Financial Services Investigations & Enforcement
Peters & Peters regularly advises firms and individuals subject to financial services investigation and enforcement by regulators including the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR).
We are known for achieving outstanding results for individuals and firms accused of misconduct. We also advise clients conducting internal investigations in respect of potential misconduct and making initial reports to the regulators. Peters & Peters is able to advise clients from first contact with a regulator to outcome in both criminal and contentious regulatory matters.
Chambers 2024 says we are “well-known financial crime practice, and one of the earliest firms to establish itself in this field”.
We are particularly known for our work where criminal and regulatory law intersect, and for representing individuals who are witnesses or subjects in investigations.
Our expertise includes:
- Representing FCA, PRA and PSR investigation subjects and witnesses.
- Advising clients in respect of concurrent civil, regulatory and criminal enforcement actions and acting for individuals subject to criminal restraint and world freezing orders.
- Advising clients subject to pre-investigation enquiries wishing to avoid the opening of a formal investigation.
- Attending investigation interviews and meetings before regulators’ decision committees.
- Representing clients in enforcement hearings in the Upper Tribunal (Tax and Chancery Chamber), as well as proceedings in the Crown Court and High Court.
- Providing advice to corporates and individuals in crisis, particularly on discovery of potential misconduct. This includes breaches of the General Prohibition, and connected collateral issues, such as addressing proceeds of crime issues and ongoing remediation.
- Making discloses to regulators where appropriate and the management of ongoing communications.
- Collateral investigation issues such as asset forfeiture, requests on behalf of overseas regulators and authorisation applications and regulatory references, following adverse findings.
We also provide advisory services for firms wishing to review and enhance their Corporate Compliance programmes, particularly in relation to systems and controls to prevent financial crime.
Our Business Crime team contains former FCA enforcement lawyers, so our advice is based on a deep understanding of the FCA’s approach to regulation.
We combine a robust approach to enforcement proceedings with an understanding of the need to be open and co-operative with the regulator. This has enabled us to achieve excellent outcomes for our clients, including no further action being taken on suspected insider dealing and other criminal cases, the FCA pursuing regulatory rather than criminal proceedings, and the minimisation of penalties and prohibitions.
Recent insider trading instructions include:
- Acting for a divisional director of a PLC accused of insider trading by the FCA, resulting in a decision to take no further action.
- Representing a real estate professional alleged to have disclosed inside information.
- Representing a defendant prosecuted by the FCA, accused of improperly obtaining inside information from an employee of an investment bank.
- Representing a senior director of a private client bank, accused by the FCA of misconduct relating to market abuse connected with the ‘Qatari blockade’ diplomatic dispute, in proceedings before the Upper Tribunal (Tax and Chancery Chamber).
- Advising a large privately held investment fund on its Market Abuse systems and controls.
- Providing advice to the compliance director of a bank in relation to an investigation by the FCA and PRA concerning systems and controls failings.
- Acting for a payment services firm currently subject to FCA supervisory enquiries and a voluntary requirement restricting certain aspects of its business arising from the money laundering regulations.
- Advising dual-regulated payments business under criminal investigation in the lead up to a supervised visit by HMRC. The investigation concerned a police raid, an account freezing order, cash detention, and suspension of the client’s registration with HMRC under the Money Laundering Regulations.
- Providing background advice to a senior bank director subject to an internal investigation by his employer concerning the collapse of Greensill Capital.
- Representing key witnesses in the PRA’s investigation regarding the failure of Archegos Capital Management.
- Advising an unregulated asset management firm on compliance with the Financial Promotions Rules.
- Acting for an individual subject to a regulatory and criminal investigation brought by the FCA, alongside a concurrent civil action brought by the same regulator and a further investigation brought by the British Horseracing Authority. The same client was also subject to both a world freezing order and criminal restraint order.
- Conducting an internal review and making a report to the FCA on behalf of a contract for differences firm, following the arrest of a director and shareholder in connection with allegations of money laundering overseas.
- Carrying out an internal investigation concerning suspected market abuse on behalf of a family office.
