The Financial Conduct Authority (“FCA”) regulates the conduct of more than 56,000 businesses. Whether you are regulated or unregulated, any business or individual can face an enquiry or a criminal investigation by the FCA.
The investigation may start with an invitation to attend a compelled interview. Compelled interviews are a long-standing feature of the criminal and regulatory landscape in the UK. The Serious Fraud Office (SFO) has the power to compel persons to answer questions under section 2 of the Criminal Justice Act 1987. The Financial Conduct Authority has a similar power under section 171 of the Financial Services and Markets Act 2000 (FSMA).
Responding to an enquiry or an investigation by the FCA requires specialist knowledge and care to avoid enforcement action including: prohibition of individuals carrying out regulated activities, withdrawing a firm’s authorisation, suspension, fines, making public announcements about disciplinary action and criminal investigations.
Powers of the FCA range from: regulation under the Financial Services Markets Act 2000; regulating EU and UK Competition Law including use of cartels and other potentially anti-competitive agreements and the abuse of dominant persons; and prosecuting criminal offences including those under the Fraud Act 2006 or the Proceeds of Crime Act 2002.
Compliance at the early stages of the enquiry or investigation could avoid matters escalating into a criminal investigation. ABV Solicitors have a wealth of experience in these matters and can provide you with the specialist knowledge and guidance each step of the way.
Whether you are seeking advice to ensure that your business is compliant, have received an enquiry letter, require representation at an interview conducted by the FCA or facing a criminal investigation, contact a member of our specialist team.
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Insider dealing and market manipulation allegedly conducted by a Senior Officer of a well-known household PLC. The said Officer of the company received internal confidential information where he allegedly used that information to conduct spread betting.
Deposit taking investment scheme amounting to circa £1 million where investors were allegedly made false promises of returns. The FCA further allege breaches under the Financial Services and Markets Act 2000.
This case concerned a multi-handed and serious conspiracy to defraud investors of circa £1/2 million of fine wine. Most of the targeted investors were vulnerable and elderly. The fraud was protracted and highly sophisticated.
An investigation conducted by the Financial Conduct Authority summarised as a “boiler room fraud” where unauthorised investment advice was offered and shares were sold at pre-initial Public Offerings. The said loss is around £4.5 million where a large number of shares sold were for public limited companies. The FCA allege that a number of front […]
This case concerns a series of companies who were running a land banking scheme which fell into the description of a collective investment scheme this falling foul of the FSA Management Act. The case is said to be one of the biggest prosecutions brought.
The City of London Police investigated this investment fraud which related to the miss-selling of land and carbon credits under three land banking schemes, operated by 8 defendants, who together conspired to defraud investors of approximately £3 million by making false representations about the development value of the investments. During the investigation 3 of the […]
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