Nurul Miah banned from financial services over £28m fraud
The Financial Conduct Authority has banned former law firm manager Nurul Miah from working in financial services. The regulator acted after findings that Miah misappropriated client money and took more than £28 million from accounts between April 2019 and July 2020.
Millions vanished from client accounts
The Financial Conduct Authority (FCA) prohibited Nurul Miah, who is also known as Neil Mia and Neil Miah, from the financial sector after concluding he lacked honesty and integrity.
The action follows an investigation by the Solicitors Regulation Authority (SRA) into Kingly Solicitors Limited, where Miah worked as a non-legal manager.
The SRA determined that Miah dishonestly caused or permitted more than £28 million to be withdrawn from client accounts without authorization between April 2019 and July 2020.
Furthermore, investigators discovered that more than £10 million of client money remained entirely unaccounted for, having been misappropriated directly for his personal gain.
Senior manager role stripped
Miah was previously approved by the FCA in 2016 for senior management functions at an unconnected firm, Oracle Consultants Ltd. Therese Chambers, executive director of enforcement and market oversight at the FCA, emphasized the necessity of the prohibition order: “Mr Miah dishonestly used client money for his own benefit. He has no place in financial services.”
Chambers added that the ban aims to protect consumers and uphold systemic market confidence.
Closing the stable door
The ban removes a bad actor, but it highlights persistent blind spots between legal and financial oversight.
Miah diverted vast sums over fifteen months despite holding previous senior management authorizations.
Real-time intelligence sharing between distinct regulatory bodies remains essential to catch misconduct before money vanishes.