FCA Investigations, Insider Dealing & Market Abuse

"Notable strength in insider trading and rate-fixing cases." — Chambers 2024

The Financial Conduct Authority (FCA) can bring criminal prosecutions to tackle financial crime, such as insider dealing, unauthorised business, misleading statements and false claims to be FCA authorised.

Our team of expert solicitors are well known and highly regarded for defending FCA criminal investigations having developed this true specialism within the financial services space. Our team members have the expertise of advising in-house at global financial institutions, the Financial Conduct Authority and holding a Chief Risk Officer position.

Our clients are senior executives, employees and firms. We have advised senior officials from Government, the police and public bodies.

We have advised in numerous criminal FCA investigations and extricated traders and City professionals from tricky investigations. We understand the FCA’s agenda and priorities and have unique insights.

We provide cost effective, tactical and realistic advice to anyone currently under prosecution, being investigated, or worried about an investigation.

We acted in one of the first FCA criminal cases which resulted in the first acquittal for insider dealing and have acted in many others resulting in discontinuance.

Our expert team of solicitors advise on how to avoid the risk of a criminal or regulatory sanction. At the outset it is not always clear what direction a FCA investigation will take – whether regulatory, civil or criminal – but we advise on all types of investigation and enforcement action.

Our case outcomes include no further action, the FCA pursuing regulatory rather than criminal proceedings and mitigation of penalties such as private warnings, fines, censure and prohibition.

We understand that your reputation and business may be impacted, as well as having to deal with the stress of being under investigation.

Our team also has access to expert forensic accountants, as well as forensic investigators and technology experts to support you in a criminal investigation. If your case goes to tribunal or Court, we will also instruct expert barristers to assist you with the preparation and defence of the case.

Early advice from our expert team can help you to avoid large fines, disruption to your business and personal life or at worst criminal prosecution. If you receive a visit, letter or call from the FCA – whether from FCA Supervision or Enforcement – contact us as soon as possible.

Our Experience

Acted for C-suite official of pharmaceutical company under insider dealing investigation and securing no further action outcome.
Acted for CEO of AIM listed technology company in internal investigation for misleading statements to market in terms of financial information in annual accounts.
Acted for non-executive director of FTSE digital technology company under investigation for insider dealing – selling shares shortly before announcement. Securing case discontinuance for client.
Acted for partner of investment banker both under FCA investigation for insider dealing in relation to personal share portfolio. Case discontinued for client.
Acted for bank trader in internal investigation and FCA investigation into Bank of England Special Liquidity Scheme through alleged manipulation of Repo Rate. Avoided formal disciplinary action.
Acted for several traders from different banks in relation to investigations into allegations of LIBOR fixing conducted by the FCA, SFO and DOJ.
Acted for two individuals in the insider dealing case involving the £1.6bn takeover of Logica by CGI. Successfully mitigated for a suspended sentence of imprisonment following guilty plea.
Acted for former futures trader prosecuted for insider dealing provided with confidential and price-sensitive information from two investment banks concerning proposed or forthcoming takeover bids.
Acted for former Mizuho investment banker prosecuted for insider dealing and money laundering relating to trading in Canon-owned Dutch printer maker Oce BV.
Acted for finance director in NeuTec Pharma insider dealing prosecution against him and two solicitors – securing acquittal.
Acted for stockbroker under FSA investigation for paying alleged kickbacks after agreeing to receive inflated commission from hedge fund trader.

Funding

We can discuss the funding options, the proposed scope of work and budget with you. Depending on the situation, you should check whether you have any legal expenses insurance (for example under professional indemnity, Directors’ & Officers’ or household insurance policies) or consider whether a third party, such as an employer, will contribute to your legal fees (eg under an indemnity).