6 November 2025. Howard Kennedy llp (claiming to be solicitors to 90% of VCTs) found "guilty" of "defrauding" Albion Enterprise VCT plc

Just the tip of the iceberg? Yet more concrete proof that VCTs are an unchecked gravy train for Solicitors and Accountants. HK act in litigation, compliance and as FCA Sponsors so no conflicts there then!

In Court 99 of the Royal Courts of Justice yesterday, a Judge found that Howard Kennedy llp had not only charged excessive fees but had duplicated the same work by multiple fee earners: how many lawyers does it take to read an email!

The Judge reduced the billable hours by 40% and the rates claimed by 25%.

That alone justifes, in law, the Directors of AAEV applying to have Howard Kennedy's actual invoices assessed and reduced - not least because VAT is not recoverable. Will they? I doubt it given the vested business interests of the Directors.

The excuse given for seeking such outrageous fees was that it was necessary to protect the now shot-to-hades reputation of Albion Capital Group llp, and the Directors of AAEV, against my proven claims and their own admissions..

On the same day the SRA called for further information in it's investigation of the "partner" in charge.


 

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