Overview

Ensuring compliance with ever-changing financial regulation can be challenging. However, there are clear opportunities for businesses that can adapt quickly to regulatory change and build trust with their customers.

Our financial services regulation team has expert knowledge of the law, the regulatory bodies and the wider financial services sector. We understand the issues that arise in balancing commercial objectives and regulatory obligations. Our specialist lawyers deliver clear, commercially-focused solutions to all types of regulatory issues.   

We work with a wide range of financial services businesses, based in the UK and overseas. Our financial services regulation experts assist clients with complex issues of interpretation arising under the Financial Services and Markets Act 2000 (and related legislation), the FCA/PRA handbooks, consumer credit legislation and the anti-money laundering regime.

We also advise on regulatory issues that can arise during the course of a wide range of transactions. In the event of a potential regulatory breach, we provide expert guidance to clients facing investigations and enforcement actions.

Areas of focus

Our financial services regulation expertise includes the following:

  • Ongoing legal and regulatory compliance support.
  • Transaction support – including specialist due diligence.
  • Financial services regulation advice to new businesses in the UK.
  • Cross-border financial services advice, including applications for authorisation of UK subsidiaries.
  • Investigations and enforcement – representing clients in investigations and enforcement proceedings.
  • Business development – helping businesses wishing to develop new financial products, partnerships and distribution channels. 
Experience

Advising BNP Paribas Securities Services on various legal and regulatory issues concerning its authorised fund administration business, Investment Fund Services Limited. This includes the provision of advice for standard documentation used in the business as well as various legal and regulatory issues arising from the venture. We also advised on the establishment of the related SIPP and wrap service.

Advising Sanlam Financial Services on the establishment of its new support business for authorised retail funds in the UK. This included the provision of full legal and regulatory support on the FCA application process and the provision of supporting documentation.

Providing opinions to Royal Bank of Scotland and various financial institutions regarding compliance with BIPRU in relation to real estate collateral, and advising Sarasin & Partners LLP on its tier 2 capital structures including the provision of a legal opinion in relation to compliance with GENPRU.

Advising lenders and funds (including Octopus Investments) on the process to become FCA authorised for consumer credit lending, including reviewing application forms, FCA-required policies and procedures, suites of lending documentation and ancillary statements and notices.

Advising a leading financial services company on various commercial agreements with bank sponsors, card providers and payment schemes and on regulatory compliance in respect of payment services, e-money and consumer credit activities.

Advising a community interest company established to coordinate social impact investing on its requirements under the regulatory regime, its client agreements and the basis on which it was to seek financial support for its charitable clients, including advice under the financial promotions regime.

Advising a bank client in the review and rewriting in plain English of its entire suite of personal and non-personal savings products (including term savings products and cash ISA.). The project also saw the development of a common set of terms and conditions to apply to all types of savings products.

Advising Resonance Impact Investment Limited on the launch of one of the UK’s first social investment tax relief funds, including regulatory and tax advice on structuring a distribution of the fund, together with investment documentation, client terms of business, investment advisory agreement and template loan agreement, together with regulatory advice resulting in successful lobbying to change the financial promotion regime.

Advising an asset management client on platform agreements for VCTs and unlisted financial products.

Meet the team
Chris Godfrey

Chris Godfrey Partner

  • Corporate
  • Funds and Asset Management
  • Financial Services
Tom Dunn

Tom Dunn Partner

  • Head of Funds and Financial Regulation
  • Regulated Funds
  • Financial Services
Michael Hayles

Michael Hayles Partner

  • Pensions
  • Public Sector Pension Schemes
  • Financial Services
Kari McCormick

Kari McCormick Partner

  • Insurance
  • Dispute Resolution
  • Financial Services Disputes and Enforcement
Adrian Shedden

Adrian Shedden Senior Associate

  • Head of Fintech
  • Head of Regulated Lending
  • Financial Services

Key contact

Chris Godfrey

Chris Godfrey Partner

  • Corporate
  • Funds and Asset Management
  • Financial Services

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