Regulatory investigations of individuals

Financial services firms often investigate and discipline individuals in anticipation of any action being taken against them by the Financial Conduct Authority ("FCA").

In doing so, they seek to assume similar powers to the FCA Enforcement Division which has the power to:

  • Investigate and take proceedings against individuals
  • Compel individuals to attend interviews
  • Make compulsory requests of individuals for information and documents
  • Punish individuals by way of financial penalty, public censure and/or removal of their regulatory approvals

The outcome of an internal investigation in anticipation of any FCA action can be devastating for the individual(s) concerned. Notification by the firm of any action it has taken to the FCA (which the firm is under a regulatory obligation to do) could in itself end their careers in the financial services industry. The individual is also faced with the possibility of an FCA investigation and FCA enforcement proceedings.

Harvey Knight worked with the FSA's  Authorisation, Supervision and Enforcement Divisions for six years. In doing so, he advocated prospective refusals of FSA approved person status to the FSA's internal decision making body and was the FSA Handbook expert in relation to Authorisation and Approvals. Since his return to private practice, he has worked closely with many individuals involved in internal and/or FCA (Former FSA) investigations and FCA enforcement proceedings. He provides our team with insight in relation to:

  • Financial services firms and their relationship with the FCA
  • FCA Handbook and its application to individuals (and their firms)
  • FCA Authorisation and Approvals Fit and Proper regime
  • FCA "non routine" Approval applications
  • The interaction between the FCA Authorisation, FCA Supervision and FCA Enforcement Divisions
  • FCA investigation, FSA Enforcement and internal decision making processes
  • Referrals to the independent Financial Services and Markets Tribunal

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