
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.
Related expertise
Key contacts

Jeremy Irving
Partner

Helen Simm
Partner

Jeniz White
Associate

David Henderson
Senior Associate (New Zealand Qualified)
You may be interested in...
Legal Update
AI modelling biases in quote engines
Legal Update
Pitfalls for retailers to avoid when offering access to ‘buy now, pay later’ products
Published Article
Consumer duty part 3 - 'The drill-down' into the 'cross-cutting' rules
Legal Update
Code of Conduct for ESG data and ratings providers – bridging the authenticity gap
Legal Update - ESG in 3D
ESG in 3D, December 2022
Legal Update
Code of Conduct for ESG data and ratings providers
Legal Update
All the pieces of the conduct puzzle: Governance, culture, D&I, innovation
Legal Update
Voluntary offset markets for carbon – a bad atmosphere?
Article
‘Decentralised and autonomous’ – evolution or misunderstanding of unincorporated association law?
Legal Update
The FCA’s anti-greenwash proposals
Legal Update
The Starling Bank disability discrimination decision
Legal Update
Disability and access in banking
Legal Update
Five “takeaways” in claims against mortgage brokers following Taylor v Legal & General Partnership Services Ltd [2022] EWHC 2475 (Ch)
Claims arising from interest-only mortgages have been farmed in volume. Many such claims to date have sought to drive a narrative that interest-only mortgages are an inherently toxic product and brokers were negligent simply for suggesting them. Taylor is a helpful recalibration, focussing instead on what the monies raised by the mortgage product were being used for and whether the client understood the inherent risks.
Legal Update
FCA warns that vulnerable to scams amid cost of living crisis
Legal Update
U-turn on DEI regulatory reporting
Legal Update
The new Consumer Duty in a nutshell
Opinion
ESG for Beginners
As you probably know by now, the acronym 'ESG' stands for environmental, social and governance. Although the investment community initially coined the term, it has grown into a larger concept that can be applied more broadly to any business or practice.
Opinion
Credit broking: know your permissions
To operate lawfully, firms that broker credit to consumers by way of business must be registered with and authorised and regulated by the Financial Conduct Authority (FCA).
Published Article
Is insurance the new banking? Part 4: Facing up to behaviour and risk in the London Market
In September 2019 Lloyd’s of London “… announced … actions designed to make [its] market a place where everyone can feel safe, valued and respected …” Read about the findings here.
Press Release
Browne Jacobson advises on sale of TCL to idverde Group
Browne Jacobson has advised BGF and the shareholders of long-standing client TCL Group on the sale of the TCL business to idverde Group.
Published Article
Is insurance the new banking? part 3: Inappropriate personal behaviour, and conduct risk, in the Lloyd’s Market
This article addresses the regulatory issues around Lloyd’s’ evidence of inappropriate personal behaviour (sexual discrimination / harassment, and alcohol / substance abuse).
Legal Update
Legal and regulatory newsletter - October 2019
The aim of the newsletter is to provide our clients and contacts across the financial services market with quarterly updates and insights on topical legal and regulatory issues.
Legal Update
FCA considers regulating all promotions and warns of “high risk” mini-bonds and peer-to-peer IFISAs
Following an “explosion” in online promotions for high yield investment opportunities, the FCA says a “strong case” could be made for regulating how investment products are marketed to retail investors.
Legal Update
The disappearance of LIBOR
Companies should undertake a comprehensive review and audit to identify those products and legacy contracts that are LIBOR-linked and carry out an in-depth risk assessment of discontinuation. Where possible, companies should look at appointing an individual to oversee the programme.
Published Article
Is insurance the new banking? Part 2: outsourcing issues
This series of articles explores the extent to which the general insurance (“GI”) market has recently become a primary target of regulators’ activities, or is merely the ‘collateral’ victim of banking regulation.
Legal Update
The biggest change to the UK companies register since 1844?
On 5 May 2019 BEIS (the Department for Business, Energy & Industrial Strategy) published a consultation on options to enhance the role of Companies House and increase the transparency of UK corporate entities.
Published Article
Is insurance the new banking? Part 1: GI market and SM&CR
The UK general insurance market has for some time now been experiencing significant regulatory scrutiny, even pressure. There has been particular focus on the intermediation that procures customers' agreements with insurers, and the influence of intermediation on claims.
Opinion
Brexit: Accounts and financial reporting – have you assessed the possible impact on your business?
Despite all of the media attention around Brexit, very little is being said about the effect of Brexit on the accounting and financial reporting requirements for businesses operating cross-border.
Press Release
Browne Jacobson strengthens North West corporate practice with Partner hire
Browne Jacobson has appointed Peter Allen as Partner to its Manchester office, as it continues to grow its North West corporate practice.
Legal Update
Modern Slavery Act 2015 – latest developments
Momentum is gathering in the call to take a tougher approach to how large businesses tackle modern slavery issues in their supply chains.