Kingsley Napley 24 HOUR SEARCH FCA Investigations Home Services Criminal Litigation FCA Investigations "Thank you for your flawless handling of the FCA and your kind support. I think it’s greatly thanks to you that I still work in finance today. " Client Our team of expert lawyers has an impressive track record of successfully defending both individuals and institutions facing regulatory misconduct, disciplinary breach and criminal investigations conducted by the Financial Conduct Authority (FCA). The 2008 financial crisis led to a new era of scrutiny for the UK financial services industry, with individual responsibility and accountability at the forefront of the government and regulators’ mission for cultural change in the sector. Institutions themselves have also been increasingly under the spotlight in relation to market conduct and compliance standards. Without doubt the FCA is taking a tougher approach to enforcement, with potentially severe consequences for individual careers and reputations. Penalties may include fines, restriction of practice or custodial sentences. The complexities of financial services regulation and investigation can ensnare even the most cautious company or individual. We have acted for senior management in banks, hedge fund managers, traders, brokerage houses, London branches of overseas institutions, wealth managers, independent financial advisers and mortgage brokers on a wide range of matters - from those accused of breach of Principles or systems/controls to those facing allegations of insider dealing, market abuse and mis-selling. We are highly experienced in advising in relation to FCA pre-enquiry requests through to investigations that might lead to regulatory, civil and criminal enforcement proceedings. We provide intelligent and tactical representation to protect and advance the interests of all our clients. If you or your authorised firm receives an unwelcome letter from the FCA, contact us as soon as possible to see how we can assist. HOW WE CAN HELP Our approach Our wealth of experience in dealing with FCA investigations means we are trusted advisers in this area. Very often we will have worked on similar issues before. However, we will always recommend the best strategy for each client’s unique circumstances. A number of our team have spent time on secondment at the FCA so understand the process and drivers from the other side of the fence. Yet we are equally aware that the financial services industry is ever changing with new products and market trends to consider in applying our judgment of the law. Sometimes it may be in our clients’ interests to cooperate with the regulator, whereas in other cases we may recommend a push-back strategy. In some cases the best strategy is to do nothing and to adopt a purely reactive approach. But in every case, we provide regulatory and criminal law expertise that is both pragmatic and strategic and have an excellent record of obtaining positive outcomes in challenging situations. We bring in our employment law and reputation management colleagues as necessary, and work with other equally experienced professionals, including counsel, forensic accountants and international lawyers as required to ensure that our clients' interests are protected. For more information please contact our specialist FCA investigations team. Frequently asked questions relating to FCA enforcement and investigations FCA ENFORCEMENT INVESTIGATIONS FCA CONDUCT RULES FOR INDIVIDUALS MARKET ABUSE AND INSIDER DEALING MARKET MANIPULATION CARRYING OUT UNAUTHORISED BUSINESS WHAT CLIENTS AND DIRECTORIES HAVE SAID +44 (0)20 7814 1200 Contact the team Louise Hodges Partner and Head of Department Email Louise Jill Lorimer Partner Email Jill Nicola Finnerty Partner VIEW FULL TEAM See our FCA Investigations FAQs CLICK TO VIEW Good financial services practice, particularly in relation to FCA regulatory/disciplinary issues.” Legal 500 UK 2021 A premier outfit for individuals under regulatory investigations." Chambers UK 2021 Excellent understanding of the regulatory framework, very responsive and commercially switched on.” Legal 500 UK 2021 Bright and dedicated lawyers." Chambers UK 2021 A highly competent and experienced team, who can turn their hands to anything in this sector.” Legal 500 UK 2021 One of the premier white collar defence teams in London." Legal 500 UK 2020 Straddles the overlap between contentious regulatory work and financial crime." Chambers UK 2020 - A Client's Guide to the UK Legal Profession They have an excellent reputation, they have a very broad team and they have strength in depth." Chambers UK 2020 - A Client's Guide to the UK Legal Profession Latest blogs & news Regulatory compliance, trust and confidence in the financial services sector In a case that attracted national media coverage and emphasises the crucial importance of regulatory compliance and the highest standards of professional conduct in the financial services sector, the High Court dismissed a breach of contract claim brought by an investment manager. READ MORE ... Keeping the crypto market on its toes? The FCA publishes latest cryptoasset consumer research and takes regulatory action against Binance Markets Limited For the fourth year the FCA has published research on the changing relationship between consumers and cryptoassets. In spite of the pandemic, the strong upward trend in public engagement and media coverage has continued, with the FCA estimating 2.3 million adults now hold cryptoassets. READ MORE ... The discontinuation of LIBOR and phasing in of SONIA in the Sterling Markets, what do we know so far? Global financial markets are preparing to transition away from the use of the London Interbank Offered Rate (“LIBOR”) and adopt an appropriate alternative risk free rate (“RFR”) by the end of 2021. What are the reasons for the move away from LIBOR, the progress to date in terms of identifying the Sterling Overnight Index Average (“SONIA”) as the most appropriate alternative rate in the Sterling markets, and the steps still required to be taken to ensure such markets are ready for the phasing out of LIBOR by the end of the year READ MORE ... Breach of 2002 banking undertakings - the CMA writes to Danske Bank At the end of last month, the Competition and Markets Authority (CMA) published a letter written to Danske Bank concerning its breach of the Small and Medium-sized Enterprise (SME) Banking Behavioural Undertakings 2002, following loans it had offered under the ‘Bounce Back Loan Scheme’. READ MORE ... Time’s up: Deadline passes for crypto firms to register with the FCA As of 10 January 2021, all cryptoasset firms are required to be registered with the Financial Conduct Authority (FCA) under the Money Laundering Regulations. READ MORE ... FCA sets expectations for firms to record