We regularly represent individuals and businesses facing regulatory investigations by the Financial Conduct Authority’s (FCA) Supervision and Enforcement divisions.

Our team has assisted firms under investigation to avoid further regulatory action by allaying the concerns identified by the FCA at the start of a supervisory investigation. We have also successfully secured the lifting of ‘VREQ’ voluntary restrictions on permissions held by clients for the duration of an investigation.

Where the FCA investigation has resulted in a warning notice being drafted, we have also contested those proceedings at the FCA’s Regulatory Transactions Committee and the Regulatory Decisions Committee.

Our Work

• Advised a regulated individual subject to a wide ranging investigation by enforcement relating to the clients’ honesty, integrity and competency arising out of financial advice provided to individuals considering transferring their pensions from UK schemes to Qualifying Registered Overseas Pension Schemes (QROPS). Following the submission of representations, the investigation concluded with no enforcement action taken against our client
• We successfully represented a client who was suspected by the FCA of conducting regulated claims management activity without holding the necessary authorisation. We were able to ensure that the client could demonstrate that its business model ensured that it was exempt from the requirement to obtain authorisations
• Supervision investigation was started against our client following a wholesale review of the niche in which this business operated. The FCA requested that the client apply for a voluntary restriction on its permissions which effectively prevented it from undertaking any business whilst the VREQ was in place. Upon instruction we were able to advise the client to review its business to address the areas of concern highlighted by supervision. Upon putting in place new processes to ensure that the quality of information gathering and advice given was improved, we were able to persuade the FCA that the interests of the firms’ clients were safeguarded and that the VREQ could be lifted so that the business could resume operation