Regulatory & Disciplinary Services

Regulatory & Disciplinary

FCA investigations

"They know what they are talking about, they have good ideas and they take the lead."

CHAMBERS UK 2018

The 2008 financial crisis prompted a sea change in the financial services industry.

As a result, the Financial Conduct Authority (FCA) increased its enforcement action, launching many more investigations into both individuals and firms. For those who are concerned that they are, or could become, caught up in such an investigation specialist legal advice is essential.

Corker Binning assists individuals and businesses who find themselves in this position. They advise on the full spectrum of FCA enforcement activity, from allegations of criminal conduct such as insider dealing, misleading statements, breaches of the general prohibition and money laundering regulations, to proceedings for market abuse and also regulatory breaches of the FCA’s Senior Managers and Certification Regime and the Principles for Businesses and Approved Persons.

Our lawyers have experience at every stage of the FCA’s investigative process from fact-finding exercises and queries from the Market Conduct or Supervisory Team, to compulsory interviews by the Enforcement Team. When instructed to represent an employee of a regulated firm, where appropriate, we work closely with that firm and its lawyers to reach the best possible outcome for our client and their employer.

At the outset of an investigation, it is not always clear whether the FCA will pursue an administrative or a criminal penalty. Our lawyers are experienced in both procedures and so can ensure that your defence strategy is effective in both criminal and civil cases. Where cases are dealt with by the FCA’s civil procedures, we have considerable expertise in negotiating settlements and contesting findings before the RDC.

When it comes to criminal enforcement, our FCA lawyers have advised businesses and individuals in many of the FCA’s most significant investigations and prosecutions. We have acted for clients in cases related to institutional failings, such as LIBOR and Forex, as well as in respect of misleading statements, unauthorised business and insider dealing prosecutions.

The FCA also engages in, and assists with, cross-border investigations involving international mutual legal assistance with other regulators. We frequently work alongside colleagues in other jurisdictions, notably the US, to achieve a global resolution. We also regularly provide advice in respect of compelled requests made by the FCA in assistance of overseas investigations.

 

FCA Criminal Examples

  • Acted in Operation Tabernula, the FCA’s largest ever prosecution of insider dealing
  • Represented a suspect in the joint FCA/SFO London Capital Finance investigation
  • Advised in a multi jurisdictional spoofing/market manipulation case where both criminal and regulatory offences were alleged
  • Acted in plea negotiations with the FCA relating to a serious criminal insider dealing prosecution
  • Represented an individual accused of criminal offences relating to misleading investors through falsifying documents
  • Advised a firm re criminal breaches of FSMA

FCA Regulatory Examples

  • Represented an individual facing a prohibition order relating to non-financial misconduct at the RDC
  • Acted for five employees of a high-street bank in compelled interviews conducted by the FCA into suspected AML breaches by the bank
  • Advised an authorised firm in respect of Supervision/pre-Enforcement action
  • Advised a number of Senior Managers in dual track FCA Money Laundering Regulations investigations
  • Advised a bank employee in an FCA sanctions breach investigation

Cases