Regulatory litigation

Versatile, experienced and talented.  A tenacious, award winning team able to provide the whole range of expertise needed when clients are confronted by regulators.  Our reputation for advising and representing clients in the most complex investigations and enforcement actions in the financial sector, including the FCA and the PRA, is outstanding.  
  • Profile
  • Experience
  • Key contacts
Our regulatory litigation practice has been at the forefront of high profile investigations and enforcement for many years.  It acts for individuals and corporates.  Clients include senior executives as well as retail and investment banks, hedge funds, and professional service firms. The team includes former prosecutors and regulators.

We assist the client from the first call of the regulator, the information gathering and interview processes, making representations to the Regulatory Decisions Committee, and taking cases to the Upper Tribunal and beyond.  Where appropriate, we negotiate settlements and design redress and remediation programmes.  We also act on contested authorisation and approval applications.

Recent instructions have included acting for clients who have been targeted by regulators and prosecutors in the UK and overseas in the global investigations into the manipulation of LIBOR and the FX markets.  These cases exhibit the team's capabilities in both the regulatory and criminal contexts of trader misconduct and in regulatory investigations into systems and senior management failures.

We work closely with colleagues in other specialist areas of the firm, notably funds, regulatory, compliance and employment.

With the increasingly global nature of regulatory litigation, we have well established links with high quality firms in other jurisdictions, as well as our own overseas offices. 
 

"responsive and highly effective in their handling of a range of complex issues'"
The Legal 500 UK 2019

LIBOR

Representing individuals under investigation by the FCA and various US financial regulators for involvement in the manipulation of LIBOR and for the inadequacy of systems and controls to prevent manipulation.  

FX – trading misconduct

Acting in the regulatory investigations by authorities both in the UK and the US of a number of employees of major global investment banks accused of rigging in the G10 FX Spot trading desk.

FX – systems and controls failures

Representing the heads of FX at two global investment banks in an investigation by the FCA into their responsibility for systemic failings on the G10 FX Spot trading desks, leading to large scale fraudulent activity by desk traders.  

Senior management – organisational failings

Defending John Pottage and Matthew Brumsen in attempts by the FSA to penalise them for failing to take reasonable care in organising and controlling the affairs of UBS, following a fraud in the bank's private wealth business.

Fraud – systems failings

Representing one of the largest asset management firms in the City of London in an investigation into the alleged inadequacy of its systems to prevent fraud.

Remediation 

Acting for financial institutions in relation to selling issues concerning retail products and the design of schemes of arrangement to provide redress.

Conduct of business rules

Acting for HSBC in FCA enforcement proceedings for alleged conduct of business rule breaches in its role as depositary to the Arch Cru funds, including participating in a mediation to arrange for investor compensation.

Parliamentary Commission on Banking Standards and the HBOS Review

Acting for Peter Cummings in enforcement proceedings brought against him by the FCA in his role as CEO of the corporate division of HBOS, and subsequently advising him in his evidence to the PCBS and the HBOS Review, including its Maxwellisation process.

Anti-money laundering

Acting for a bank and a hedge fund in relation to failings in their anti-money laundering procedures, drafting new procedures, and representing the MLRO in disciplinary proceedings.

Relations with regulators

Working with two magic circle firms in defending the Prudential and its global CEO in an investigation and proceedings by the FCA into the Prudential's failure to notify the FCA of its intention to acquire AIA.

Judicial review

Challenging the abuse of power by regulators, including setting aside unlawful search warrants and compelled information requirements, and curbing proposed enforcement steps. 

Insolvency 

Advising RBS and staff in an internal investigation into allegations that borrowers were inappropriately placed into insolvency and an inquiry conducted under section 166 of the Financial Services and Markets Act 2000.
Lawyer

Tony Woodcock Partner

T:  +44 20 7809 2349
M:  +44 7825 625 903 Email Tony | Vcard Office:  London

Latest news & insights

22 Oct 2018

From Insights

Developments and trends in FCA enforcement (webcast 2018)

Ellen Gallagher takes a look at the trends emerging from FCA enforcement action against firms and individuals over the last year and looks forward to consider what the..

More

25 Sep 2018

From Insights

Disclosure of privileged documents ordered in regulatory investigation: ground-breaking High Court decision

In what "is believed to be the first application of its type to have reached the courts", Arnold J granted an order requiring Sports Direct International PLC to disclo..

More

17 Sep 2018

From Insights

Extra-territorial document requests: the long arm of the law just got longer

Amid the hubbub of the Court of Appeal's decision in Serious Fraud Office v Eurasian Natural Resources Corporation[1], another important judgment involving the Serious..

More

12 Sep 2018

From Insights

Privilege and Investigations: Court of Appeal restores ambit of litigation privilege

In Director of the Serious Fraud Office v Eurasian Natural Resources Corporation Ltd [2018] EWCA Civ 2006, the Court of Appeal overturned an earlier ruling of Mrs Just..

More

22 Aug 2018

From Insights

SARs: a need for change, but in which direction? - the Law Commission consults

This alert examines the key topics raised in the Paper, and sets out the various proposals that the Paper puts forward.

More

10 Aug 2018

From Insights

The new Enforcement Decision Making Committee

On 3 August 2018, the Bank of England (the "Bank") published the Policy Statement "PS/EDMC2018" to establish the Enforcement Decision Making Committee (the "EDMC").

More

26 Jul 2018

From Insights

FCA Enforcement Annual Report 2017/2018: The year in review

On 19 July 2018 the Financial Conduct Authority ("FCA") published its latest Enforcement Annual Performance Report (the "Enforcement Report"), providing an overview of..

More

30 May 2018

From Insights

No duty of equal treatment or fairness owed to those under a Competition and Markets Authority ("CMA") investigation

On 16 May 2018 the Supreme Court allowed an appeal by the Competition & Markets Authority against a Court of Appeal judgment that found that the Office of Fair Trading..

More

20 Mar 2018

From Insights

FCA takes action against Vanquis Bank

On 22 August 2017, Vanquis Bank Limited confirmed that it was co-operating with an investigation by the Financial Conduct Authority into the sale of one of its credit ..

More

28 Feb 2018

From Insights

FCA Consultation: Extending the Financial Ombudsman Service to SMEs

On 22 January 2018, the Financial Conduct Authority published a consultation paper, proposing that more small and medium sized enterprises should be allowed to refer d..

More

17 Jan 2018

From Insights

Investigation and enforcement: the FRC and FCA enter into a Memorandum of Understanding

On 20 December 2017, the FRC and the FCA entered into an MoU. The purpose of the MoU, although not legally binding, is to "assist co-operation and co-ordination" betwe..

More

16 Jan 2018

From Insights

FCA consults on transition to SM&CR

The FCA notes that "individuals at Limited Scope Firms and Core Firms will be automatically converted wherever possible, with no action required by firms".

More

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

09 Nov 2017

From News

Stephenson Harwood achieves successful stay in Tom Hayes FCA ban proceedings

Law firm Stephenson Harwood LLP has advised former trader Tom Hayes in successfully halting a Financial Conduct Authority (FCA) ban.

More

31 Oct 2017

From Insights

Important changes to the SAR regime

On 31 October 2017 Sections 10 – 12 of the Criminal Finances Act 2017 (the "Act") will enter into force, making the most significant changes to the money laundering re..

More

02 Aug 2017

From Insights

Regime change: FCA consults on extending the Senior Managers and Certification Regime to all FCA firms

The way in which the FCA regulates individuals in financial services is changing. On 26 July 2017 the FCA published a consultation on extending the Senior Managers and..

More

print-footer
logo
© Stephenson Harwood LLP 2016. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP.