Our banking and deposit taking clients include UK small and medium-sized wholesale and retail banks; public and private banks; the UK branches and subsidiaries of Asian, American, European, and middle-Eastern banks; and UK credit unions.

Our banking specialists help banks and other deposit takers to understand and meet their complex and ever-changing regulatory obligations in a commercial, proportionate and timely way.

We specialise in advisory and contentious regulatory work that is complex, sensitive, unusual or “bet the bank” high risk.

Banking & deposit takers expertise

  • Categorisation and admissibility of regulatory capital instruments
  • Corporate governance, systems and controls
  • Insider dealing, and other forms of market abuse
  • MiFID II and MIFIR
  • Product and Service Terms and Conditions (B2B and B2C)
  • Regulated and unregulated lending
  • Remuneration Code
  • Senior Managers & Certification Regime (SMCR)
  • Senior staff misconduct (investigations and disciplinary action)
  • Solvent and insolvent wind-down planning, and execution
  • Specialist advice on banking licence regulated activities
  • Transactional regulatory due diligence for investors
  • Categorisation and admissibility of regulatory capital instruments
  • Corporate governance, systems and controls
  • Insider dealing, and other forms of market abuse
  • MiFID II and MIFIR
  • Product and Service Terms and Conditions (B2B and B2C)
  • Regulated and unregulated lending
  • Remuneration Code
  • Senior Managers & Certification Regime (SMCR)
  • Senior staff misconduct (investigations and disciplinary action)
  • Solvent and insolvent wind-down planning, and execution
  • Specialist advice on banking licence regulated activities
  • Transactional regulatory due diligence for investors

Banking & deposit takers experience

  • Advised on the admissibility and categorisation of new debt and equity regulatory capital instruments.

  • Advised on terms of busines for restricted deposit accounts.

  • Advised a UK bank on corporate governance, internal systems and controls issues, to bring the bank’s systems into line with current best practice and to allow the board of the UK bank to meet its legal and regulatory obligations, despite the strength of, and the extent of control previously exercised over the UK bank by, its US parent.

  • Provided specialist advice on whether certain activities were permitted (or not) under the terms of an existing banking licence, followed by advice on an application for a Variation of Permission to bring ongoing and longstanding licence breaches to an end without triggering enforcement action.

  • Advised on internal investigations into actual and potential insider dealing and other forms of market abuse, disciplinary action against senior bankers and reporting to the regulators in a safe, appropriate and timely way.

  • Advised on terms of business for eligible counterparty and professional clients, using our client banks’ MiFID II investment services.

  • Advised on transactional regulatory due diligence for PEVC funds investing in established challenger banks.

Banking & deposit takers FAQs

We can, if there’s something especially novel about it; it’s unusually complex; or there’s a reason to think it might be rejected. If there isn’t, you probably don’t need a law firm, but you might need a compliance consultant.

If the compliance consultants need legal advice about something, we certainly help with that.

We can also help if the regulators ask you to get legal advice about an issue, before sharing this advice with them. For example, the regulators sometimes ask applicants (a) to get legal advice, which explains why they need to be authorised and regulated, and which particular regulated activities they need to be authorised for; and/or (b) to get a legal opinion, which confirms the regulatory capital status of their shares, and any other financial instruments they might have issued. Advice like that is right up our street.

If you need to know what a particular PRA or FCA rule means; or whether particular arrangements are rule compliant, we can help. If you need help working out how best to respond to questions from the regulators, we can help with that too. We can’t help with routine compliance activities, compliance monitoring, compliance auditing or the detailed design of new systems and controls. We may, however, be able to introduce you to a compliance consultant who can.

We can, but you might not need us.

We usually advise on regulated consumer credit issues, if (for example):

  • A client is designing a new product, and it needs to know whether there will be regulated consumer credit (or not). If there will be regulated consumer credit, we can sometimes structure the product, to get a different result.
  • A client is investing in, or buying, another business and the client needs to understand whether the target is properly authorised, and complying with its legal and regulatory obligations. All too often, we find it’s not, and we’re asked to advise on the risks and consequences of the non-compliance for the target and the acquirer, and the steps that need to be taken to sort things out;
  • A client and its business partners are entering into new commercial arrangements which depend on, or include, primary or secondary credit broking; or primary or secondary regulated lending, and want to make sure the new arrangements are lawful, and consistent with their regulatory permissions.

We draft regulated and non-regulated lending agreements; and our colleagues enforce their terms.

Our financial services regulatory team doesn’t advise borrowers, and it doesn’t give routine advice on (for example) the variation or early termination of regulated credit agreements, or the promotion and sale of regulated lending products.

We’re often asked to advise PEVC fund managers on regulatory matters, including the Alternative Investment Fund Managers Directive (AIFMD). But we don’t do fund formation work of any kind.

"The firm has excellent partners and associates, all of whom provide a great service."


Chambers UK, 2021

"The Fox Williams team has strength and depth acting for executives and other individuals is some of the most complex regulatory cases in the field."


Legal 500 2021

"Excellent knowledge of the insurance regulatory requirements and very quick to respond."


Legal 500 2021

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