FCA Insider Dealing and Enforcement

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FCA Insider Dealing and 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 both criminal investigations and civil investigations. Over the years, there have been an ever increasing number of investigations started by the FCA.

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

As the number of circumstances that fall within the FCA’s purview widens, so do those that can become the subject of a FCA investigation. The FCA regulates and can take action against banks and building societies. Investment bankers, stockbrokers and traders have all found themselves subject to FCA investigations as have company directors of various businesses offering financial services. The Senior Managers and Certification Regime has broadened the scope of this considerably over the years to include insurers and solo regulated firms.

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Why Hodge Jones & Allen?

Cases involving the Financial Conduct Authority can take many forms – from regulatory to criminal. It is vital that you choose a lawyer that has experience of dealing with this unique regulator. In addition, your lawyer should also be well versed in all aspects of criminal investigation and procedure. At HJA our financial crime and regulatory lawyers work within the highly regarded Criminal Department. They are very experienced in handling all types of investigations by the FCA. They also deal with other regulators giving them unparalleled experience in this area.

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 factfinding. This can take the form of interviews, voluntary interviews and interviews under caution for criminal investigations.
  • The FCA can compel the provision of 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 t Restraint Orders or apply for Asset Seizure
  • Most concerning of all, the FCA can commence a criminal investigation and pursue a criminal prosecution, bringing with it the distressing prospect of a custodial sentence and linked confiscation proceedings

Frequently Asked Questions

  • Can the FCA conduct regulatory and criminal investigations together?

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

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

 There are a number of different offences that the FCA could potentially prosecute you for, including:

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

Our Financial Crime Team have a vast amount of experience in helping you to navigate the complexities of a prosecution for any form of fraud, financial crime or business crime. Our financial crime team lawyers have overseen the highest profile, most complex FCA prosecutions ever in the UK.

  • What is the FCA remit when it comes to regulation?

 The FCA can pursue enforcement action in connection with a wide array of civil offences:

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

In addition, there is 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 are experienced in advising you in connection with all aspects of these proceedings.

We can assist with:

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

We are presently discreetly advising and guiding a number of professionals through this process.

What stands out about the HJA regulatory team is that it has the experience of having dealt with a very 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 equips us very well to deal with any regulatory action taken by the FCA against you.

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Featured Client Cases

Featured Case

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.

Featured Case

Mis-selling of Shares

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

Featured Case

Multi-million pound Confiscation Proceedings

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

Featured Case

Non-financial wrong doing

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

How to get in touch?

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