Contact details

Richard McGarry

T: +44 20 7809 2983 Email Richard | Vcard Office: London

Richard McGarry Associate

Contact details

Richard McGarry

Richard McGarry
Associate

T: +44 20 7809 2983 Email Richard | Vcard Office: London

Richard is an associate in the regulatory litigation group specialising in financial services regulation, corporate and white-collar crime. He acts for financial institutions and individuals subject to regulatory enforcement and criminal investigations and proceedings.
  • Profile
  • Services
  • Sectors

Richard has experience acting for a variety of institutions and their employees (both current and former) across the financial services sector including banks, asset managers, hedge funds, insurers and broking houses. Cases often include allegations of insider dealing, market manipulation, money laundering, conflicts of interest and breaches of confidentiality. Richard has acted for a number of individuals connected to the multi-jurisdictional LIBOR and foreign exchange manipulation investigations conducted by the Financial Conduct Authority and the Serious Fraud Office. He also has experience of equivalent investigations in foreign jurisdictions including the US and Dubai.

He acts for clients in relation to contentious financial services disputes and corporate criminal liability. He has also advised a number of institutions in respect of their various requirements and obligations arising out of the Modern Slavery Act 2015.

  • Regulatory litigation
  • Corporate crime and directors' criminal liability
  • Regulatory compliance
  • Commercial litigation
  • Dispute resolution

Allegations of manipulation in the IPO and placings market

Representing an individual involved in the FCA's first case using its concurrent investigatory powers for breaches of UK and EU competition law. Alleged breaches include those under the Financial Services and Markets Act 2000 and the Competition Act 1998.

Foreign exchange

Representing individuals subject to regulatory and criminal investigations relating to allegations of manipulation of the foreign exchange market, specifically the foreign exchange spot and derivative markets.

LIBOR – market manipulation

Acting for several individuals accused of manipulating LIBOR, advising them through internal inquiries, and through regulatory and criminal enforcement.

Market abuse

Acting for an individual in the course of defending allegations of market abuse. Richard has presented on this topic to both clients and members of the profession.

Bond market

Acting for a client involved in the FCA's cross-border investigation into the SSA bond market.

Pension transfers

Assisting an entity responding to a regulatory enquiry into the mis-selling of various pension transfer products.

Individual directors

Advising both former and current directors of financial institutions seeking redress as a consequence of regulatory investigations and corporate takeovers. Matters often include making submissions to select committees in response to the actions of governmental departments.

Compliance officers

Acting for a number of compliance officers in respect of regulatory enforcement in both the UK and the DIFC.

More: Regulatory litigation

Tesco – alleged false accounting

Advising a senior Tesco executive following allegations of manipulation of company accounts to make a misleading profit statement.

LIBOR

Assisting with the representation of a LIBOR submitter in investigations by the US Department of Justice and prosecution by the SFO in relation to allegations that submissions were dishonest.

Advising an alleged co-conspirator of Tom Hayes in connection with allegations of a conspiracy to defraud during the individual's time as a broker.

Confiscation proceedings

Advising clients in respect of confiscation proceedings, including agreed settlements.

Market abuse and money laundering offences

Advising clients such as directors and compliance officers defending allegations of both market abuse offences under the criminal regime, and the relevant criminal elements of money laundering legislation.

More: Corporate crime and directors' criminal liability

Modern Slavery Act

Richard leads the firm's cross-departmental team (consisting of members from the regulatory and employment teams, and the corporate department) in respect of advice sought by clients regarding the Modern Slavery Act 2015. Richard has advised numerous clients across various sectors (banking, aviation, retail, insurance, leisure, and manufacturing) on the Act's various (and wide-reaching) requirements and obligations.

FCA supervisory visits

Assisted regulated entities prepare for routine supervisory visits.

Advising on Approved Persons (APER) applications

Advising financial institutions on their reporting obligations to the FCA in accordance with the FCA Handbook.

Senior Managers' Regime

Advising both individuals and entities on their respective obligations under the FCA's Senior Managers and Certification Regime.

Cross-border regulatory compliance

Advising clients on the relevant regulatory standards and requirements for their regulated activities in various jurisdictions (both "off" and "on" shore).

More: Regulatory compliance

Defending an unfair prejudice petition

Acting for the defendants (and majority shareholders) in respect of a claim of unfair prejudice (s.994 Companies Act 2006).

