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FCA Insider Dealing & Enforcement

As the conduct regulator of financial firms, financial markets and the individuals operating within them, the FCA carries out hundreds of investigations every year. The FCA enforcement activity covers criminal investigations and civil investigations.

A traditional focus upon keeping the integrity of financial markets and the removal of financial misconduct has now embraced wider concerns about non – financial misconduct which may bring the sector into disgrace. This includes allegations of sexual harassment by regulated individuals.

As the number of circumstances that fall within the FCA’s concern widens, so does the number of people investigated by them. The FCA regulates and can take action against banks and building societies. Investment bankers, stockbrokers and traders can also find themselves subject to FCA investigations, as can company directors of various businesses offering financial services. The Senior Managers and Certification Regime have broadened the scope of this to include insurers and solo regulated firms.

Hodge Jones & Allen_Chambers 2023_pngOur Crime team have been ranked in the Chambers & Partners 2024 legal directory. The team was described as “extremely strong in terms of criminal defence and particularly protest cases” and were praised for their “dedication to clients”.

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“Hodge Jones & Allen are possibly the best firm of criminal solicitors conducting publicly funded work, and also offer an excellent service to privately funded clients. They have a large team that has continually prospered through recruiting excellent trainees and investing in people.” – Legal 500, 2024

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    What powers do the FCA have during an investigation?

    During an investigation, the FCA has a wide set of powers:

    • The FCA can use interviews for the purpose of fact finding. This can take the form of interviews, voluntary interviews and interviews under caution for criminal investigations.
    • The FCA can demand documents they consider necessary to their investigation. It can suspend the undertaking of FCA regulated activities, or impose hefty fines. The FCA also has the power to seek Restraint Orders or apply for Asset Seizure.
    • Most concerning of all, the FCA can commence a criminal investigation and pursue a criminal prosecution. This creates the prospect of a custodial sentence and linked confiscation proceedings.

    “MEETINGS WERE OFFERED AT ALL STAGES OF THE PROCESS, AND MY SOLICITOR [RAJ] ENSURED THAT EVERY STEP WAS TAKEN FOR A SUCCESSFUL RESULT IN MY CASE."

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    Why choose Hodge Jones & Allen?

    Cases involving the Financial Conduct Authority can take many forms – from regulatory to criminal. It’s vital your lawyer has experience of dealing with this unique regulator. In addition, your lawyer should be highly knowledgeable in all aspects of criminal investigation and procedure. At HJA, our Financial Crime and Regulatory Lawyers work within the highly regarded Criminal Department. They’ve extremely experienced in handling all types of investigations by the FCA. They also deal with other regulators, giving them unparalleled experience in this area.

    “A FIRM DEDICATED TO THE OLD-FASHIONED VIRTUE OF CONSCIENTIOUS HARD WORK IN PURSUIT OF THEIR CLIENTS' INTERESTS." Legal 500 – Ranked as Tier 1 (Crime), Independent Legal Directory

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    Featured cases

    Largest ever Insider Dealing case in UK

    Defending an individual charged as part of Operation Tabernula. This was the FCA’s largest ever investigation into insider dealing ever mounted in the UK. In that prosecution, we successfully secured the FCA dropping the charge of insider dealing.

    Miss-selling of Shares

    Defended an individual charged with miss-selling of shares in the context of alleged boiler room fraud.

    Multi-million pound Confiscation Proceedings

    Defending an individual contesting multi-million pound confiscation proceedings, prosecuted by FCA.

    Non-financial wrongdoing

    Advising a number of individuals subject to regulation in relation to investigations by the FCA into non-financial wrongdoing.

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    How to get in touch?

    Top ranked solicitors

    Our top ranking team have years of experience representing the innocent. We stand up to the prosecution who will always be represented by an experienced solicitor or barrister. We know how to fight and win cases.

    Here to help

    If you need urgent representation at the Police Station or Court call us today. Share a few details with us and we’ll let you know how we can help you.

    Call FREE 24 hours a day

    If you are calling outside our offices hours (9:30am to 5:30pm) call our free phone 24 telephone. There will always be someone at the other end of the telephone to assist you.

