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Home / Regulatory Law / FCA Regulation

FCA Regulation

St Pauls Chambers’ financial regulation barristers 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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The FCA

The FCA or Financial Conduct Authority is a private company that regulates the conduct of around 60,000 retail and wholesale firms. It is funded by the imposition of fees and fines on the financial services industry firms which it regulates.

As a regulator, the FCA has the power to impose sanctions and other controls, to investigate any potential breaches on a regulatory or criminal basis and to pursue criminal prosecution where appropriate. You can learn about the FCA investigation process on our blog.

There are a number of other regulators with the financial sector such as the Competition and Markets Authority (CMA) but the bulk of regulation is carried out by the FCA. Two other key regulators include:

  • The Prudential Regulation Authority (PRA) is a division of the Bank of England and focuses on the micro-prudential regulation of around 1500 banks, building societies, credit unions, investors and insurers.
  • The Financial Ombudsman Service (FOS) is an adjudicator between a consumer and a financial service firm.

The FCA’s objectives and regulatory principles are set out in the Financial Services and Markets Act 2000 (FSMA), as is the FCA power to make rules applying to authorised persons to promote the objectives. These rules are contained within the FCA Handbook which, despite its name, is very long and detailed.

FCA Resources

Within the FCA Handbook are high-level Principles for Business of general application to regulated firms and Perimeter Guidance to assist in understanding whether an activity falls within the FCA regulated sector. The FCA produces sourcebooks covering detailed business conduct requirements like the Conduct of Business Sourcebook (COBS). There are numerous statutory instruments which also have application, including the FSMA (Regulated Activities) Order 2001 and FSMA (Financial Promotion) Order 2005.

As a minimum in each area of financial sector activity, the relevant applicable law will be found within the statute, the FCA Handbook, the high-level guidance, a sourcebook and statutory instruments.

FCA barristers at St Pauls Chambers are experienced in advising in cases brought by the FCA. Our financial services barristers are able to assist throughout all stages of FCA regulation.

 

Financial Regulation Through the Years

The Financial Services Act 1986

The current regulation of the financial system is the result of reform, following a succession of scandals within the banking sector. The Financial Services Act 1986 created a ‘light touch’ regulatory regime of self-regulating organisations managed by the Security and Investments Board (SIB).

Financial scandal in the 1990s

Various high-profile financial scandals in the 1990s, including the Maxwell pension fund and the collapse of Barings Bank, ended light-touch regulation. The SIB was renamed the Financial Services Authority in 1997 with new powers granted by the Financial Services and Markets Act 2000 (FSMA).

2008 banking crisis

Again, financial scandals including the 2008 banking crisis, PPI mis-selling, and LIBOR, encouraged further regulatory reform. The FCA, PRA and FOS were created by the Financial Services Act 2012, which significantly amended the FSMA.

FCA Barristers

Members of chambers have wide-ranging interests as financial regulation barristers, including investment schemes or financial promotions. Our FCA barristers advise at all stages of FCA regulation:

  • Authorisation and approval
  • The investigation phase
  • Criminal prosecution and/or civil enforcement or action

It is our experience that all clients benefit from obtaining legal advice from our financial services barristers at the earliest possible stage when dealing with any matter, whether or not it may require regulation by the FCA. To find out more, please read our blog post on fraud and financial misconduct in the UK. If you are interested in instructing our FCA barristers, please contact our clerking team today.

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St Pauls Chambers’ financial regulation barristers 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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KCs

