Business Crime: Banking

The blame-game aftermath of the global financial crisis continues, notwithstanding the fact that investigations and enquiries within the financial sector have been running for years across the globe at notable expense.

Unperturbed by complexity and density - and possibly galvanized by trader Tom Hayes receiving one of the longest prison sentences on record for a UK white-collar crime - regulators and financial crime investigators on both sides of the Atlantic are pressing ahead. We have seen a sizable increase of City professionals identified as suspects, named on indictments and penalized by regulators.

UK and US investigative agencies have experienced a mix of successes and defeats recently, but their increasing sophistication continues.

Further, the coming into force of the Senior Managers Regime (from 07.03.16) will intensify the FCA's scrutiny of financial institutions and many of its individuals within; placing a duty of responsibility (which possible criminal sanctions) on those in senior management positions.

In parallel, QEB Hollis Whiteman’s own proficiency in the financial-conduct field is borne of the many occasions we have advised and represented individuals, companies, financial institutions, prosecuting agencies, and regulatory bodies.

Some examples:

•    QEBHW is instructed, on both sides of the courtroom, in R V Hind and others emanating from ‘Operation Tabernula’; the Financial Conduct Authority’s “biggest insider trading investigation in UK history,” placing traders and directors in the dock.

•    Similarly, members of chambers have advised and represented individuals in benchmark manipulation investigations.

•    QEBHW presently spearheads a vast FCA attestation program for a major global bank; has undertaken a compliance checking programme for another and has provided counsel to advise on connected issues to a third.

•    A number of QEBHW’s barristers have experience of working inside the Financial Conduct Authority and the Serious Fraud Office on complex banking cases.

•    QEBHW is currently instructed by the SFO in a banking rights issue investigation.

•    Members of chambers advise bankers and represent them at the FCA’s Regulatory Decisions Committee hearings.

•    We advise at all stages and can also assist with UK and/or US discussions on Deferred or Non-Prosecution Agreements.

Notable cases:

QEB Hollis Whiteman members involved in Operation Tabernula trial (2016)
Mark Ellison QC | William Boyce QC | Tom Broomfield

Noel Cryan one of five acquitted of Libor rigging (2016)
Peter Finnigan QC

Banking Consultancy (2015 - 2016)
Advising the global financial crime division of a leading bank with an international regulatory matter.
Lucy Kennedy

R v Rifat (2015)
Represented the FCA at the sentencing hearing of ex Moore’s Capital trader Julian Rifat
Mark Ellison QC

Re: D (2015)
Advising broker under investigation by the SFO over Yen Libor manipulation
Adrian Darbishire QC

Re: R (2015)
Representing derivatives trader charged with Dollar Libor manipulation.
Adrian Darbishire QC

Re: X (2015)
Advising Foreign Exchange trader in relation to various investigations, including one by the SFO.
Adrian Darbishire QC

Serious Fraud Office and Standard Bank PLC (2015)
Crispin Aylett QC of QEB Hollis Whiteman acted for the Serious Fraud Office today, 30 November, at the Royal Courts of Justice
Crispin Aylett QC

FCA v X (ongoing) (2015)
Senior manager being disciplined by FCA for alleged Libor manipulation and oversight failings
Jason Mansell

SFO-v-Y Plc (ongoing) (2015)
Advising a bank in connection with the SFO’s investigation of forex
Jason Mansell

SFO v X (ongoing) (2015)
Advising an individual in connection with the SFO’s investigation of Libor
Jason Mansell

SFO v Y PLC (2014)
Acted for bank in connection with allegation of overseas bribery
Jason Mansell

SFO Banking Investigation (2014)
Heading an extensive dual investigation into a leading global bank
Lucy Kennedy

R v Odunatan (2011)
Insider fraud within a major bank
Lucy Kennedy

For more information on banking-related matters, please contact the clerks on 020 7933 8855 or