Financial Services Lawyers
We have specialist Financial Services Lawyers across a variety of our Corporate, Commercial, Regulatory & Compliance, Employment, Immigration and Dispute teams.
We have many years experience assisting businesses operating in the financial services sector on a wide range of matters, from Regulatory & Compliance through to Employment and M&A.
Financial Services Regulatory Services
Regulatory & Compliance Services >
Our Regulatory and Compliance teams have extensive experience advising household names operating in many sectors in the financial services industry, including high street banks, insurance companies, insurance brokers, pre-paid card providers and independent financial advisors.
We have advised clients operating in the financial services sector at every stage of their corporate life, from:
- drafting and advising on Financial Conduct Authority applications,
- advising and preparing associated policies and procedures for businesses just starting out in the financial services sector,
- assisting long established financial services businesses with their compliance programs and reporting obligations.
For details of some of the financial services projects we have worked on, please click here.
FCA Change in Control Assistance
If you wish to increase your control in an FCA-regulated firm (outside of the permitted control bands), or acquire control in an FCA-regulated firm, you will need to obtain prior approval from the FCA. If you fail to obtain prior approval, this is a criminal offence under section 191F of Financial Services and Markets Act 2000.
To apply for a change in control, you will be required to submit a section 178 notification. These can be completed for companies or for individuals. In some instances, you may be required to submit both. It is a tricky process to navigate, as you must demonstrate to the FCA that the proposed controllers meet the relevant regulatory requirements. To do so, you will likely be required to produce documentation to highlight the skills and experience the individual or company can bring to the role.
Our regulatory team has experience in submitting successful change in control applications and are able to act as the contact with the FCA, so we can ensure that if there are any follow up questions, these are answered carefully and promptly.
The FCA is currently experiencing long delays in processing change in control applications, and as such, it is more important than ever to make sure that your application is deemed to be ‘complete’ first time around.
We can assist in every step of the process, including the preparation of supporting documents and the submission to the FCA.
Financial Services M&A
Our Corporate team includes specialist lawyers able to deal with the technical aspects relating to the sale and purchase of Financial Services Companies.
PDF: 2022 Financial Services Deal Highlights >
Financial Services Companies have their own unique set of issues, including complex payment mechanisms linked to the recurring revenue of the Company.
Financial Services Companies tend to be governed by the Financial Conduct Authority, and we are able to assist with the applications which need to be made as part of a sale of purchase.
Additionally you often see Appointed Representative Agreements being used post completion of a deal, where a seller remains with the company for a period. We have experience in drafting these to ensure that they comply with the requirements under SUP 12 of the FCA handbook.
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Key Financial Services Team
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Changes to the FCA’s Appointed Representative Regime
On the 8th December 2022, the Financial Conduct Authority (“FCA”) made changes to Chapter 12 of the Supervision Manual (SUP 12) of the FCA Handbook.
Award winning legal advice
Herrington Carmichael offers legal advice to UK and International businesses as well as individuals and families. Rated as a ‘Leading Firm 2023’ by the legal directory Legal 500 and listed in The Times ‘Best Law Firms 2023’. Herrington Carmichael has offices in London, Camberley, Reading, Ascot and Wokingham.
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+44 (0)203 326 0317
Our Services
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Herrington Carmichael is authorised and regulated by the Solicitors Regulation Authority with registration number 446245.
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