Adam Entwistle, compliance consultant at Compli, part of Weightmans, said the baby was deemed to have a ‘material interest’ in the ABS because he was the son of the chairman of the group which owned the business.
“I couldn’t believe it,” Mr Entwistle told Legal Futures. “I’ve never known anything like it. I said to the SRA: ‘Surely you don’t need to approve a baby as shareholder in an ABS.’”
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