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 stand out from all others.

Overview

Regulatory inquiries are resource intensive, time consuming and stressful for those involved. Such inquiries are increasingly 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 Financial Conduct Authority (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 anti-money laundering 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 have 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 & 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 Anti-Money Laundering (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

Individuals in connection with alleged LIBOR and EURIBOR Manipulation