Financial Services

Our experienced financial services solicitors provide a prompt, proactive and tactical service and understand the importance of achieving the very best outcome for your unique situation.

Find out how we can help

"First choice for traders and City individuals under investigation"

Legal 500, 2019

The financial services sector continues to be a major force in the UK economy but it is also increasingly under the regulatory spotlight; Brexit, financial scandals, increased regulation, a culture of personal accountability and a growing number of investigations against companies and individuals.

The UK's departure from the European Union and the government's commitment to achieving net zero carbon emissions, green finance and technological innovation are also likely to lead to an overhaul of the existing regulatory framework.

Financial services firms, professionals and clients need legal advice and support more than ever, helping to ensure they are compliant with regulation and to protect and safeguard their business interests, careers and reputations.

Our Financial Services Group is made up of experts from across the firm who all have specialist expertise in this area. 

See how we can help you below or for more information about our financial  services group please contact a member of the team.

Louise Hodges

Criminal Litigation

Financial Regulatory Litigation

White collar crime

Partner and Head of Department

Latest blogs & news

Regulatory compliance, trust and confidence in the financial services sector

In a case that attracted national media coverage and emphasises the crucial importance of regulatory compliance and the highest standards of professional conduct in the financial services sector, the High Court dismissed a breach of contract claim brought by an investment manager.

Keeping the crypto market on its toes? The FCA publishes latest cryptoasset consumer research and takes regulatory action against Binance Markets Limited

For the fourth year the FCA has published research on the changing relationship between consumers and cryptoassets. In spite of the pandemic, the strong upward trend in public engagement and media coverage has continued, with the FCA estimating 2.3 million adults now hold cryptoassets.

The discontinuation of LIBOR and phasing in of SONIA in the Sterling Markets, what do we know so far?

Global financial markets are preparing to transition away from the use of the London Interbank Offered Rate (“LIBOR”) and adopt an appropriate alternative risk free rate (“RFR”) by the end of 2021. What are the reasons for the move away from LIBOR, the progress to date in terms of identifying the Sterling Overnight Index Average (“SONIA”) as the most appropriate alternative rate in the Sterling markets, and the steps still required to be taken to ensure such markets are ready for the phasing out of LIBOR by the end of the year

Breach of 2002 banking undertakings - the CMA writes to Danske Bank

At the end of last month, the Competition and Markets Authority (CMA) published a letter written to Danske Bank concerning its breach of the Small and Medium-sized Enterprise (SME) Banking Behavioural Undertakings 2002, following loans it had offered under the ‘Bounce Back Loan Scheme’.

Time’s up: Deadline passes for crypto firms to register with the FCA

As of 10 January 2021, all cryptoasset firms are required to be registered with the Financial Conduct Authority (FCA) under the Money Laundering Regulations.

FCA sets expectations for firms to record communications when working from home

FCA focuses on risks associated with unmonitored communications, including the use of unencrypted apps, such as WhatsApp, for sharing potentially sensitive or confidential information when working from home.

First anniversary of the extension of the Senior Managers & Certification Regime

As we near the first anniversary of the extension of the Senior Managers & Certification Regime (SM&CR) to solo-regulated FCA firms, the first round of annual fitness and propriety assessments will be topping the to-do lists of many compliance professionals.

The Holiday is Over: Will the FCA’s efforts to support homeowners after the mortgage payment holiday be enough?

One of the impacts of the Covid-19 pandemic is that national income has fallen dramatically. In response to concerns from homeowners unable to meet their mortgage repayment requirements due to a drop in income, the Treasury and Financial Conduct Authority announced a ‘mortgage payment holiday’. This was the result of banks agreeing to allow mortgage-holders suffering from a drop in income to pause their repayments. A ban on home repossessions was put in place at the same time

Non-financial misconduct is misconduct, plain and simple

The FCA announced on 5 November that it has banned three individuals from working in the financial services industry for non-financial misconduct.

Fitness and propriety investigations: practical considerations

How should regulated firms respond when issues come to light which call into question the fitness and propriety of a member of staff? In the second part of their series of fitness and propriety blogs, Jill Lorimer and Nick Ralph consider best practice. You can read the first part of the series by clicking here.

FCA issues new guidance on fitness and propriety assessments in the financial services sector

The Financial Conduct Authority (“FCA”) has recently provided information to their regulated firms as to good and bad practice relating to, amongst other things, the carrying out of fitness and propriety (“F&P”) assessments.

The new cryptoasset promotions consultation: widening the perimeter of FCA regulation

Research recently undertaken by the FCA has found that 5.35% of the UK population hold (or have previously held) cryptoassets where in 2019 this figure was 3%. For several years now the Government, the Bank of England and the FCA have been consulting on and considering how best to regulate this burgeoning market.

