An FCA investigation can be severely damaging if matters are not resolved quickly and effectively. If you’ve been notified of an investigation, you need expert legal assistance immediately - speak to our experienced FCA solicitors today.
What should I do if I’ve been notified of a Financial Conduct Authority (FCA) investigation?
The Financial Conduct Authority (FCA) is the main financial regulatory body in the UK. While it operates separately from the government, it has a wide range of powers to investigate and prosecute financial misconduct and criminal offences.
It is critical, therefore, that if you have been notified that you or your company will be subject to an FCA investigation – or if you suspect you may come under investigation – that you seek expert legal advice immediately.
Having an experienced FCA lawyer by your side with the knowledge and tactical appreciation of your situation can help you resolve matters as quickly and as satisfactorily as possible.
If you're under FCA investigation, call us 24 hours a day, 7 days a week on 0330 041 5869, or contact us online and we'll call you.
What is the process for an FCA investigation?
In most cases, the individual or firm under investigation will be sent a Notice of Appointment of Investigators and Memorandum of Appointment letter, informing them that an investigation will be taking place. However, the FCA are not required to do so, if they feel that it could prejudice their ability to carry out an effective investigation.
An investigation team will be appointed to the case and will often organise a meeting with relevant individuals to set the parameters of the investigation. This will usually include a timetable for proceedings, any documents or evidence the FCA are interested in, and whether they intend to hold any compelled interviews.
A Preliminary Investigation Report (PIR) will be compiled once the investigation has been completed, detailing the key findings and facts the FCA deem relevant to the case. The individual or business at the centre of the investigation will usually have 28 days to respond, confirming whether they believe the details to be accurate and providing any additional comment.
From this, the FCA will determine what further action, if any, to take. If they believe there is a case for misconduct, they can recommend enforcement action. This can be contested, which would refer the case of the Regulatory Decisions Committee (RDC).
What powers does the FCA have during an investigation?
The FCA has a great number of powers during an investigation. It is up to them to decide how much, if any, notice you receive that an investigation is underway. There is also no right to silence at any time in the process, meaning the FCA has the power to compel individuals and companies to attend interviews and produce any information requested.
Other powers include:
Applying for injunctions, restitution orders and winding up orders against you
Suspending you and the firm from undertaking any and all regulated activities
Bringing criminal prosecutions for financial crimes including fraud, unauthorised business and insider dealing
Imposing fines, prohibiting you from working in financial services and seeking compensation for your clients
Power to reach negotiated settlements for which there are discounts to incentivise early settlements
Why choose Slater and Gordon’s FCA investigation solicitors?
Learning you, or your company, is the subject of an FCA investigation can be incredibly daunting and stressful, and it is vital that you have legal advice you can count on to resolve matters as swiftly as possible.
Our expert FCA solicitors have a wealth of experience in handling FCA investigations and have supported individuals and companies alike throughout the challenging processes. Our teams such as Chambers and Partners and the Legal 500, and are have received recognition from esteemed legal publicationhere to support you from the very start so you’ll never be in the dark.
To learn more about how our team can help you, speak to one of our specialist FCA solicitors today.
I am very happy with the service provided which was professional, quick and efficient. I would certainly recommend Slater and Gordon Lawyers should any chance arise. Huge thank you!
V K (employment case)
The Manchester Office has been very professional, helpful and prompt when dealing with a settlement agreement regarding my voluntary redundancy. I would have no hesitation in recommending Slater and Gordon for any employment law issue.
D M (employment case)
I would 100% recommend Slater and Gordon if you need any help in employment law. They offer an incredible service.
H L (employment case)
We are an award winning law firm and have a dedicated team of employment solicitors to advise and guide you – no matter how complex your situation may be.
Affordability and advice
We're able to offer affordable expert legal advice and can provide guidance on all aspects of employment law. Our Initial Consultation provides tailored advice on your situation giving you clear guidance and options regarding next steps.
Tailored advice
We understand that employment situations differ – so we are able to provide tailored advice and guidance to suit your individual needs.
Local access
We are a national law firm, with legal experts available locally across the UK. Meetings can be arranged via telephone or video call, to suit your requirements.
Frequently asked questions about FCA investigations
Will I be informed if the FCA is investigating me?
The FCA usually inform the relevant individual or business of their intention to conduct an investigation by sending a Notice of Appointment of Investigators and Memorandum of Appointment letter. However, they are under no obligation to do so, and where they believe that informing the party under investigation would hamper their efforts, they may elect not to inform them.
Does the FCA have the power to collect evidence by force?
Yes. The FCA has virtually unlimited powers during the course of an investigation, and there is no right to silence for those involved. This means they can compel you to attend interviews or turn over documents or information they feel are relevant to the case.
What enforcement action can the FCA take?
The FCA can decide to take a number of different actions if they find evidence of wrongdoing. For instance, they have the power to withdraw an individual or business’s ability to operate in the financial sector. They also have the power to freeze assets, seek restitution, or even bring criminal charges.
Am I personally liable under FCA regulations?
It is possible. According to the FCA, you could be deemed personally liable if your “behaviour was deliberate or below the standard which would be reasonable in the circumstances at the time of the conduct concerned.”
The Senior Manager’s Regime (SMR) also increases the level of personal accountability of senior figures in the financial and insurance industries, meaning they could be held personally accountable for any misconduct or irregularities.
It is worth noting, however, that new measures from the FCA mean some employees under investigation may have whistleblowing protection rights, under the terms of Public Interest Disclosure Act 1998.
I am very happy with the service provided which was professional, quick and efficient. I would certainly recommend Slater and Gordon Lawyers should any chance arise. Huge thank you! V K (employment case)
The Manchester Office has been very professional, helpful and prompt when dealing with a settlement agreement regarding my voluntary redundancy. I would have no hesitation in recommending Slater and Gordon for any employment law issue. D M (employment case)
I would 100% recommend Slater and Gordon if you need any help in employment law. They offer an incredible service. H L (employment case)