Are you facing a potential FCA fraud investigation? If so, then it is essential that you have the right legal support on hand to assist you through this difficult process. At ABV solicitors, we have experience supporting clients who have been investigated for offences such as:
We have a record of stopping investigations during an early stage as well as a history of effectively defending prosecutions that occur during investigations. Our specialist solicitors work to provide the best advice at every stage of an investigation and deliver the right solutions to clients.
The FCA
The Financial Conduct Authority (FCA) is an independent agency which operates as the main regulator in the financial markets. They provide their services to consumers while also guaranteeing that the standards for the UK financial markets are upheld and maintained. The FCA also has the power to bring forward criminal proceedings when there is evidence of misconduct involving any organisations or individuals who are operating in this sector.
If you are facing an investigation by the FCA, then it is important to understand that it has incredible levels of power when exploring whether someone has committed an offence. For instance, the FCA may:
You or your organization could be investigated by the FCA if you fail to adhere to the standards set by the government body.
Many individuals often believe that the FCA will only investigate those in senior management positions. However, this is not the case. In reality, the FCA can and has a history of targeted individuals in a wide range of positions if they are affiliated with illegal activities.
That’s why if you are contacted by the FCA then you should ensure that you immediately seek out the right legal advice and expertise. Our team of trained lawyers have extensive experience handling FCA investigations. As such, we are confident we can help you tackle this situation head on and reach a favourable outcome.
Key Stages Of FCA Investigations
There are several ke stages to an FCA investigation. Whether or not you proceed to the next stage will depend on what occurs during the previous point. For instance, it may be that there is a lack of evidence or it could have become clear that no breach of the FCA rules has occurred.
Referral For Investigation
The first stage of an FCA investigation is a referral for investigation. This occurs when the FCA is notified of a potential breach of their rules. Once this has occurred, the FCA will determine whether or not to open a new case.
Notice Of Appointment Of Investigators
Once a new case is opened, the FCA will then appoint investigators who will review the situation. This will result in a notice of appointment sent out to the individuals or business that is concerned with the specific case in question.
Scoping Discussions
After a notice has been sent out, there will be scoping discussions arranged between the FCA and the business or the individual/s concerned. This will include discussions referring to why the FCA has appointed investigators, the disciplinary process and the timing for each step.
Do be aware that at this stage it is unlikely that the FCA will explain everything to you directly. For instance, you may not be told the specific reason you are being investigated. This could be because they are working to establish more details or they may be using it to ascertain more details.
You should also be aware that there are different forms of interviews including:
It is important to note that irrespective of the type of interview chosen, you will always have the opportunity to ensure that a legal advisor is there with you throughout this process. It is essential that you do meet with a skilled lawyer who has a firm understanding or FCA investigations before you attend any interview like this. Doing so will ensure that you have a strong understanding of your rights as well as any implication attached to what you may say during an interview and the effect any caution may have on you.
A lawyer should also advise you on whether or not you should answer any questions you are asked or specific questions that the FCA may have for you. In some cases a lawyer may recommend you avoid answering any questions to avoid incriminating yourself. This could also be the recommendation if there is little to no evidence tying you to misconduct or if there has been a low level of disclosure by the FCA before an interview.
In some cases, a lawyer may advise you to avoid answering questions due to issues with your mental or physical health.
At ABV Solicitors our legal team understands all the tactics the FCA use throughout the interview process and will advise when you should and should not answer key questions. We will also guarantee that you understand all your rights and explain everything to expect from a proceeding like this so there are no nasty surprises.
Preliminary Findings Letter and Report
After the interviews have been completed, the FCA will provide preliminary findings and an investigation report sent in a letter directly to the individual or business being investigated. This will occur before a recommendation to take enforcement action is issued by the RDC. You will then have 28 days to confirm the factors or provide additional comments. A final decision will then be made by either the FCA or RDC.
In this case a warning notice or disciplinary sanctions could then be issued.
If you are facing an FCA fraud investigation, please do not hesitate to contact our expert team today. Our lawyers are ready to help you navigate this process and achieve a desirable outcome.
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