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Financial, Corporate and General Crime Solicitors

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Financial Services Investigations & Enforcement

Financial Services Investigations & Enforcement

“The team is completely on top of the detail and the lawyers all have a really good relationship with each other – they communicate brilliantly and each one of them brings different skills to the table.”

Chambers UK 2022

Our experts in financial services investigations (FS investigations) and enforcement are drawn from BCL’s financial crime and anti-money laundering (AML) teams, and include former lawyers at both the Financial Conduct Authority (FCA) and London Stock Exchange. We bring together this considerable experience to advise firms and individuals in the financial services industry under investigation or subject to regulatory enforcement, particularly by the FCA, Prudential Regulation Authority (PRA) and Financial Reporting Council (FRC).

We advise clients under investigation for insider dealing, market abuse and market manipulation, mis-selling financial products, conducting unauthorised business, breaches of AML provisions, breaches of internal compliance policies, contravention of the FCA’s principles and rules, and other regulatory misconduct. Our team is also well-placed to pursue a co-operative approach with the regulators where appropriate with a view to keeping matters outside of enforcement.

BCL has a long track record of advising and representing those in the financial services industry under investigation, whether internally or as a result of enforcement activity by external regulators. Our experience includes defending boiler room frauds and insider dealing allegations, AML compliance enquiries, defending market abuse allegations before the Regulatory Decisions Committee (RDC), representing individuals suspected of Libor-rigging, and advising high-profile individuals subject to regulatory action regarding their suitability to perform controlled functions.

Our expertise

The services provided by our experts include:

  • Internal investigations on behalf of regulated entities;
  • Independent legal advice / acting as Independent Legal Advisor (ILA) to individuals subject to internal investigation;
  • Advising on the FCA’s compulsory information-gathering and interview powers under Part XI of the Financial Services and Markets Act 2000 (FSMA);
  • Crisis handling, including dawn raids, searches and arrests;
  • Representing individuals at interview, including PACE (under caution) interviews and compelled interviews under FSMA;
  • Advising and representing individuals and companies subject to formal regulatory investigations and prosecutions, whether in the UK and / or subject to investigation by overseas regulators (e.g. the Securities and Exchange Commission (SEC) and European regulators), and advising on the FCA’s powers to co-operate with overseas regulators through Mutual Legal Assistance (MLA);
  • Representing professional service firms and individuals under investigation by / subject to enforcement process at the instigation of the FRC;
  • Preparing regulatory compliance policies and procedures, particularly with regard to sanctions, AML, Counter Terrorist Financing (CTF) and anti-bribery and corruption (ABC);
  • Providing advice on the regulation of crypto assets (e.g exchange and security tokens), as well as to crypto asset firms (e.g. exchange providers and crypto wallet providers) on their regulatory obligations;
  • Advising on notification to regulators and law enforcement authorities (self-reporting), including to the FCA under Principle 11 and to the National Crime Agency (NCA) in respect of Suspicious Activity Reports (SARs);
  • Advising on compliance with the Senior Managers and Certification Regime (SM&CR);
  • Regulatory proceedings, warning and decision notices, including hearings before the RDC and Upper Tribunal; and

Advising regulated individuals on their obligations in the event of criminal investigations for non-financial services related misconduct.

Our experience

Our instructions in the field of FS investigations and enforcement include:

  • Advising an individual in relation to the largest and most complex investigation into insider dealing ever conducted by the FCA – the high-profile Operation Tabernula case – and obtaining the first suspended sentence for this offence in the jurisdiction;
  • Advising regarding an FCA investigation into a UHNW individual in connection with suspected market abuse as a result of share trading conducted during the early days of the pandemic;
  • Successfully representing numerous individuals in relation to insider dealing investigations by the FCA where no further action has been taken against our clients, including following interviews under caution;
  • Advising a corporate and its subsidiary business in respect of UK and US regulatory enquiries led by the FCA in its own right and on behalf of the SEC;
  • Advising a company regarding an FCA investigation into forex signals and financial promotions, with an allegation that the business had been conducting regulated activities when not authorised or exempt;
  • Advising individuals in relation to compelled witness interviews in the context of large money laundering and corruption investigations by the FCA into well-known financial institutions;
  • Advising a hedge fund regarding an insider dealing investigation being undertaken by the FCA.
  • Advising an individual regarding regulatory proceedings brought against them relating to their fitness and propriety to act as an approved person; and

Advising individuals regarding the SFO and FCA’s Libor and forex (FX) market manipulation investigations, including in relation to compelled interviews and in proceedings in front of the RDC.

What the directories say about us:

“BCL Solicitors has an excellent team – the lawyers work together cohesively and collaboratively.”

Chambers & Partners (2023)

“The team is highly qualified with huge levels of experience and knowledge.”

Chambers & Partners (2023)

“Unparalleled expertise in the financial crime space. Consistently delivering outcomes above and beyond those that could be reasonably anticipated.”

Legal 500 (2023)

“This is an excellent team which has a deep understanding of the law. It offers practical and sensible advice.”

Legal 500 (2023)

“The team is completely on top of the detail and the lawyers all have a really good relationship with each other – they communicate brilliantly and each one of them brings different skills to the table.”

Chambers & Partners (2022)

“The guidance is consistently practical, actionable, timely and on point.”

Chambers & Partners (2022)

“Very deep experience – the leading boutique specialising in individual criminal prosecutions. Massive experience in dealing with the SFO, the NCA, the CMA and the FCA. They have some of the leading white-collar partners and very committed hardworking associates, meaning the firm’s teams provide the highest-calibre representation across the board.”

Legal 500 (2022)

“They take a pragmatic and discreet approach and are well attuned to their clients’ needs.”

Legal 500 (2021)

“They are a powerhouse. They are the go-to firm for anyone who is high profile and high net worth. They have this amazing ability to hire superstars. I have never worked with someone at BCL who I didn’t think is excellent and they’re the only firm I could say that about. They have no weak link.”

Chambers & Partners (2021)

“They are fantastic, and they have genuinely been incredibly good at managing difficult problems. They’re very forensic in their approach and they’re very good at problem-solving.”

Chambers & Partners (2020)

“They are responsive, strategic and thoughtful.”

Chambers & Partners (2019)

“There is no doubt at all to me that BCL is the top of the top. They have good lawyers and a very good culture – they look after the client.”

Chambers & Partners (2018)

“The people are great – very committed lawyers who fight your corner and give good advice”

Chambers & Partners (2017)

Contact Us

  • +44 (0)20 7430 2277
  • law@bcl.com
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Richard Sallybanks

Partner
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Richard Reichman

Partner
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Hannah Raphael

Senior Associate
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Julian Hayes

Partner

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Contact Us

  • Tel: +44 (0)20 7430 2277
    Fax: +44 (0)20 7430 1101
  • law@bcl.com
  • 51 Lincoln's Inn Fields
    London WC2A 3LZ

    DX 37981 Kingsway

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