A retired co-head of HFW’s yacht department has been fined £24,862 by the SRA for allowing a yacht owner to use the firm's client account for payments unrelated to legal work.
The former partner authorised 22 payments through the account for crew salaries, hardstanding, management fees, storage fees and insurance, totalling €150,410 and $262,427.
The former co-head of HFW’s yacht department has been fined £24,862 for allowing a yacht owner to use the firm’s client account for payments unrelated to legal work.
Partner Jay Tooker, who retired in March 2026, reached a regulatory settlement agreement with the SRA after it found him in breach of client account regulations and the SRA’s principles.
The regulator said Tooker acted for a client in 2021 regarding the seizure of a yacht, advising on the vessel’s retrieval as well as on outstanding sums of money due to a port authority and to unrelated creditors.
During an internal audit, the firm found that 22 payments had been made from its client account on behalf of the client for matters unrelated to legal work.
Between March and December 2021, Tooker authorised payments totalling €150,410.24 and $262,427 from the account to pay crew salaries, hardstanding, management fees, storage fees and insurance.
Using a client account to provide banking facilities to clients or others is forbidden by SRA rules.
Tooker was fined £24,862, reduced from £33,150 due to his early admissions of breaches and cooperation with the investigation.
The regulator also took into account the fact that the former partner had an otherwise unblemished record since his admission to the roll in 1989, showed genuine remorse, insight and regret and that his conduct did not cause anyone loss or harm.
He was also ordered to pay investigation costs of £1,350.
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