FSA Investigations & Enforcement
FSA Investigations & Enforcement Legal Advice
The Financial Services Authority (FSA) is responsible for regulating financial services in the United Kingdom. The FSA is the single statutory regulator responsible for the authorisation and supervision of deposit taking, insurance and investment business, mortgage lending and advice, and general insurance advice. Whilst they exist as much for the protection of responsibly run businesses and consumers, the FSA Enforcement Division have the power to investigate and sanction firms and individuals, compel individuals to attend for interview, make compulsory requests for information and documents, and punish individuals and firms by way of fine, censure, prohibition or removal of authorisation or approval for breaches of the FSA's principles and rules for business. The FSA also have power to commence civil litigation and criminal proceedings for certain criminal offences such as market abuse and insider dealing.
FSA Enforcement & Investigations Lawyers
Our lawyers that specalise in FSA Investigation and Enforcement actions advise companies and individuals who are at risk of or under investigation by the FSA's Enforcement or Supervision Divisions for alleged breaches of the FSA's principles, rules and regulations. Our team of solicitors advise on regulatory, civil and criminal investigations and litigation brought by the FSA.
Our lawyers have advised small to medium size firms, and individuals from large financial services institutions on matters such as market abuse, insider dealing, behaviour that questions whether individuals are 'fit and proper', perimeter cases and breaches of the general prohibition, breaches financial promotions regime, anti-money laundering guidance, and in the most substantial investigation to date conducted by the FSA, the investigation into the split capital market.
Sarah Wallace, one of our partners, has been seconded to the FSA Enforcement Division so has the advantage of understanding the FSA Enforcement regime, the FSA's compulsory powers to collect and gather information, the FSA's investigation processes and internal decision making (by the Regulatory Decisions Committee or RDC), and has a greater insight into the wide cross section of financial services firms and individuals that the FSA regulates.
Our solicitors can help clients who wish to review or focus on their compliance procedures to reduce the risk of principle or rule breaches, to reduce the risk of an FSA Enforcement or Supervision investigation, enquiry or sanctions. Our lawyers can help firms and individuals understand the powers and procedures used by the FSA in an investigation or enforcement action, and defend and mitigate their position.
Our lawyers can advise, defend and represent individuals and firms in relation to alleged FSA breaches, whether criminal, civil or regulatory and advise in relation to the use of FSA powers. Our experience includes advising on the following issues:
- Self reporting or notification to FSA of potential FSA rule breaches
- FSA Handbook - Principle and Rule breaches
- Financial promotions regime
- Mis-selling
- Training and competence, systems and controls
- Perimeter guidance and regulated activities
- Unauthorised collective investment schemes
- Approved Persons Fit and Proper regime (eg FSA refusal of approval)
- Senior management responsibility
- Market abuse
- Insider dealing
- Misleading statements
- Money laundering
- 'Boiler rooms'
- FSA interviews under compulsion or caution
- FSA powers to gather information under compulsion or voluntarily
- Hearings before the Regulatory Decisions Committee (RDC) or Financial Services and Markets Tribunal
These matters often arise in internal compliance reviews, the FSA Authorisation and Approvals process, during the FSA Supervision process, or during an FSA Enforcement investigation.
Our solicitors can advise and assist with areas of concern to minimise the risk of investigation, defend individuals and firms during an investigation or litigation whether civil, criminal or regulatory/disciplinary, represent individuals and firms before the Regulatory Decisions Committee (RDC), Financial Services and Markets Tribunal or the civil or criminal courts. Our solicitors regularly work closely with our corporate team to advise on non contentious financial services advice and assistance, for example in relation to the scope of the regulated activities order.
What should you do if under investigation?
If you have received formal or informal notification of FSA investigation, or regulatory interest, or you have been arrested, contact our FSA lawyers as soon as possible. Our solicitors have great experience and expertise in FSA investigations and FSA enforcement action. We familiar with their rules, powers and procedures. An investigation can be brought against a company or any individual within that company - our lawyers are able to represent both.
Call Sarah Wallace on 0870 1500 100 or 0207 421 3883 to arrange a consultation, view the department profile or use the links above to drop us a line.