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Financial Conduct Authority (FCA) Investigations Solicitors
Financial Conduct Authority (FCA) investigations can have serious consequences for both your personal and professional life. Confiscation proceedings and restraint of assets as a result of Financial Conduct Authority (FCA) investigations, can be extremely harmful, to both your business and your reputation.
Penalties as a result of Financial Conduct Authority (FCA) investigations can also include prison sentences and fines. Engaging experienced Financial Conduct Authority (FCA) investigations solicitors as early on as possible, can make a real difference to the outcome of your case. Specialist Financial Conduct Authority (FCA) investigations solicitors have the necessary knowledge and expertise to halt Financial Conduct Authority (FCA) investigations at an early stage if at all possible and, if necessary, to build a strong defence for any prosecutions that take place following an investigation.
What are Financial Conduct Authority (FCA) investigations?
The Financial Conduct Authority (FCA) is the conduct regulator for the financial markets in the UK. It is an independent public body which is accountable to the Treasury and to Parliament. It works to protect consumers, protect financial markets and promote competition. Its powers are detailed in the Financial Services and Markets Act 2000 (FSMA).
The FCA has the power to:
- Make financial services rules
- Launch Financial Conduct Authority (FCA) investigations, if there are claims that the rules are being breached
- Enforce the rules through both criminal and civil courts, if necessary
Both individuals and companies can find themselves the subject of Financial Conduct Authority (FCA) investigations, if they are accused of breaching the UK’s financial codes of conduct.
When there is evidence of misconduct in the financial services sector, whether by companies or individuals, the FCA has the power to bring about criminal proceedings.
What are criminal Financial Conduct Authority (FCA) investigations?
Criminal Financial Conduct Authority (FCA) investigations could include allegations regarding:
- Money laundering
- Insider dealing
- Boiler room schemes
- Market rigging
- Mis-selling financial services
- Collective investment schemes
If there is evidence that these offences (or other criminal offences) have been committed, the FCA will commence criminal court proceedings. Normally, these would not be dealt with via internal investigations.
Criminal prosecutions can lead to fines and prison sentences, for those found guilty.
If you have been informed that either you or your business are being investigated by the FCA, it is crucial that you seek legal advice as quickly as possible. This way, your solicitor can advise and guide you throughout the entire investigation and take proactive steps to help you secure a non-criminal outcome.
Why do Financial Conduct Authority (FCA) investigations occur?
If professionals or businesses do not abide by the FCA’s standards, Financial Conduct Authority (FCA) investigations can be launched.
The FCA may decide to investigate because a company is accused of money laundering, for example.
How do Financial Conduct Authority (FCA) investigations work?
First, a Notice of Appointment will be served on the business or individual under investigation. The FCA will then begin evidence gathering. As part of this process, you may be asked to take part in an interview. The FCA will also demand any relevant documents.
Once the investigation process is completed, the subject of the investigation (either the business or individual) will be informed of the FCA’s preliminary findings. At this point, there will be the opportunity to provide a written response to the FCA.
If the FCA concludes that a sanction is appropriate, the company (or individual) will have the chance to resolve the case either in part or in full. If it is possible to reach an agreement regarding the liability, penalty and facts of the case, an early resolution penalty discount may be possible.
If an agreement cannot be reached, the subject of the investigation may challenge the FCA’s findings (in whole or in part) by appealing to the FCA’s Regulatory Decision Committee.
What powers does the Financial Conduct Authority (FCA) have?
The FCA is able to undertake civil or criminal proceedings against both individuals and businesses accused of breaching the regulations.
Normally, criminal proceedings will be commenced when the conduct amounts to a serious offence. Otherwise, civil proceedings, such as injunctions, will usually be chosen.
For those individuals or businesses who are the subject of Financial Conduct Authority (FCA) investigations, the FCA’s (significant) powers include:
- Forcing disclosure of documents
- Forcing people to attend interviews
- Suspending the business/individual from carrying out regulated activities
- Fining anyone breaching the regulations
- Commencing criminal proceedings with regards to financial crimes (fraud, for example)
- Applying for injunctions
- Seeking compensation for consumers
When criminal offences are involved, the FCA can also interview you under caution.
Who can be investigated as part of Financial Conduct Authority (FCA) investigations?
It is a common misconception that only those in high-ranking managerial positions can be the subject of Financial Conduct Authority (FCA) investigations. This is not necessarily the case. Financial Conduct Authority (FCA) investigations can also include many different people who are associated with illegal activity within the financial services sector.
If you or your business are the subject of a Financial Conduct Authority (FCA) investigation, having an experienced solicitor on your side is vital. As well as advice and guidance throughout the process, your solicitor can work with you to build a robust defence, should the FCA decide to commence criminal or civil proceedings following an investigation.
What is the Enforcement & Financial Crime Division?
This FCA department is responsible for Financial Conduct Authority (FCA) investigations into both individuals and businesses who may have breached their rules or broken the law.
Why do I need specialist Financial Conduct Authority (FCA) investigations solicitors?
Financial Conduct Authority (FCA) investigations solicitors have the knowledge and expertise to advise and guide you throughout the process, from start to finish, in order to ensure the best possible outcome in your circumstances.
A solicitor who specialises in Financial Conduct Authority (FCA) investigations has in-depth knowledge of how Financial Conduct Authority (FCA) investigations function. While being the subject of Financial Conduct Authority (FCA) investigations is understandably very worrying, having an experienced solicitor on your side, who will challenge the FCA and protect your interests and your assets, can make a real difference to the outcome of your case.
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