Business

Financial services regulatory

Financial services regulatory

Financial services firms that carry on regulated activities in the UK and the individuals that perform controlled functions for those firms are regulated by the Financial Services Authority ("FSA").

The financial crisis has resulted in demands for the UK's financial services regulatory structure to be overhauled. These demands have implications for all the financial services firms and the individuals that currently are (and those that could be required to be) within the scope of financial services regulation in the UK.

An immediate outcome is that the Financial Services and Markets Act ("FSMA") regime is being regulated by the FSA more intensely and intrusively, with the FSA seeking to make judgments on the judgments of the senior management of its regulated firms.

We work closely with individuals and their firms in:

  • Scoping the extent that the FSMA regime applies to any activities and promotional activity that they may want to carry on in the UK
  • Establishing new financial products and services that comply with any applicable UK regulations
  • Applying for the appropriate FSA Authorisations and approvals in relation to any regulated activities carried on in the UK
  • Providing ongoing regulatory advice in relation to the FSA Principles and Rules applicable to their FSA Authorisations and Approvals
  • Handling any FSA Supervision and Enforcement inquiries and investigations that may affect them; and
  • Defending any FSA Enforcement proceedings and related actions against them

Harvey Knight worked with the FSA's Authorisation, Supervision and Enforcement Divisions for six years and was a FSA Handbook expert. Since his return to private practice, he has worked closely with individuals and their firms on their FSA issues. He provides our team with insight in relation to:

  • Scope of the FSA/FSMA regime
  • FSA Handbook 
  • FSA Authorisation and Approvals Fit and Proper regime
  • FSA "non routine" Approval applications
  • FSA Authorisation, Supervision and Enforcement Divisions and the interaction between them
  • FSA investigation and internal decision making processes
  • Referrals to the independent Financial Services and Markets Tribunal

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