Working in the regulated world
The UK's introduction of the Senior Managers Regime will require individuals working in the financial services sector to cope with ever increasing regulatory responsibility and reputational scrutiny as your careers progress. Led by an ex-regulator, we have market leading experience in our dealings with the Financial Conduct Authority (‘FCA') and the Prudential Regulatory Authority (‘PRA'). We stand out for our unrelenting focus on advising individuals and putting your best interests first. Ideally this starts with our working on the negotiation and agreement of any new employment contract to ensure appropriate incentives and protections are in place.
During the currency of any employment contract, it can be a considerable shock for successful individuals to find themselves in conflict with the institutions for whom they have prospered. For example, the Senior Managers Regime will require those institutions to map out individual responsibilities and for their existing senior managers to accept them. There is a potential conflict of interest between the institution and its senior manager(s) and among the senior managers themselves in the negotiation and individual acceptance of such regulatory responsibilities. A process that must be re-navigated each time there is a change in the senior management team.
Whether or not you are a senior manager, financial services institutions often investigate and discipline individuals in anticipation of any action being taken against them by their regulators, the outcome of these internal investigations can be devastating for the individual concerned.
Notification of any internal investigation could itself end an your career in the financial services industry. You will then face with the possibility of a FCA and/or PRA Enforcement investigation and proceedings as well. At the very least you will have to satisfy that you are fit and proper in any future FCA and PRA approval application.
We provide the following advice to individuals working in the regulated sphere:
• Negotiation and agreement of employment contracts and terminations
• FCA and PRA Remuneration Codes
• FCA and PRA ‘non routine' Approval applications and notifications
• Internal investigations
• Public inquiries and external investigations
• FCA and PRA Supervision and Enforcement inquiries, investigations
• Related Financial Services litigation and disputes