Managing regulatory investigations in the financial services sector Firms and individuals in the financial services industry are facing challenging times. The FCA is increasingly assertive. It is showing itself to be willing to intervene in a wide range of the activities of regulated businesses at an earlier stage and in new ways. If faced with the possibility (or the reality) of a regulatory investigation, you need advisers who are responsive, agile and who understand the objectives and priorities of the regulator as well as its procedures and approach. You also need advisers who understand your business, its regulatory framework, the products and services you sell and how you sell them. In addition to the legal, regulatory, commercial and reputational considerations, interventions and investigations can have wide implications for Approved Persons and other senior executives, managers, and employees. You therefore need a co-ordinated team of advisers with the expertise and capability to deal swiftly with all aspects of the investigation. advise on any regulatory concerns arising from breaches, thematic reviews or ‘Dear CEO’ letters consider the employment law implications of investigations including document collection, provision to third parties, What we can do for you Our cross-practice regulatory investigations team has substantial expertise in assisting clients who are the subject interviews of employees and the use of information obtained in subsequent disciplinary proceedings assist with conducting internal investigations, including of possible regulatory action. We have a deep understanding prior to the commencement of any formal investigation or of the objectives of the FCA in conducting investigations enforcement action and enforcement actions which enables us to assist you in managing the process and minimising the risks. We provide expert advice and guidance on all aspects of potential regulatory breach. In particular, we have specialist expertise to: provide urgent on-site guidance and advice in the event of “dawn raid”-style regulatory intervention assist on self-notification and document or information requests from the FCA advise on managing internal disciplinary investigations in the context of wider regulatory action where employees ‘Very attentive to client needs’, Burges Salmon LLP’s lawyers ‘always take commercial aspects into account’. Legal 500 2013 are involved help manage s166 Skilled Person reports and remediation exercises and represent clients in investigations and enforcement proceedings, including interviews and dealings with the investigatory team. Key examples of our work About us One of our senior financial services experts has recently Burges Salmon is a leading UK law firm with global reach, spent nearly seven months on secondment embedded perfectly suited to help our clients in today’s complex world. in the FCA Enforcement Division as part of a team We concentrate on providing a consistently high quality undertaking investigations into allegations of rigging of service, tailored to meet the needs of each client, to ensure we LIBOR. deliver the right outcomes for them. We provided advice and assistance to a national provident society in connection with regulatory investigations and information requests regarding investment advice to elderly customers. We provided urgent on-site guidance and advice to a Contact us If you would like to speak to us or would like details of our recent experience please contact: firm under investigation in connection with allegations of the unauthorised operation of a collective investment scheme. This included (i) attendance at very short notice at a regulatory dawn raid at our client’s office and (ii) representation of the client in the ongoing FSA Kari McCormick Partner +44 (0) 117 902 6620 [email protected] investigation and information requests. We have experience within the team of assisting in an investigation required by US/European regulators. This included interviews with employees, document collection and the dissemination of information in multiple jurisdictions. Tim Pope Legal Director +44 (0) 117 939 2230 [email protected] How we work with you We differentiate ourselves by the way we work. Our collaborative culture and beliefs about client service allow us to fit the firm to each client to bring together the right people, skills and experience to manage the difficult issues which can Roger Bull Partner +44 (0) 117 902 2701 [email protected] arise in a regulatory investigation. Our way of working ensures you are supported by an effective team, which thinks ahead and keeps you informed, which is critical when quick-thinking and clear advice is required. We aim to understand exactly what you need, when you need it, and how you need it delivered to enable you to achieve your James Green Senior Associate +44 (0) 117 939 2252 [email protected] strategic, commercial, reputational and business objectives, both in the context of a regulatory investigation and when dealing with your wider business issues. The benefits to you are: the right outcome - for your business and for you an effective team - alleviating the pressure on you and your people value for money - the right level of support in line with your objectives and resources. Burges Salmon LLP, One Glass Wharf, Bristol BS2 0ZX Tel: +44 (0) 117 939 2000 Fax: +44 (0) 117 902 4400 6 New Street Square, London EC4A 3BF Tel: +44 (0) 20 7685 1200 Fax: +44 (0) 20 7980 4966 www.burges-salmon.com Burges Salmon LLP is a limited liability partnership registered in England and Wales (LLP number OC307212), and is authorised and regulated by the Solicitors Regulation Authority. It is also regulated by the Law Society of Scotland. Its registered office is at One Glass Wharf, Bristol BS2 0ZX. A list of the members may be inspected at its registered office. Further information about Burges Salmon entities, including details of their regulators, is set out in the ‘Who we are’ section of the Burges Salmon website at www.burges-salmon.com. BRO-0010 04 15