communications when working from home FCA focuses on risks associated with unmonitored communications, including the use of unencrypted apps, such as WhatsApp, for sharing potentially sensitive or confidential information when working from home. READ MORE ... First anniversary of the extension of the Senior Managers & Certification Regime As we near the first anniversary of the extension of the Senior Managers & Certification Regime (SM&CR) to solo-regulated FCA firms, the first round of annual fitness and propriety assessments will be topping the to-do lists of many compliance professionals. READ MORE ... The Holiday is Over: Will the FCA’s efforts to support homeowners after the mortgage payment holiday be enough? One of the impacts of the Covid-19 pandemic is that national income has fallen dramatically. In response to concerns from homeowners unable to meet their mortgage repayment requirements due to a drop in income, the Treasury and Financial Conduct Authority announced a ‘mortgage payment holiday’. This was the result of banks agreeing to allow mortgage-holders suffering from a drop in income to pause their repayments. A ban on home repossessions was put in place at the same time READ MORE ... Non-financial misconduct is misconduct, plain and simple The FCA announced on 5 November that it has banned three individuals from working in the financial services industry for non-financial misconduct. READ MORE ... Fitness and propriety investigations: practical considerations How should regulated firms respond when issues come to light which call into question the fitness and propriety of a member of staff? In the second part of their series of fitness and propriety blogs, Jill Lorimer and Nick Ralph consider best practice. You can read the first part of the series by clicking here. READ MORE ... FCA issues new guidance on fitness and propriety assessments in the financial services sector The Financial Conduct Authority (“FCA”) has recently provided information to their regulated firms as to good and bad practice relating to, amongst other things, the carrying out of fitness and propriety (“F&P”) assessments. READ MORE ... The new cryptoasset promotions consultation: widening the perimeter of FCA regulation Research recently undertaken by the FCA has found that 5.35% of the UK population hold (or have previously held) cryptoassets where in 2019 this figure was 3%. For several years now the Government, the Bank of England and the FCA have been consulting on and considering how best to regulate this burgeoning market. READ MORE ... Inappropriate behaviour - when the past is not left in the past The news that Stephen Jones, head of UK Finance, has quit over "thoroughly unpleasant" personal comments he made in 2008 about financier Amanda Staveley, is a stark reminder to executives that their past behaviour may one day come back to haunt them. READ MORE ... Who’d be a Whistle Blower? The indications are that an increasing number of individuals are coming forward, particularly in the financial services sector, to call out wrongdoing. READ MORE ... Your legal rights on returning to work during COVID-19 Whilst the prime minister's broadcast on 10 May did not open the floodgates to City employers requiring staff to "return to work" enmasse, most firms are already drawing up plans for how that should be organised and many of us will have been thinking about what will happen when employers start to update their 'work from home' advice. READ MORE ... Redundancy because of COVID-19 - top 10 tips for senior executives negotiating an exit Coronavirus (COVID-19) is having an undeniably serious impact on businesses and the global economy. Everyone has been affected in some way. Sadly, the looming financial crash means that many businesses have been impacted to the extent that they will have to put cost-cutting measures in place in the near and mid-term future. For some individuals this will result in their role being put at risk of redundancy. READ MORE ... Partners' future under spotlight during crisis In a startling opening to a recent Newsnight, presenter Emily Maitlis began with the words “They tell us Coronavirus is a great leveller. It’s not. It's much harder if you’re poor." READ MORE ... How can partners prepare for a post COVID-19 firm cull? Partners need to do what they would advise their own clients to do: be well prepared. READ MORE ... Taking a pay cut - is it the right thing to do? The moral arguments may well still apply but where salaries are less stellar, there may be more for an individual to lose on a relative basis and thornier issues to weigh on a practical level. READ MORE ... Legal rights if you're made to work in the office during COVID-19 While plenty of people in all sectors are now working from home, designated key workers in the financial services industry are still being forced to go to work. READ MORE ... CONTACT A MEMBER OF OUR SPECIALIST FCA INVESTIGATIONS TEAM Services Insider Dealing We have extensive experience in representing individuals who have become embroiled in insider dealing investigations. Financial Services Investigations We provide intelligent and tactical representation to those involved in an investigation by defending accusations and mitigating risks. Serious Fraud Defending complex white collar cases successfully is what we are known for. The firm has the largest team of specialist criminal lawyers in the UK. AML Compliance Ensuring that the UK financial system is an increasingly hostile environment for illicit finances is a key government priority. Dealing with an Investigation Under investigation? We ensure you have the specialist, strategic advice to help you manage. Financial Services Financial services firms, professionals and clients need advice more than ever to safeguard their business interests, careers and reputations. Regulated Professionals We have a longstanding reputation for excellence in advising regulated professionals in all aspects of their business affairs. FCA Investigations Insights BLOG FCA signals streamlining of its own processes and toughening up of the regulatory gateway Jill Lorimer BLOG Keeping the crypto market on its toes? The FCA publishes latest cryptoasset consumer research and takes regulatory action against Binance Markets Limited Jill Lorimer BLOG Time’s up: Deadline passes for crypto firms to register with the FCA Jill Lorimer LOAD MORE Let us take it from here. +44 (0)20 7814 1200 enquiries@kingsleynapley.co.uk CONNECT WITH KN LINKED IN TWITTER SUBSCRIBE TO OUR MAILING LIST Kingsley Napley Legal Notices Privacy Notice Fraud Warning Modern Slavery Statement Complaints Website Terms Cookie Policy Accessibility Site Map © Kingsley Napley LLP. All rights reserved. Authorised and regulated by the Solicitors Regulation Authority, registration number 500046.