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Financial services regulation

Working closely with clients’ compliance, legal and risk teams, we advise on all aspects of financial services regulatory supervision and enforcement, including becoming and remaining authorised or exempt, and related issues of fitness and propriety. These issues are also features of projects we’ve handled relating to governance and HR aspects of the senior managers and certification regime (SMCR).

Our ability to deploy expertise on a pragmatic basis means we’re regularly instructed to handle internal investigations, notifications and other reporting to regulators, including where a business has been subject to, or itself sought to effect, whistleblowing.

Our clients include established institutions and participants, and new entrants to financial services markets. We’ve advised on numerous applications and materials involved in businesses becoming authorised or exempt as appointed representatives. This work includes major projects in consumer and commercial markets, and where businesses intend to be outside the scope of financial services regulation.

Our work in relation to the ‘controllers’ (change in control) regime, includes advising on which entities fall within the regime and on formulating business plans that meet regulators’ requirements. Features of this work are also shared with multiple projects we’ve handled for cross-border business post-Brexit.

Regulatory supervision and enforcement, and related processes on which we advise include ‘risk mitigation programmes’ (RMP), ‘skilled person reports’, and complaints, including ‘root cause analysis’, ‘customer redress’ and Financial Ombudsman Service (FOS) referrals.

Featured experience

'Contentious’ / enforcement regulatory processes

Our team was involved in a series of related matters for a multi-jurisdiction insurance group which was accused of providing misinformation on financial reports, returns and notifications. We succeeded in addressing the inconsistent information, and in reassuring the relevant regulators that the client had not caused, nor intended to cause, any misimpression. This included working with overseas counsel in order to avert the commencement of proceedings in a non-UK jurisdiction.

‘Non-contentious’ / regulatory supervision and compliance

An EU-based payment services provider which was required to undertake an analysis of its multinational customer base of businesses that provided a range of financial services products to UK consumers, including some identified as banned in the UK.

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