Written by Siobhain Egan, Director (non-exec)
The FCA Annual Report and accounts 201 7/18 makes an interesting read, and two of the subreports – ENFORCEMENT ANNUAL PERFORMANCE REPORT and the ANTI – MONEY LAUNDERING REPORT are especially important.
Its clear that the FCA has opened the highest number of investigations to date – some 504 investigations, off these 161 are looking at suspected Financial crime and insider dealing.
We have noticed a large increase in clients seeking our advice from across the finance sector, who are facing investigations, compulsory interviews, compulsory disclosure of documents, revocation of permissions and authorisations and asset restraint /freezing orders.
These investigations are generally well under way before the FCA begin interviewing individuals and freezing assets, but they are taking increasing longer to conclude. Unlike their counterparts in the SFO, or City of London economic unit the FCA will usually consider other options other than criminal prosecutions, and are often open to a well-negotiated settlement, but this depends upon the nature of the alleged offence or breach.
Additionally, gone are the days when the FCA would focus upon sole traders or employees lower down the company hierarchy ..the Senior Managers & Certification Regime( SM & CR), now means that they will be looking closely from the top down.
Money laundering, like the NCA and apparently the SFO ( under its new Director ) is now placed firmly at the top of their agenda and companies should expect to feel the heat as far as their AML Compliance is concerned , but interestingly we have also noted that clients subject to FCA criminal prosecutions have also been accused of money laundering and have had assets frozen as a result, pending the conclusion of the investigation .
What can the FCA do?
In truth, they have a complete arsenal of powers and remedies at their disposal… these are just a few examples of what they can do: compulsory (s2) interviews... search and seizure powers... compulsory rights to demand the provision of documents/computers etc (give it up orders)... freezing of bank accounts and property - revocation of permissions and authorisations – warning notices about fraudulent activities of businesses - to closing businesses altogether .
How can we help you?
We genuinely have decades of experience when dealing with the FCA (and its predecessor the FSA) defending criminal investigations/prosecutions, the complete remit of breaches of the FCA Regulatory handbook AND RDC and Upper Tribunal hearings.
Further we have a group of highly regarded lawyers (ranked by Legal 500/Chambers UK) and specialist experts in white-collar crime /money laundering/regulatory/asset restraint/professional disciplinary/financial compliance/Regulatory/professional disciplinary proceedings, who pool their experience, and resources, to offer a fast reacting, assertive service to you, the client .
We can advise you if your business premises or home is being searched , whether you should co-operate with the FCA / Police, negotiate with them re the seizure of items such as computers and documents, assist with the disclosure of said items and documents; negotiate refreezing of assets and bank accounts , advise and represent re s2 interviews , assist with the preparation of your defence, taking defence witness statements , instructing specialist barristers and Experts (eg forensic accountants), represent at tribunal or the criminal court AND negotiate a different resolution other than criminal proceedings, that is if we cannot nip the investigation in the bud, so to speak.
Our experience
We have advised and or represented individuals investigated re fraud /insider dealing /collective investment schemes / boiler room frauds /pension liberation fraud /land banking fraud /mis-spelling /libor /FX/misrepresenting market listing /fit and proper approved person/ permission/ authorisation issues /firms systems and controls /compliance/SM& CR /Settlements /warnings /decision notices etc etc
We have achieved excellent results and successes over the years.
Funding
We pride ourselves that we offer CITY service levels, at mid-market fee levels. Most of our fees are met privately by individuals/businesses. It is possible that a restraint order secured by the FCA may be varied to meet legal fees, but it happens rarely.
For those facing criminal trial with restrained assets, D& O insurance policies or means tested legal aid MAY BE available.
We try to be as flexible re legal fees as the situation allows, we often see clients on a fixed fee consultation basis.
Legal aid will only cover criminal proceedings once the client has been charged and proceedings have begun.... it is not available for any pre-trial preliminary work.
Contact our Financial Crime Lawyers London
If we can assist with any of the issues detailed above please contact us on 02073872032 or use our online enquiry facility.
