Our regulatory team helps clients to achieve their commercial objectives whilst minimising the risk of engaging the investigative and disciplinary powers of the FCA and the PRA or incurring reputational damage.
We provide practical legal support often alongside in-house compliance and audit teams or external compliance consultants tasked with responding to regulatory change. Whilst we are strong advocates of prevention being better than cure, we understand that the sector is complex and are experienced in regulatory investigations and defending enforcement action when the need arises.
We Advise On
- The impact of regulatory change and European legislation (including RDR, MMR, EMIR, MiFID II, AIFMD and MAD).
- Compliance with High Level Standards, including the Principles for Businesses (PRIN) and Treating Customers Fairly (TCF), Business Standards (including COBS, MCOB and ICOB) and Perimeter Guidance (PERG) in relation to product design, sale and post-sale processes.
- How to establish effective corporate governance through robust Senior Management Arrangements, Systems and Controls (SYSC).
- Due diligence and change of control events requiring FCA or PRA approval prior to the acquisition, disposal or merger of a regulated business.
- Fundraising in accordance with the financial promotions regime and the Collective Investment Schemes Sourcebook (COLL).
- The fitness and propriety issues (FIT) for authorised firms, approved persons and applicants or candidates for approval.
- Representation at FCA interviews, the Regulatory Decisions Committee (RDC) and Upper Tribunal.
- How to manage FCA enforcement visits, s.166 Skilled Persons reviews and contested applications for authorisation or approved person status.
- Complaints to the FOS including professional indemnity insurance coverage issues and judicial review. We are also familiar with the assignment and re-assignment of causes of action by the FSCS.
- Advising a city accountancy firm specialising in advisory and restructuring work on compliance with the phased introduction of EMIR by companies in liquidation and the implications of non-compliance.
- Advising a fundraising company on COLL, the financial promotions regime, PERG, the Payment Services Regulations and exclusions under the Regulated Activities Order.
- Advising mortgage lenders, intermediaries, and distributors on the MCOB regime and MMR including affordability, disclosure, responsible lending, financial promotions and drafting or amending mortgage documentation.
- Advising a potential Money Service Business and Annex 1 Financial Institutions on issues arising under the Money Laundering Regulations.
- Advising on the regulation of digital currencies (in particular Bitcoin).
- Advising a retail firm on regulatory issues following fund suspension, including variation of Permission.
- Advising firms on SUP15 Notifications and follow-up communications with the Regulator.
- Representing individuals in the Upper Tribunal seeking to challenge decisions of the FCA to impose financial penalties and make prohibition orders against them with regard to allegations of product mis-selling and weak systems and controls.