  • Sam Green QC Joint Head of Chambers

    Sam Green KC

    Call: 1998

    Silk: 2015

  • Nigel Sangster QC Associate Tenant

    Nigel Sangster KC

    Call: 1976

    Silk: 1998

  • Richard Barraclough QC

    Richard Barraclough KC

    Call: 1980

    Silk: 2003

  • Simon Myerson QC

    Simon Myerson KC

    Call: 1986

    Silk: 2003

  • Bryan Cox

    Bryan Cox KC

    Call: 1979

    Silk: 2005

  • Jane Bewsey QC Associate Tenant

    Jane Bewsey KC

    Call: 1986

    Silk: 2010

  • Simon Bickler QC

    Simon Bickler KC

    Call: 1988

    Silk: 2011

  • John Harrison QC Associate Tenant

    John Harrison KC

    Call: 1994

    Silk: 2016

  • Jonathan Sandiford

    Jonathan Sandiford KC

    Call: 1992

    Silk: 2020

  • Cameron Brown Associate Tenant

    Cameron Brown KC

    Call: 1998

    Silk: 2020

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Members

  • Denise Breen-Lawton Joint Head of Chambers

    Denise Breen-Lawton

    Call: 2000

  • Jeremy Barnett- Barrister

    Jeremy Barnett

    Call: 1980

  • Philip Standfast

    Philip Standfast

    Call: 1980

  • Nikki Saxton

    Nikki Saxton

    Call: 1992

  • Robert Smith

    Robert Smith

    Call: 1995

  • Associate Tenant

    David Hughes

    Call: 1997

  • Derek Duffy

    Derek Duffy

    Call: 1997

  • Nick Worsley Barrister

    Nicholas Worsley

    Call: 1998

  • Alasdair Campbell

    Alasdair Campbell

    Call: 1999

  • Andrew Stranex

    Andrew Stranex

    Call: 2000

  • Jane Brady | Barrister Leeds

    Jane Brady

    Call: 2001

  • 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 - Barrister at Law

    Voldi Welch

    Call: 2008

  • Associate Tenant

    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

  • Charlie Greenwood

    Charlie Greenwood

    Call: 2015

  • Frances Pencheon

    Frances Pencheon

    Call: 2015

  • Jessica Heggie

    Jessica Heggie

    Call: 2017

  • Harry Crowson

    Harry Crowson

    Call: 2018

  • Temitayo Oguntade

    Temitayo Dasaolu

    Call: 2018

  • Ayman Khokhar

    Ayman Khokhar

    Call: 2018

  • Emma Handley

    Emma Handley

    Call: 2019

  • Matthew Moore-Taylor

    Call: 2020

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    Pupil November 2021

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KCs

  • Sam Green QC Joint Head of Chambers

    Sam Green KC

    Call: 1998

    Silk: 2015

  • Nigel Sangster QC Associate Tenant

    Nigel Sangster KC

    Call: 1976

    Silk: 1998

  • Richard Barraclough QC

    Richard Barraclough KC

    Call: 1980

    Silk: 2003

  • Simon Myerson QC

    Simon Myerson KC

    Call: 1986

    Silk: 2003

  • Bryan Cox

    Bryan Cox KC

    Call: 1979

    Silk: 2005

  • Jane Bewsey QC Associate Tenant

    Jane Bewsey KC

    Call: 1986

    Silk: 2010

  • Simon Bickler QC

    Simon Bickler KC

    Call: 1988

    Silk: 2011

  • John Harrison QC Associate Tenant

    John Harrison KC

    Call: 1994

    Silk: 2016

  • Jonathan Sandiford

    Jonathan Sandiford KC

    Call: 1992

    Silk: 2020

  • Cameron Brown Associate Tenant

    Cameron Brown KC

    Call: 1998

    Silk: 2020

There are no KCs suiting filter condition

Members

  • Denise Breen-Lawton Joint Head of Chambers

    Denise Breen-Lawton

    Call: 2000

  • Jeremy Barnett- Barrister

    Jeremy Barnett

    Call: 1980

  • Philip Standfast

    Philip Standfast

    Call: 1980

  • Nikki Saxton

    Nikki Saxton

    Call: 1992

  • Robert Smith

    Robert Smith

    Call: 1995

  • Associate Tenant

    David Hughes

    Call: 1997

  • Derek Duffy

    Derek Duffy

    Call: 1997

  • Nick Worsley Barrister

    Nicholas Worsley

    Call: 1998

  • Alasdair Campbell

    Alasdair Campbell

    Call: 1999

  • Andrew Stranex

    Andrew Stranex

    Call: 2000

  • Jane Brady | Barrister Leeds

    Jane Brady

    Call: 2001

  • 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 - Barrister at Law

    Voldi Welch

    Call: 2008

  • Associate Tenant

    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

  • Charlie Greenwood

    Charlie Greenwood

    Call: 2015

  • Frances Pencheon

    Frances Pencheon

    Call: 2015

  • Jessica Heggie

    Jessica Heggie

    Call: 2017

  • Harry Crowson

    Harry Crowson

    Call: 2018

  • Temitayo Oguntade

    Temitayo Dasaolu

    Call: 2018

  • Ayman Khokhar

    Ayman Khokhar

    Call: 2018

  • Emma Handley

    Emma Handley

    Call: 2019

  • Matthew Moore-Taylor

    Call: 2020

There are no Members suiting filter condition

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  • Eleanor Guildford

    Pupil November 2021

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