets out its approach to the use of its enforcement powers where there has been a failure to meet its standards or requirements.

4.2 When considering the appropriate sanctions and controls in this matter, the SRA has considered the admissions made by the firm and the following mitigation:

1. The firm admitted it could not locate any documented PCPs prior to the version dated January 2025
2. The current compliance officer for legal practice (COLP) took over the role in July 2024 and, upon becoming aware of the firm's shortcomings, apologised and took prompt steps to rectify the failings by reviewing and updating the firm's AML control environment. As a result of this, the firm is now compliant with the MLRs 2017
3. Cooperating with the investigation - the firm has cooperated with the SRA's AML Proactive Supervision and AML Investigations teams.

4.3 The SRA considers that a fine is the appropriate outcome because:

1. The conduct showed a disregard towards statutory and regulatory obligations and had the potential to cause harm. Failing to have compliant AML documentation and controls in place prior to January 2025 left the firm susceptible to money laundering (and / or terrorist financing).
2. It was incumbent on the firm to meet the requirements set out in the MLRs 2017. The firm failed to do so prior to January 2025. The public would expect a firm of solicitors to comply with its legal and regulatory obligations, to protect against these risks as a bare minimum.
3. The agreed outcome is a proportionate outcome in the public interest because it creates a credible deterrent to others and the issuing of such a sanction signifies the risk to the public, and the legal sector, that arises when solicitors do not comply with anti-money laundering legislation and their professional regulatory rules.

4.4 Rule 4.1 of the Regulatory and Disciplinary Procedure Rules states that a financial penalty may be appropriate to maintain professional standards and uphold public confidence in the solicitors' profession and in legal services provided by authorised persons. There is nothing within this Agreement which conflicts with Rule 4.1 of the Regulatory and Disciplinary Rules and on that basis, a financial penalty is appropriate.

5. Amount of the fine

5.1 The amount of the fine has been calculated in line with the SRA's published guidance on its approach to setting an appropriate financial penalty.

5.2 We have assessed the nature of conduct in this matter as more serious (score of three). This is because we consider the firm's conduct continued after it was known to be improper. The requirement to have compliant PCPs in place came into force on 26 June 2017. However, the firm did not have them in place for several years.

5.3 The impact of the harm or risk of harm is assessed as being low (score of two). This is because, while no loss or harm appears to have occurred, failing to ensure it had compliant PCPs in place left the firm vulnerable to the risks of money laundering, particularly when providing in-scope work such as conveyancing, which forms a significant percentage of the work carried out by the firm. The firm left itself without effective arrangements in place to manage compliance with the MLRs 2017.

5.4 The score reflects that, although there is no evidence of actual harm having occurred, it had the potential to cause loss or have impact.

5.5 The nature and impact scores add up to five and this places the penalty in Band B, as directed by the Guidance, which indicates a broad penalty bracket of between 0.4% and 1.2% of the firm's annual domestic turnover.

5.6 We recommend a basic penalty in the upper end of the bracket. This is because the firm's conduct continued after it was known to be improper. The firm should have been aware of its obligation to have compliant PCPs in place but failed to do so.

5.7 Based on the evidence the firm has provided of its annual domestic turnover, this results in a basic penalty of £13,260.

5.8 The SRA considers that the basic penalty should be reduced to £11,271. This reduction reflects the mitigation at paragraph 4.2 above.

5.9 The firm does not appear to have made any financial gain or received any other benefit as a result of its conduct. Therefore, no adjustment is necessary to remove this, and the amount of the financial penalty is £11,271.

6. Publication

6.1 Rule 9.2 of the SRA Regulatory and Disciplinary Procedure Rules states that any decision under Rule 3.1 or 3.2, including a Financial Penalty, shall be published unless the particular circumstances outweigh the public interest in publication.

6.2 The SRA considers it appropriate that this agreement is published as there are no circumstances that outweigh the public interest in publication, and it is in the interest of transparency in the regulatory and disciplinary process.

7. Acting in a way which is inconsistent with this agreement

7.1 The firm agrees that it will not deny the admissions made in this agreement or act in any way which is inconsistent with it.

7.2 If the firm denies the admissions, or acts in a way which is inconsistent with this agreement, the conduct which is subject to this agreement may be considered further by the SRA. That may result in a disciplinary outcome based on the original facts and allegations.

7.3 Acting in a way which is inconsistent with this agreement may also constitute a separate breach of Principles 1, 2 and 5 of the SRA Principles and paragraph 3.2 of the Code of Conduct for Firms.

8. Costs

8.1 Market Street Law Limited agrees to pay the costs of the SRA's investigation in the sum of £600.