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Home / Regulatory Law / FCA Regulation

FCA Regulation

St Pauls chambers frequently advise in cases brought by the FCA, usually in respect of the marketing and/or promotion of investment schemes or financial promotions. Representations are made in writing against proposed regulatory action, as financial penalties can often be prohibitive, based upon the profit to the promoters or the losses to consumers.

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  • Jayne Drake

    Jayne Drake

    0113 2270703 Email
  • Matthew Taylor

    Matthew Taylor

    0113 2270706 Email
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    Lisa Tyczynska

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What is the Financial Conduct Authority?

The Financial Conduct Authority (FCA) is the UK’s independent financial regulator. It is funded by charging fees to members of the financial services industry. It regulates financial firms who provide services to consumers  and maintains the integrity of the financial markets. The Prudential Regulation Authority, which is an independent subsidiary of the Bank of England, is also responsible for micro prudential regulation of financial institutions that manage significant risks on their balance sheets.

Jeremy Barnett is the lead authority in Chambers for this area of work.  For four years Jeremy sat on the Board of the AADB.  Jeremy has conducted numerous cases before the ICAEW and ACCA.

Jeremy has advised and represented professionals on collective Investment Scheme, fit and proper person rules for scheme members and advice regarding unregulated investments.

Jeremy has also advised on Client Account Rules for P2P Crowdfunding Platform [Article 36H of the Regulated Activities Order] & CASS 7 [Client Account Sources book]

FCA Regulation

The FCA has substantial powers, including the regulation of the marketing and promotion of financial products, which includes the ability to ban products for up to a year whilst considering an indefinite ban.

FCA regulation also operates a compensation scheme (The Financial Services Compensation Scheme) for consumers whose bank accounts are adversely affected by a financial crash up to the sum of £85,000.  It also covers investors in of customers of authorised financial services firms. It is funded by levies on firms authorised by the Prudential Regulation Authority and Financial Conduct Authority, and budgets for claims of around £2 billion per annum.

Furthermore, the Financial Conduct Authority regulations are responsible for countering financial crime, where the emphasis is on credible deterrence. It participates in the National Crime Agency Joint Money Laundering Intelligence Task Force with a number of other bodies to combat high-end money laundering. Other areas of particular interest are terrorist financing and sanction risks in trade finance.

The powers of the FCA are wide and varied. There are extensive powers to regulate both the marketing of financial products and also the conduct of both advisers and organisations. This includes the power to issue warning notices in respect of conduct.

The enforcement division works closely with other divisions of the FCA and has Criminal, Civil and Regulatory powers to take action against firms and individuals. Powers include.

  • Withdrawing a firms authorisation
  • Prohibition of carrying out a regulated activity
  • Suspension
  • Issuing fines against firms and individuals
  • Applying to the courts for injunctions
  • Bringing criminal prosecutions e.g for insider dealing, LIBOR, unauthorised business or false claims to be regulated.

An individual who has had a warning notice issued can make representations to the Regulatory Decisions Committee (the RDC). If a decision notice is issued, the individual has the right to refer the matter to the Upper Tribunal, which would reach an independent decision on appropriate action for the FCA to take – if any.

Notices such as supervisory notices, requirement notices, cancellation notices and decision notices are published in accordance with the publication scheme. All fines recovered are paid to the Exchequer.

The Financial Services Handbook contains detailed provisions, which are contained in Rules, Guidance and Legal Instruments. The Conduct of Business (COB) forms part of the Handbook.

The FCA also issue detailed guidance for consumers, for example the publication on Unregulated Collective Investment Schemes (UCIS) which was last updated in August 2017, Crowdfunding, Exchange Traded Products, Traded Life Policy Investments (TLPIs) and Cryptocurrencies.

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At St Pauls Chambers we have extensive experience advising in cases brought by the FCA, most often concerning the marketing and/or promotion of investment schemes or financial promotions.