Inappropriate behaviour - when the past is not left in the past

The news that Stephen Jones, head of UK Finance, has quit over "thoroughly unpleasant" personal comments he made in 2008 about financier Amanda Staveley, is a stark reminder to executives that their past behaviour may one day come back to haunt them.

Who’d be a Whistle Blower?

The indications are that an increasing number of individuals are coming forward, particularly in the financial services sector, to call out wrongdoing.  

Your legal rights on returning to work during COVID-19

Whilst the prime minister's broadcast on 10 May did not open the floodgates to City employers requiring staff to "return to work" enmasse, most firms are already drawing up plans for how that should be organised and many of us will have been thinking about what will happen when employers start to update their 'work from home' advice.

Redundancy because of COVID-19 - top 10 tips for senior executives negotiating an exit

Coronavirus (COVID-19) is having an undeniably serious impact on businesses and the global economy. Everyone has been affected in some way.  Sadly, the looming financial crash means that many businesses have been impacted to the extent that they will have to put cost-cutting measures in place in the near and mid-term future.  For some individuals this will result in their role being put at risk of redundancy.

Partners' future under spotlight during crisis

In a startling opening to a recent Newsnight, presenter Emily Maitlis began with the words “They tell us Coronavirus is a great leveller. It’s not. It's much harder if you’re poor."

How can partners prepare for a post COVID-19 firm cull?

Partners need to do what they would advise their own clients to do: be well prepared.

Taking a pay cut - is it the right thing to do?

The moral arguments may well still apply but where salaries are less stellar, there may be more for an individual to lose on a relative basis and thornier issues to weigh on a practical level.

Legal rights if you're made to work in the office during COVID-19

While plenty of people in all sectors are now working from home, designated key workers in the financial services industry are still being forced to go to work.

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Financial Services Insights

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Blogs

Whistleblowing in the financial services sector – back in focus

Breach of 2002 banking undertakings - the CMA writes to Danske Bank

FCA sets expectations for firms to record communications when working from home

The Holiday is Over: Will the FCA’s efforts to support homeowners after the mortgage payment holiday be enough?

Non-financial misconduct is misconduct, plain and simple

Fitness and propriety investigations: practical considerations

FCA issues new guidance on fitness and propriety assessments in the financial services sector

The new cryptoasset promotions consultation: widening the perimeter of FCA regulation

Inappropriate behaviour - when the past is not left in the past

Who’d be a Whistle Blower?

Your legal rights on returning to work during COVID-19

Redundancy because of COVID-19 - top 10 tips for senior executives negotiating an exit

Partners' future under spotlight during crisis

How can partners prepare for a post COVID-19 firm cull?

Taking a pay cut - is it the right thing to do?

Legal rights if you're made to work in the office during COVID-19

Business Plan 2020-21: FCA remains vigilant to potential misconduct

COVID-19 and the FCA - Scams, short selling and more

Partner expulsion case offers lessons to LLP firms and their partners

Calling out discrimination in banking bonuses

Fixing the broken rung – action to improve gender balance

Post-Brexit immigration rules – not so bad for the finance sector?

UK's Senior Managers And Certification Regime - All Change On 9 December?

Getting a senior job with a boutique firm in London is about to become complicated

Will there be cultural change in the financial and professional services?

The role of a Financial Director – a life in the spotlight

What have we learned from the Senior Managers and Certification Regime?

Credibility of witness evidence justified dismissal under FCA’s ‘fit and proper’ test

FCA Business Plan 2019-20: A reflection of recent enforcement action

FCA Business Plan 2019-20: priority to make the UK’s financial markets a difficult target for criminals

FCA’s Guidance on Cryptoassets – welcome clarity

FCA has its knuckles rapped in Upper Tribunal costs decision

FCA sharpens focus on crypto cowboys

Financial Crime: Analysis of firms' data – first report

The extension of the SMCR, the fit & proper test and the increasing significance of non-financial misconduct

FCA to regulate Claims Management Companies and caps on fees introduced

FCA publishes first Decision Notice under the partly contested cases process

FCA: Criminal prosecutions for AML systems and controls failings – a step too far?

ICAEW accountants: take action now!

Banks required to carry out 70 million immigration checks every quarter

#Brexit: Lords examine financial regulation and supervision

FCA proposes extension of senior managers regime

The extension of the Senior Managers and Certification Regime

OPBAS – FCA consults on the “supervisor of supervisors”

Whistleblowing and the public interest - clarity at last or further down the rabbit hole?

Dublin, Paris, Frankfurt – Five things to think about before agreeing to work abroad

Highlights from the FCA Enforcement annual performance account 2016/17

FCA Annual Report 2016/17: conducting regulation with confidence

Running the Marathon – lessons for professional and financial services partnerships

FCA prepares for Fourth Money Laundering Directive

FCA and PRA regulatory references - what do the new rules mean in practice?

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