Financial services

The Financial Services Regulation team provides specialist legal advice to businesses regulated by the Financial Services and Markets Act, and to all users of, and providers to, the financial services sector. In addition, the pensions team provides specialist advice to pension providers, trustees and pension scheme beneficiaries.

We currently act for:

  • Life Assurers
  • Banks
  • Investment managers
  • Friendly societies
  • Financial advisers
  • Building societies
  • General insurers and brokers
  • Pension Trustees
  • Mortgage brokers

All members of the team are well versed in the practical and commercial issues which are at the heart of day-to-day life in business in the financial services sector, not only through the practical experience of doing business, but also through non-executive directorships.

The range of advice includes the following areas:

  • Set Up and Registration of Financial Services Businesses
  • Ongoing Regulatory Advice
  • Commercial Contracts for Financial Services
  • Mergers and Acquisitions of regulated businesses
  • Financial Services Litigation and Disputes
  • Employment in Financial Services

Set Up and Registration of Financial Services Businesses

We can assist with advice on the most appropriate format for a business for both asset protection and limitation of liability. This area is likely to cover:

  • The legal format
  • The scope of permissions and the manner of registration with the PRA and/or FCA
  • The financing of the business
  • Protection of intellectual property
  • Joint ventures with others
  • MBOs and MBIs

Ongoing Regulatory Advice

We can assist all levels of a business from senior management to internal compliance or audit personnel with our own staff at an appropriate level in order to ensure the business is supported on all issues arising out of the Financial Services and Markets Act 2000.

This work can include:

  • Granting of and variation of permissions
  • Senior management systems and controls
  • Fitness and propriety and disciplinary issues
  • Corporate governance
  • Financial promotions
  • Money laundering
  • Data protection
  • Regulatory initiatives such as TCF and RDR
  • Consumer credit licensing

Commercial Contracts for Financial Services

We are familiar with and draft a wide range of agreements used to carry on a financial services business. These may involve:

  • Arrangements with internal and external sales personnel including appointed representative, introducer and employment agreements
  • Network agreements
  • Joint venture agreements
  • Outsourcing agreements
  • Terms of business and key facts documentation
  • Drafting of policy and product documentation
  • Mortgage documentation
  • Confidentiality agreements
  • Agency agreements
  • Fund, discretionary and client management agreements

Mergers and Acquisitions of regulated businesses

In the current economic atmosphere, there are increasingly ingenious and varied ways of acquiring, disposing or carving up a financial services business sometimes against the backdrop of inherent or historical liabilities. The transactions may involve a wide range of documentation covering:

  • Sale and purchase agreements for both assets and shares
  • Specialist agreements to deal with client lists, commission streams or particular books of business
  • Undertaking regulatory due diligence in preparation for transactions
  • Advising on restructurings and hive ups and downs

Financial Services Litigation and Disputes

Our litigation lawyers have a wealth of city experience and background in financial services acting for national clients. We are also promoters of using all forms of alternative dispute resolution in order to resolve client’s disputes as quickly and efficiently as possible. Cases may involve:

  • Professional negligence by advisers both financial services and professional
  • Claims by clients for misrepresentation, mis-selling or unexpected losses
  • Disputes and breaches of current commercial contracts
  • Disputes with insurers and reinsurers
  • Defence of claims by individuals made to the Financial Ombudsman Service
  • Pensions disputes
  • Claims against Pension Trustees, Investment Advisers and Fund Managers

Employment in Financial Services

Fitness and propriety are key to the regulation of approved persons, and contracts need to be suitable and enforceable, with appropriate job specifications. Our employment team will:

  • Draft employment contracts and agreements for financial services
  • Advise on fitness and propriety and applications for approved person status
  • Advise on disciplinary suspension and termination provisions
  • Advise on PRA and/or FCA enforcement and skilled persons report issues
  • Reviewing staff handbooks and systems and controls requirements

SIPP’s and SSAS’s

We have lawyers who are experts in the requirements for transfers of property and other assets in SIPPs and SASSs and who act for the trustees and insurance companies involved in such pension schemes.




Ramona Derbyshire
01793 412581
07876 547859
Alastair Govier
0117 930 9551
07879 634059
Elaine Meyrick
0117 930 9517
07587 776439
Jonathan Payne
01793 412643
07786 197208
Emily Prout
Associate Solicitor
01793 412549
Mike Tomlin
(+44) 117 930 9590
(+44) 7879 405988

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