The Financial Services team provides specialist legal advice to businesses regulated by the Financial Services Authority, 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.

The team attracts clients from across the UK and currently acts for:

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 in Financial Services
• Commercial Contracts in Financial Services
• Financial Services Mergers and Acquisitions
• Financial Services Litigation and Disputes
• Employment in Financial Services
• Property in Financial Services
• Corporate Recovery and Restructuring

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 whether it be a corporation, partnership, limited liability partnership or any other eligible arrangement
• The scope of permissions and the manner of registration with the FSA
• The financing of the business including corporate finance, private equity and debt arrangements
• Protection of intellectual property
• Joint ventures with others
• MBOs and MBIs

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Ongoing Regulatory Advice in Financial Services

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 financial services regulation, the Financial Services and Markets Act 2000, the FSA Handbook and all the regulations and orders behind those. This work can include:

• Granting of and variation of permissions
• Senior management systems and controls
• Fitness and propriety and disciplinary issues
• Conduct of business generally and including that for mortgage and general insurance brokers
• Corporate governance
• Promotion of the business and the technicalities of financial promotions
• Setting up and advising upon both regulated and unregulated collective investment schemes
• Money laundering
• Data protection
• Regulatory initiatives such as TCF and RDR
• Consumer credit licensing

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Commercial Contracts in 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

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Financial Services Mergers and Acquisitions

In the current economic atmosphere, there are increasingly ingenious and varied ways of acquiring, disposing or carving up a financial services business, using alternative platforms and developing new structures, and all against the backdrop of inherent or historical liabilities.

Our corporate lawyers are particularly used to seeing these issues and have a reputation for pragmatic and down to earth advice (as quoted by Legal 500 in 2008). 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
• Partnerships or limited liability partnerships
• Novation agreements, indemnities and guarantees
• Regulatory issues around a merger, acquisition disposal or restructure

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Financial Services Litigation and Disputes

Our litigation lawyers have a wealth of experience and background in financial services litigation from the City of London and 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
• Disputes with advisers relating either to their contract or commission
• Defence of claims by individuals made to the Financial Ombudsman
• Pensions disputes
• Claims against Pension Trustees, Investment Advisers and Fund Managers

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Employment in Financial Services

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

• Draft employment contracts and agreements for services
• Advise on fitness and propriety and applications for approved person status
• Advise on disciplinary suspension and termination provisions
• Advise on FSA enforcement and skilled persons report issues including representing clients at the Regulatory Decisions
• Committee and Financial Services and Markets Tribunal
• Reviewing staff handbooks and systems and controls requirements
• Advise on transfers of undertakings
• Defend claims arising from dismissal and restrictive covenant claims

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Property in Financial Services

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.
 

Corporate Recovery and Restructuring

Our corporate recovery lawyers deal with all aspects of a business in difficulty and have extensive experience of:

• Pre-packaged sales
• Administrations and receiverships
• Individual voluntary arrangements
• Partnership voluntary arrangements
• Liquidations

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