Financial Services Regulatory

The world of financial services is complex, yet it’s critical that firms remain informed of regulatory change and the ever developing rules and laws that impact their sectors, to manage risk and deliver services to customers effectively. 

Our experts help firms to navigate the regulatory perimeter – from start-ups and new market entrants to international firms and cross-border service providers.

We are focused on delivering pragmatic solutions, drawing on our range of sector experience to ensure a practical and commercial approach to our advice, to help you operate effectively in your relevant field. With proven in-house experience too, we’re well placed to understand your firm’s broader legal and business needs. 

We work with a wide range of financial service businesses, assisting on regulatory matters – these include insurance market participants, banks and alternative lenders, payment service providers, firms operating in the consumer credit sector, wealth and investment managers, novel businesses utilising cryptoassets and blockchain technology and FinTech innovators. 

Equally we support unregulated firms in partnering/contracting with financial service providers, or those who operate outside of scope of the UK’s regulatory perimeter due to exemption or type of services provided.

Our financial service regulatory specialists can assist you with:

• matters deriving from key financial service law, including the Financial Services & Markets Act (FSMA), Regulated Activities Order, Payment Service Regulation, and associated regulation.
• advice in relation to regulated activities; financial promotions; and statutory exemptions; 
• launch of new and innovative financial products and services across a range of sectors, including distribution model, contract design and structuring;
• interpretation of Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) rules, guidance, and consultations;
• FCA and PRA regulatory applications; including in relation to new authorisations; variation of permissions; Senior Manager & Certification Regime (SMCR); and appointed representative arrangements; and 
• regulatory change, including provision of training and tailored advice on how regulatory developments will impact your business.

Our broader legal expertise means we are on hand to support with regulatory matters linked to other service areas. This includes corporate transactions, investments and restructures, employment matters, commercial contracts and disputes.

Some recent highlights of our financial service regulatory work include:

• Global insurance intermediary - advice on UK launch and regulatory environment, including Financial Conduct Authority (FCA) applications in relation to variation of permissions and change in control, plus insurance distribution design and appointed representative arrangements. 
• Authorised payment institution - negotiating critical service agreements for a new card/e-money/wallet programme with a UK electronic money institution, advice on the Payment Service Regulations and safeguarding, and drafting of consumer and business user framework agreements. 
• UK Neobank - supporting a newly regulated UK bank to create bespoke framework agreement and product terms, including embedded finance solutions, and advising on Financial Services and Markets Act 2000 (FSMA), Regulated Activities Order (RAO) and Payment Services Regulation (PSR) regulatory matters and horizon scanning.
• Annex 1 financial institutions - advice in implementing appropriate controls, policies and procedures as required by the UK’s Money Laundering Regulations. Assistance in securing FCA registration as an Annex 1 financial institution, for multiple alternative lending businesses, and regulated activity advice and perimeter guidance on the nature of lending activities.
• Corporate advisory - assistance with domestic and international corporate transactions including advice and guidance on regulatory responsibilities of parties, regulatory due diligence, associated FCA applications/notification and input on transaction documents – such as SPAs, Disclosure Letters, and negotiation of warranties and indemnities. Transactions have involved a range of areas, including e-money and authorised payment institutions, insurance intermediaries, investment firms and consumer credit firms.