In essence, the law governing the financial services industry was originally based on company law, with layers of detailed regulation grafted onto it. It has since grown into an extensive body of law in its own right. As a result, these Chambers have also developed a specialisation in this area.
The financial services regulatory structure is now based on the Financial Services & Markets Act 2000 (FSMA) and on the rules and guidance of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), the successors to the Financial Services Authority (FSA). Already complex, the structure continues to change in modern markets and exchanges. The very complexity of the regulatory framework means that now, more than ever before, specialist advice is essential for the regulatory authorities, those they regulate and those whose activities may be affected by financial services regulation.
Members of Chambers often advise and represent all three categories. In particular, we regularly represent clients before disciplinary tribunals, such as the FCA’s Regulatory Decisions Committee (RDC), the Financial Services & Markets Tribunal (FSMT), and we also advise those subject to regulatory investigations. Members are also experienced in conducting litigation involving those concerned with the financial services industry, such as brokers, traders or funds; or involving securities traded in the financial markets, such as shares, bonds or derivatives.
More recently, the restructuring of the regulatory regime, rule changes (such as the introduction of new regimes for alternative investment fund managers and for the remuneration of financial advisers) , and continuing and fast-moving developments in the financial sector, mean that timely and accurate advice is vital for those involved. With long experience and extensive expertise in financial services law and regulation, these Chambers are well placed to assist.