Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Investments»SRA fines London lawyer £17,000 for inadequate advice on property investment deals which fell flat
    Investments

    SRA fines London lawyer £17,000 for inadequate advice on property investment deals which fell flat

    September 29, 20253 Mins Read


    A law firm principal who allowed his clients to enter a risky and ultimately fruitless investment scheme has been fined £17,000. Ming Fai Tam, also known as Matthew Tam, charged around £1,300 to clients for every property investment he advised on. In total between 2017 and 2020 his firm Batchford Solicitors worked on behalf of several overseas buyers on their purchase of around 312 properties.

    According to a Solicitors Regulation Authority decision notice, Tam offered no supervision to one of his staff acting on the investments and failed to point out several red flags about the risky nature of the financial commitment.

    The property was being bought from a special purchase vehicle with no trading accounts, with clients paying initial deposits of between 30% and 100% of the purchase price. The company promised to construct or refurbish buildings to turn them into flats, student accommodation or hotel rooms, with the project marketed to buyers mainly in the Far East as buy-to-let investments with guaranteed income. However the developments failed and promised returns were not paid.

    Buy-back provisions included in the investment were of use only  if the selling company had the necessary funds, and rental agreements were potentially unenforceable and ineffective.

    The SRA conducted a forensic investigation of 14 client files in six developments where these failings were identified.

    Tam admitted failing to give adequate advice to clients on the risks inherent in off-plan buyer-led investment schemes and failed to ensure clients understood the risks they were taking on.

    He also admitted failing to train staff to maintain a level of competence or to have a system for supervising clients’ matters. His firm, based in the City of London and latterly known as MFT Solicitors, closed in 2021.

    The SRA said Tam had not heeded warning notices from 2016 and 2017 about the risks of such investment schemes. He had also not fulfilled his duty to provide people in his firm with adequate training and supervision.

    In mitigation, Tam, who now works for Chan Neill Solicitors in the City, said he undertakes training and keeps abreast of legal developments and his files are reviewed by partners in his new firm. He no longer takes on work involving the sale of fractional units such as hotel rooms or office space and takes on work involving new build transactions only where deposits are protected and are no greater than 10%.

    The SRA said a fine was appropriate to uphold public confidence in the solicitors’ profession.

    ‘Clients lost money following their investments in the development schemes which they may have reconsidered had they received proper and adequate advice,’ added the regulator. ‘Issuing a fine to solicitors who give inadequate advice demonstrates to the public that the SRA takes such matters seriously and expects solicitors to maintain appropriate standards.’

    Tam also agree to pay £1,350 costs.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Gold surge sees better ROI than UK property

    Investments

    As more British retirees opt to spend their later years overseas, the world’s most beautiful, sunny and lavish retirement homes revealed (and they’re MUCH cheaper than the UK)

    Investments

    SM Investments receives back-to-back 5 Golden Arrow Award

    Investments

    Adaptability In Retirement Means Navigating The Information Age With Confidence

    Investments

    Euroclear and LCH SA expand connectivity for Italian bonds

    Investments

    New Sanlam Property Impact Fund targets SA’s ‘missing middle’

    Investments
    Leave A Reply Cancel Reply

    Top Picks
    Fintech

    Global fintech investment falls to $51.9 billion in the first half of 2024, says KPMG data

    Stock Market

    Shaping the future of global health technology assessment

    Cryptocurrency

    Argentine Prosecutor Seeks Asset Freeze in LIBRA Cryptocurrency Investigation

    Editors Picks

    In a win for Trump, US House passes three landmark cryptocurrency bills – Firstpost

    July 17, 2025

    Supreme Court Refuses to Hear “Passive” Park Public Use Property Rights Case

    October 22, 2024

    ZMX signs MoU with the Lagos Commodities and Futures Exchange -Newsday Zimbabwe

    October 28, 2025

    ANZ’s venture arm 1835i plans to step up investing pace after fintech winter — Capital Brief

    October 20, 2024
    What's Hot

    Tron Surpasses Cardano to Enter the Top Ten Crypto

    August 19, 2024

    Want to retire early in Ireland? These are five habits of people who do – The Irish Times

    September 1, 2025

    DisrupTech (Égypte) réalise sa première incursion en Afrique subsaharienne

    June 16, 2025
    Our Picks

    Gold? Silver stocks? Which is the first domino to fall?

    August 19, 2025

    More homes for sale in UK slowing pace of price growth – Zoopla

    August 27, 2025

    A New Era of Sustainable Metals With Quantified Recycled Content

    September 2, 2025
    Weekly Top

    Why Sprouts Farmers Market Stock Crashed Today

    October 30, 2025

    Fox Hunt, the online multiplayer mode for Metal Gear Solid Delta: Snake Eater, is available now

    October 30, 2025

    Morocco Strengthens Its Position Among Leading Cryptocurrency

    October 30, 2025
    Editor's Pick

    Ixigo Taps Fintech Partnership to Scale Flights Beyond Regional Stronghold

    September 17, 2025

    Greenpeace face à une procédure judiciaire de 300 millions de dollars contre l’exploitant d’un oléoduc américain

    February 24, 2025

    Pat McCormack: The Olympic silver medallist who could already be one of the best boxers pound-for-pound in Britain | Boxing News

    September 25, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.