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.
Advised on the admissibility and categorisation of new debt and equity regulatory capital instruments.
Advised on terms of business 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.
Can you help us with an application to the PRA / FCA?
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.
We need day to day compliance support. Can you help us with that?
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.
Do you advise on regulated consumer credit issues?
Yes we do, please go to our consumer credit page for more information.
Do you do fund formation work?
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.
Legal 500 2022
Legal 500 2022