FCA Investigations

MPR Solicitors have years of in-depth experience in advising and representing clients who are being investigated by the Financial Conduct Authority (FCA).  As a niche practice, specialising in matters such as serious fraud and white-collar crime, we fully understand the function of the FCA and our fraud solicitors will go through the allegations with you.  Not only will we explain the reasons for the investigation to you, but we will also critically examine every piece of evidence presented by the FCA, carefully take your instructions, and build a robust case in your favour.

To contact us regarding an FCA investigation, please call our office on 020 3824 8080 to make an appointment at our London office.

As a team, we provide partner-led, quality, professional service.  An FCA investigation has the potential to damage your professional and personal reputation, as well as causing enormous stress and anxiety.  You can trust us to provide expert advice and robust representation while supporting you and your family throughout the investigation.

We are proficient, not only in UK law but in acting for clients who have been accused of cross-jurisdictional offences.

If you have been made subject to an FCA investigation, it is crucial that you have experienced fraud and regulatory solicitors to advise and represent you.

If you are being investigated by the Financial Conduct Authority (FCA), then we can help.  Our solicitors have an excellent reputation for dealing with serious and complex cases.

What happens in an FCA investigation?

The FCA has a single tactical objective of ensuring the integrity of the financial sector and protecting the public in maintaining their confidence in the markets.  Within that overall objective, it has several operational objectives including consumer protection, integrity, and competition.  The honesty of the financial system is assured by a number of important principles including not allowing the UK financial system be used for the purposes of financial crime and preventing behaviour that amounts to market abuse.

The FCA can carry out an investigation on regulated and non-regulated companies and individuals.

At MPR Solicitors, our specialist FCA defence lawyers can work with you to put your case forward in the best possible way. Our expert defence solicitors and lawyers are highly experienced in cases of:

• Financial Investigations
• Insider Dealing
• Market Fixing
• Market Abuse
• Mis-selling products
• Compliance

If you have been made the subject of an FCA investigation, contact us immediately for an expert emergency response.

What powers do the FCA have?

The FCA has the power to conduct dawn raids on the premises of firms they regulate to collect evidence.   Under section 176 of the Financial Services and Markets Act 2000, the regulator can apply for a warrant to enter a property where documents are being held.  Despite the term ‘dawn raid’ most searches are carried out during business hours, however, they will be unannounced.

An FCA investigator has the same powers (under supervision) as an officer who escorts them during the execution of the warrant.  These powers include:

• the right to enter and search the premises
• the right to take possession of documents or other information that appears to be relevant to the investigation
• the right to take copies or extracts from any such documents or information
• the ability to require any person on the premises to provide an account of any document or information or to tell the investigator where they are held
• the ability to use reasonable force

What should I do if I am subject to a dawn raid by the FCA?

If you are subject to a dawn raid, do not turn investigators away.  Put them in a meeting room, away from clients and employees and contact our solicitors immediately.

Check the FCA officers’ authorisation and take copies, one of which should be given to our lawyers as soon as they arrive on the premises.  This helps to ensure the regulators do not exceed their authorisation.

It is also advisable to bring them any documents they request rather than allow them to search and disrupting staff.  If more than one of your sites is being raided at the same time, make sure you inform our solicitors so we can send someone quickly to the other sites.  You should also ensure a senior member of staff travels to the other site to oversee the raid.

What happens at an FCA investigatory interview?

An FCA interview can be voluntary, compulsory or under-caution.  The FCA has the discretion to use whatever powers it considers appropriate to perform its statutory function to investigate alleged misconduct.  If there is a possibility that the matter will become a criminal prosecution, the FCA will interview you under caution.

It is imperative you have one of our solicitors with you if you are being interviewed so that we can safeguard your interests.

What is meant by ‘production of documents’ in an FCA investigation?

The FCA has statutory powers to demand the production of documents or information relevant to the investigation.  These powers also extend to the production of documents which are held by a third party.

Failure to comply with a requirement to produce documents or information can result in you being held to be in contempt of court (where the penalties can be a fine, imprisonment or both).

Our legal team will monitor the FCAs request to produce documents and information.  If there is a demand for documents that fall outside the scope of the investigation (or authorisation in the case of a dawn raid), we will dispute it.

Are there any documents I can refuse to disclose to the FCA?

Under section 413 of the Financial Services and Markets Act 2000, the FCA cannot demand disclosure of documents deemed to be ‘protected’.  Protected items usually refer to documents that would attract legal privilege, (e.g. conversations between you and your legal adviser for the purpose of giving legal advice and in contemplation of legal proceedings).

If you are unsure of what items are protected, contact us immediately.

To contact our FCA investigation solicitors in complete confidence, please call 020 3824 8080 or fill in our contact form to get in touch.