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Financial Services

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We specialise in advising firms in the financial services sector. Our expertise is wide ranging and multi-faceted across the industry, with particular experience in conduct risk issues that arise where employment and regulatory spheres coincide. These issues range from contract and regulatory remuneration structuring, through to judgement calls resulting from financial and non-financial misconduct and risk management failures. We advise on all the consequences that can follow from these, including investigations (internal and external), HR disciplinary and FCA/PRA regulatory sanctions, exits, regulatory references and interactions with the regulators.

Our lawyers, some former regulators, are steeped in the financial services sector, having advised on issues within it for many years, through many different iterations of the regime and relevant rules and codes. The quality of our work is praised by legal directories.

Our work for the sector consists of:

The full range of employment issues, including contested team moves and talent management
Remuneration Code and related issues
Senior Managers and Certification Regime (SMCR)
Regulatory advice
Applications and notifications to the Regulators
Corporate purpose, culture and diversity strategy
Post investigation lessons learned exercise
Health check HR audits, policy reviews and comprehensive staff training programmes
Internal investigations and regulatory audits
Dealing with the regulators, including defending enforcement actions

You can find information on our Finance and Banking Disputes capability here.

Work highlights

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Business sale client

In managing the joining of employees from a competitor structured as a business sale worth over £100 million involving the interaction of both corporate law in the context of an acquisition and restrictive covenants with complex mechanics agreed as to deal timelines and triggers for consideration payments.

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Square Global

In the High Court against a former employee for injunctive relief, requiring the employee to comply with his notice period and post-termination restrictions with Square being granted all of the relief it had sought.

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Canaccord Genuity Limited

Acted for Canaccord Genuity Limited on a £4 million claim brought by a former employee.

Work highlight

FCA authorised firms

Advice in relation to ongoing obligations under FSMA and under FCA Rules, including marketing of financial products, and in distressed dealings with FCA Supervision.

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Multinational group of companies

Acting in the investigation by the FCA concerning undertaking activities without the necessary regulatory permissions.

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Member of senior HBOS management

Acted in the high profile 6 year investigation by the FCA and PRA, which we successfully brought to an end in 2022 with no action.

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John Varley

John Varley (CEO of Barclays at the relevant time) in the multi headed issues between 2012 and 2020 arising from Barclays' relationship with Qatar during the 2008 credit crunch.

Work highlight

UK Open Banking Implementation Entity

Following serious whistleblowing allegations, instructed to undertake an independent investigation into the UK's OBIE in order to report to the CMA on governance and other aspects of the OBIE's operation.