    Contact our specialist team on
    0808 271 9413
    or request a call back.
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    Meet The Team
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    Ruth Harris
    Ruth Harris
    Partner
    Raj Chada
    Partner
    Caroline Liggins
    Caroline Liggins
    Partner
    Chloe Hartnell
    Chloe Hartnell
    Partner
    Darrell Ennis-Gayle
    Darrell Ennis-Gayle
    Partner
    Graeme Hydari
    Graeme Hydari
    Partner
    Jessica Davis
    Partner
    Kerry Spence
    Kerry Spence
    Partner
    Laura O'Brien
    Laura O’Brien
    Partner
    Mike Schwarz
    Mike Schwarz
    Partner
    Sean Caulfield
    Sean Caulfield
    Partner
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    Anna Jemmison
    Senior Associate
    Casey Jenkins
    Senior Associate
    Aneka Thirurajah
    Aneka Thirurajah
    Associate
    Francesca Cociani
    Francesca Cociani
    Associate
    Katie McFadden
    Katie McFadden
    Associate
    Maxine Barker
    Maxine Barker
    Associate
    Michael Ackah
    Associate
    Cally Gormally
    Solicitor
    Emily McNally
    Emily McNally
    Solicitor
    Ghislaine Sandoval
    Ghislaine Sandoval
    Solicitor
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    Jessica Murray
    Solicitor
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    Lara Ideo
    Solicitor
    Shyan MacTavish_Website
    Shyan MacTavish
    Solicitor
    Justin Stuart-Mills
    Consultant Solicitor
    Kiran Mehta
    Kiran Mehta
    Consultant
    Shelby Keppel
    Shelby Keppel
    Consultant
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    Charlotte Gamble
    Paralegal
    Christelle Chungong
    Christelle Chungong
    Support/Paralegal
    Donjeta Canolli
    Donjeta Canolli
    Paralegal
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    Ella Ferriter
    Paralegal
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    Ellie Horan
    Paralegal
    Izzie Bond-Mills
    Izzie Bond-Mills
    Paralegal
    Kit Gamble
    Kit Gamble
    Paralegal
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    Lauren Shore
    Paralegal
    Marina Afzal-Khan
    Marina Afzal-Khan
    Paralegal
    May Spencer
    Paralegal
    Sinéad Vaughan
    Paralegal
    Somaya Yassine_Website
    Somaya Yassine
    Paralegal
    Eliza Bell
    Trainee
    Hannah Buchalter
    Hannah Buchalter
    Trainee
    Rebecca Shotton
    Rebecca Shotton
    Trainee
    Ronan Stewart
    Rónán Stewart
    Trainee

    Featured Cases

    FCA Insider Dealing & Enforcement
    Defending an individual charged as part of Operation Tabernula. This was the FCA’s largest ever investigation into insider dealing ever mounted in the UK. In that prosecution, we successfully secured the FCA dropping the charge of insider dealing.
    FCA Insider Dealing & Enforcement
    Defended an individual charged with miss-selling of shares in the context of alleged boiler room fraud.
    FCA Insider Dealing & Enforcement
    Defending an individual contesting multi-million pound confiscation proceedings, prosecuted by FCA.
    FCA Insider Dealing & Enforcement
    Advising a number of individuals subject to regulation in relation to investigations by the FCA into non-financial wrongdoing.
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    Frequently Asked Questions

    Can the FCA conduct regulatory and criminal investigations together?

    The FCA may seek to undertake back-to-back regulatory and criminal investigations. In these circumstances, our lawyers are knowledgeable and experienced in doing what’s necessary to successfully conclude an investigation, and working to avoid action being taken in either arena. Our lawyers are skilled in dealing in both arenas and can work with you to seek resolution of the matter within the regulatory sphere to avoid criminal proceedings.

    If the FCA take criminal proceedings, what offences will they be concerned with?

    There are different offences that the FCA could prosecute you for, including:

    • Conspiracy to Defraud
    • Insider Dealing and Market Manipulation
    • Miss-selling of Shares
    • Money Laundering

    Our Financial Crime Team are highly experienced. We will help you to navigate the complexities of a prosecution, from fraud and financial crime, to business crime. Our Financial Crime Team Lawyers have overseen the highest profile and most complex FCA prosecutions ever in the UK.

    What is the FCA task when it comes to regulation?

    The FCA can pursue enforcement action in connection with various civil offences:

    • Insider Dealing
    • Unlawful Disclosure
    • Market Manipulation, both actual and attempted

    In addition, there’s the increased regulation of non-financial conduct that culminate in breaches of the Senior Managers and Certification Regime and the Principles for Businesses and Approved Persons.

    Where regulatory action is taken by the FCA, we’re experienced in advising you in connection with all aspects of these proceedings.

    We will assist with:

    • Attending FCA Scoping Meetings with you
    • Negotiating civil settlements on your behalf with the FCA
    • Where necessary, challenging findings made by the FCA before the Regulatory Decisions Committee (RDC) and making references before the Upper Tribunal

    We’re currently discreetly advising and guiding a number of professionals through this process.

    What stands out about our regulatory team is our experience of having dealt with a wide array of regulators, not just the FCA. This includes the Association for Chartered Certified Accountants (ACCA), the Advertising Standards Authority (ASA), the Medicines and Healthcare Products Regulatory Agency (MHRA), the General Dental Council (GDC) and the General Medical Council (GMC) to name a few. Our broad regulatory experience allows us to deal with any regulatory action taken by the FCA against you.

    Further Reading
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