Financial Services

A Chambers with an unrivalled reputation in corporate crime; the combination of our knowledge and expertise across the full spectrum of financial crime with that of our enviable regulatory practice, makes us standout from all others.

Overview

Regulatory inquiries are resource intensive, time consuming and stressful for those involved. Such inquiries are increasingly more common and the penalties for transgression even more severe. Chambers has market-leading expertise in advising firms and individuals in respect of inquiries and investigations conducted by the FCA and other regulators.

Given the need to preserve the regulatory relationship and the reporting obligations under PRIN and APER, the tactics and strategy deployed in such inquiries are often more subtle than in purely criminal litigation.  However, where a more robust approach is required, barristers at QEB Hollis Whiteman will not hold back in order to achieve the best possible result for their clients.

A number of members of Chambers are former FCA employees, bringing insight and acute tactical awareness to the team. Some have undertaken secondments and project-based regulatory reviews at banks and other financial institutions. We are also instructed by the FCA and other regulators.

Members are regularly instructed at the outset of an inquiry and work alongside solicitors advising on strategy and assisting in document requests and interview preparation. Often matters do not proceed further but, should they do so, we frequently appear before the FCA’s Regulatory Decisions Committee and the Upper Tribunal.

Our Experience

Our experience in financial services covers the full gamut of the practice area for a large and varied client base.  Members of Chambers have acted for the following, amongst others: a high street bank in connection with FOREX; a PLC in connection with alleged breaches of the Listing Rules; a Firm in connection with alleged AML systems and controls issues; a CEO of a Bank in respect of alleged oversight failings; individuals in connection with allegations of market abuse; individuals in connection with prohibition proceedings; and individuals in connection with alleged LIBOR and EURIBOR manipulation.

In addition, we advise individuals in relation to FCA approval issues and have acted for firms subject to supervisory interventions through the VREQ procedure. Members regularly work alongside a firm’s compliance consultants and have extensive experience of dealing with skilled person reviews under section 166 FSMA. We also advise in connection with regulatory perimeter issues and have appeared in the High Court and Court of Appeal concerning alleged UCISs.

Members are involved in disciplinary proceedings brought by other regulators. We have recently advised in relation to suspected market abuse on the energy markets and acted for individuals in connection with enquiries brought by the Takeover Panel and disciplinary proceedings commenced by the Financial Reporting Council against the former finance director of a PLC. 

The team are true experts in the field, some practising solely in financial services and regulation; we are regularly sought out by Magic Circle and City Firms along with the “white-collar boutiques” to act in both  purely regulatory and hybrid criminal and regulatory enquiries.

Notable Cases

A high street bank in connection with FOREX;

A PLC in connection with alleged breaches of the Listing Rules;

A Firm in connection with alleged AML systems and controls issues;

A CEO of a Bank in respect of alleged oversight failings;

Individuals in connection with allegations of market abuse;

Individuals in connection with prohibition proceedings; and

Individuals in connection with alleged LIBOR and EURIBOR manipulation.

Recent Cases

FCA v A (2017-2018)

Rhys Meggy acts for a managing director of a leading investment bank, suspected of misconduct and...

FCA v Adolph (2018)

Advised a trader in connection with the FCA’s regulatory investigation of...

FCA v Danziger (2018)

Jason Mansell was instructed to advise a trader in connection with the FCA's investigation of...

Re A,B and C (2017-2018)

Rhys Meggy advised three senior bankers subject to the Senior Managers and Certification Regime on...

Re ZYX Ltd (2017-2018)

Rhys Meggy is advising a leading wealth management firm on its regulatory obligations in respect...

Re XYZ Plc (2017)

Rhys Meggy advised a leading global investment bank and their external counsel on the legal and...

News

Charges dismissed in Barclays fraud case

Crispin Aylett QC and Ben FitzGerald acted for Barclays PLC and Barclays Bank PLC, together with...

FCA abandons insider dealing investigation

Jason Mansell acted for a senior employee of a PLC who on multiple occasions and in breach of...

Articles

Sean Larkin QC pens Practice Note for Practical Law on Collective investment schemes

Practical Law has published a Practice Note by Sean Larkin QC on Collective investment schemes (CIS) dealing with reference in particular to land banking schemes. The note discusses the key principles from case law in this area and the main elements of a...

"The FCA and the Non-Regulated."

Nicholas Corsellis writes a brief article to assist with an overview of how and why a person/firms who are considering entering the financial market on an unregulated basis need to consider regulation from their very first steps.

View Article