The FCA has been particularly active over recent years, bringing both regulatory enforcement action and criminal prosecutions against firms and approved persons. Firms are under significant pressure to implement systems and controls to prevent financial crime and a breach of these can lead to the imposition of a substantial fine and public censure.
The FCA's Senior Managers Regime has increased the regulatory burden upon firms and their senior managers. Senior Managers must pass a fit and proper persons test and are now required to sign up to a Statement of Responsibilities, obliging them to take proactive steps to prevent a breach of those responsibilities. Failure to take such reasonable steps could result in enforcement action and the imposition of heavy personal fines. For these reasons, senior managers will often find themselves in need of personal and independent legal advice in the event of a potential breach.
Our team is well versed in FCA investigations and enforcement proceedings having worked at the regulator and managed FCA investigations while in-house at global financial institutions. This allows us to understand the challenges on both sides of an investigation and we adopt a cooperative but firm approach with the regulator.
Our experience includes:
- representing an individual in the FCA's LIBOR investigation
- acting as interim Head of Investigations and Enforcement, EMEA at a global bank
- managing an FCA enforcement investigation on-site at a global financial institution
- managing an FCA criminal investigation into an insider dealing ring on behalf of the regulator
- advising individuals under investigation by the FCA for breaches of the Principles of Business
- defending a firm for breaching the listing rules and negotiating a settlement with the FCA
- acting for a number of firms in respect of the mis-selling of financial products
- advising a financial institution in respect of a FCA competition investigation