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    Simon Bickler QC

    Call: 1998

    Silk: 2011

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    Nigel Sangster QC

    Call: 1976

    Silk: 1998

  • Richard Barraclough QC

    Richard Barraclough QC

    Call: 1980

    Silk: 2003

  • Simon Myerson QC

    Simon Myerson QC

    Call: 1986

    Silk: 2003

  • Bryan Cox

    Bryan Cox QC

    Call: 1979

    Silk: 2005

  • Jane Bewsey QC

    Jane Bewsey QC

    Call: 1986

    Silk: 2010

  • Sam Green QC

    Sam Green QC

    Call: 1998

    Silk: 2015

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    John Harrison QC

    Call: 1994

    Silk: 2016

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    Call: 1991

    Silk: 2018

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Members

  • Jeremy Barnett

    Jeremy Barnett

    Call: 1980

  • Philip Standfast

    Philip Standfast

    Call: 1980

  • Jonathan Sandiford

    Jonathan Sandiford

    Call: 1992

  • Nikki Saxton

    Nikki Saxton

    Call: 1992

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    Nigel Edwards

    Call: 1995

  • Robert Smith

    Robert Smith

    Call: 1995

  • Derek Duffy

    Derek Duffy

    Call: 1997

  • Cameron Brown

    Cameron Brown

    Call: 1998

  • Alasdair Campbell

    Alasdair Campbell

    Call: 1999

  • Denise Breen-Lawton

    Denise Breen-Lawton

    Call: 2000

  • Andrew Stranex

    Andrew Stranex

    Call: 2000

  • James Bourne-Arton

    James Bourne-Arton

    Call: 2001

  • Danielle Graham

    Danielle Graham

    Call: 2003

  • Hal Watson

    Hal Watson

    Call: 2003

  • James Lake

    James Lake

    Call: 2005

  • Andrew Nixon

    Andrew Nixon

    Call: 2006

  • Helen Chapman

    Helen Chapman

    Call: 2006

  • Voldi Welch

    Voldi Welch

    Call: 2008

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    Hannah Hinton

    Call: 2008

  • Angus MacDonald

    Angus MacDonald

    Call: 2009

  • Sophie Mitchell

    Sophie Mitchell

    Call: 2010

  • Hannah Lynch

    Hannah Lynch

    Call: 2011

  • Stephen Flint

    Stephen Flint

    Call: 2012

  • George Hazel-Owram

    George Hazel-Owram

    Call: 2012

  • Kristina Goodwin

    Kristina Goodwin

    Call: 2013

  • Stephen Elphick

    Stephen Elphick

    Call: 2014

  • Ayesha Smart

    Ayesha Smart

    Call: 2014

  • Charlie Greenwood

    Charlie Greenwood

    Call: 2015

  • Frances Pencheon

    Frances Pencheon

    Call: 2015

  • Jessica Heggie

    Jess Heggie

    Call: 2017

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Pupils

  • Temitayo Oguntade

    Temitayo Oguntade

    Pupil September 2018

  • Ayman Khokhar

    Ayman Khokhar

    Call: 2018

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    Harry Crowson

    Pupil February 2019

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QCs

  • Simon Bickler QC Head of Chambers

    Simon Bickler QC

    Call: 1998

    Silk: 2011

  • Nigel Sangster QC

    Nigel Sangster QC

    Call: 1976

    Silk: 1998

  • Richard Barraclough QC

    Richard Barraclough QC

    Call: 1980

    Silk: 2003

  • Simon Myerson QC

    Simon Myerson QC

    Call: 1986

    Silk: 2003

  • Bryan Cox

    Bryan Cox QC

    Call: 1979

    Silk: 2005

  • Jane Bewsey QC

    Jane Bewsey QC

    Call: 1986

    Silk: 2010

  • Sam Green QC

    Sam Green QC

    Call: 1998

    Silk: 2015

  • John Harrison QC

    John Harrison QC

    Call: 1994

    Silk: 2016

  • Andrew Haslam QC

    Andrew Haslam QC

    Call: 1991

    Silk: 2018

There are no QCs suiting filter condition

Members

  • Jeremy Barnett

    Jeremy Barnett

    Call: 1980

  • Philip Standfast

    Philip Standfast

    Call: 1980

  • Jonathan Sandiford

    Jonathan Sandiford

    Call: 1992

  • Nikki Saxton

    Nikki Saxton

    Call: 1992

  • Avatar Small

    Nigel Edwards

    Call: 1995

  • Robert Smith

    Robert Smith

    Call: 1995

  • Derek Duffy

    Derek Duffy

    Call: 1997

  • Cameron Brown

    Cameron Brown

    Call: 1998

  • Alasdair Campbell

    Alasdair Campbell

    Call: 1999

  • Denise Breen-Lawton

    Denise Breen-Lawton

    Call: 2000

  • Andrew Stranex

    Andrew Stranex

    Call: 2000

  • James Bourne-Arton

    James Bourne-Arton

    Call: 2001

  • Danielle Graham

    Danielle Graham

    Call: 2003

  • Hal Watson

    Hal Watson

    Call: 2003

  • James Lake

    James Lake

    Call: 2005

  • Andrew Nixon

    Andrew Nixon

    Call: 2006

  • Helen Chapman

    Helen Chapman

    Call: 2006

  • Voldi Welch

    Voldi Welch

    Call: 2008

  • Avatar Small

    Hannah Hinton

    Call: 2008

  • Angus MacDonald

    Angus MacDonald

    Call: 2009

  • Sophie Mitchell

    Sophie Mitchell

    Call: 2010

  • Hannah Lynch

    Hannah Lynch

    Call: 2011

  • Stephen Flint

    Stephen Flint

    Call: 2012

  • George Hazel-Owram

    George Hazel-Owram

    Call: 2012

  • Kristina Goodwin

    Kristina Goodwin

    Call: 2013

  • Stephen Elphick

    Stephen Elphick

    Call: 2014

  • Ayesha Smart

    Ayesha Smart

    Call: 2014

  • Charlie Greenwood

    Charlie Greenwood

    Call: 2015

  • Frances Pencheon

    Frances Pencheon

    Call: 2015

  • Jessica Heggie

    Jess Heggie

    Call: 2017

There are no Members suiting filter condition

Pupils

  • Temitayo Oguntade

    Temitayo Oguntade

    Pupil September 2018

  • Ayman Khokhar

    Ayman Khokhar

    Call: 2018

  • Harry Crowson

    Harry Crowson

    Pupil February 2019

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