Misfeasance in public office

Advising on the merits of a claim for misfeasance in public office.

Allegations of manipulation in the IPO and placings market

Representing an individual involved in the FCA's first case using its concurrent investigatory powers for breaches of UK and EU competition law. Alleged breaches include those under the Financial Services and Markets Act 2000 and the Competition Act 1998.

More: Commercial litigation

Defending an unfair prejudice petition

Acting for the defendants (and majority shareholders) in respect of a claim of unfair prejudice (s.994 Companies Act 2006).

Misfeasance in public office

Advising on the merits of a claim for misfeasance in public office.

Foreign exchange

Representing individuals subject to regulatory and criminal investigations relating to allegations of manipulation of the foreign exchange market, specifically the foreign exchange spot and derivative markets.

LIBOR – market manipulation

Acting for several individuals accused of manipulating LIBOR, advising them through internal inquiries, and through regulatory and criminal enforcement.

Market abuse

Acting for an individual in the course of defending allegations of market abuse. Richard has presented on this topic to both clients and members of the profession.

Bond market

Acting for a client involved in the FCA's cross-border investigation into the SSA bond market.

Allegations of manipulation in the IPO and placings market

Representing an individual involved in the FCA's first case using its concurrent investigatory powers for breaches of UK and EU competition law. Alleged breaches include those under the Financial Services and Markets Act 2000 and the Competition Act 1998.

More: Dispute resolution

  • Banks and banking
  • Funds and financial services
  • Retail and luxury goods

Banks

Acting for banks under investigation by FCA Enforcement relating to allegations of inappropriate systems and controls.

Individuals

Advising both current and former employees of banks under regulatory investigation / enforcement and involvement in alleged criminal offences.

Senior Managers' Regime

Advising both individuals and entities on their respective obligations under the FCA's Senior Managers' and Certification Regime.

More: Banks and banking

Asset managers

Advising individuals in relation to regulatory compliance and approvals.

Bond market

Acting for a client involved in the FCA's cross-border investigation into the SSA bond market.

IPOs and placings

Representing an individual involved in the FCA's first case using its concurrent investigatory powers for breaches of UK and EU competition law. Alleged breaches include those under the Financial Services and Markets Act 2000 and the Competition Act 1998 in respect of the IPO and placings market.

Hedge funds

Acting for an individual subject to an investigation by the FCA in respect of allegations of misuse of confidential information, conflicts of interest and collusion with others regarding the sale of various financial products.

Corporate broking

Acting for an individual in respect of allegations of wall-crossing and conflicts of interest.

Investment broking

Acting for a compliance officer subject to regulatory action.

More: Funds and financial services

Grocery and general merchandise

Advising a senior Tesco executive following allegations of manipulation of company accounts to make a misleading profit statement.

Multinational wholesaler

Acting for the majority shareholders of a multinational conglomerate in respect of a claim of unfair prejudice (s.994 Companies Act 2006).

Wholesale and packaged insurance products

Advising in relation to allegations of impropriety in respect of the mis-selling of insurance products.

More: Retail and luxury goods

Latest news & insights

30 Nov 2017

From Insights

FCA puts compliance functions on notice

On 23 November 2017, the FCA published the results of its research into compliance functions in wholesale banks.

More

26 Jul 2017

From Insights

US LIBOR case deals a blow to cross-border assistance and clarifies the use of compelled evidence

A US Appeals court has reversed the convictions of two ex-Rabobank employees in connection with their alleged roles in the manipulation of LIBOR.

More

19 Aug 2016

From Insights

HMRC raises the stakes for tax avoidance enablers

On 17 August, HMRC launched a consultation setting out proposals to impose punitive sanctions on those who design, promote and market tax avoidance schemes. We examine..

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01 Jun 2016

From Insights

Burden on compliance functions revealed – the real cost of the regulatory “perfect storm”

On 24 May 2015, the FCA published a report by consultancy firm John Howell on how banks have responded to rules intended to hold them accountable for money laundering ..

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09 Nov 2015

From Insights

Modern Slavery Act 2015 – s.54 in force and long-awaited guidance provided

Tony Woodcock and Richard McGarry comment on the Modern Slavery Act 2015

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07 Aug 2015

From Insights

Modern Slavery Act 2015

We discuss the Modern Slavery Act 2015.

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