Eversheds International

Fraud and Financial Crime

Investigations by the FSA

The challenges

In relation to investigations and enforcement, the Financial Services Authority (FSA) has indicated that in the next few years it will use the criminal powers contained in the Financial Services & Markets Act 2000 (FSMA) more widely than it has in the past.

The FSA's enforcement division is now targeting individuals and companies criminally in an effort to stamp out market abuse by insider dealing, misleading statements and the like.

The regulated financial services sector needs to be aware of the shift in emphasis by the FSA and where necessary take early and immediate steps to minimise the threat of criminal action.

How we can help

At Eversheds we have extensive experience in FSA enforcement action and a dedicated team specialising in criminal investigations.

Our experience includes defending both companies and individuals in contentious regulatory investigations and proceedings, particularly where criminal liability may exist.

We can advise a client through the entire process from initial disclosure request or interview through to the criminal proceedings themselves.

Our understanding of the needs of a business are such that we approach our investigations with sensitivity and care in an effort to negotiate with the FSA either to ensure any criminal investigation is dealt with in the disciplinary arena or is concluded by way of private warning.

We also undertake compliance audits and we can assist with staff training and know-how.