Financial Services

Financial services are one of the most innovative industries in the UK, and contributes significantly to the health and success of the economy. As a result, significant amounts of time, resources, laws and regulations have been specifically allotted to its regulation. Individuals and organisations operating in the financial services sphere must have regard to the array of rules and regulations in their day to day activities. Failure to do so can have grave consequences for individuals and their carter, with organisations also vulnerable to severe penalties if they fail to comply with the obligations imposed.

Bright Line Law offers clients working in financial services access to a team of expert financial services lawyers on how to keep pace in an industry which is fast changing.If you need advice on how financial services law impact on your organisation, our team may be able to help.

Financial services law in the UK

Organisations and individuals operating in financial services are under a particularly high level of governmental, regulatory and public scrutiny. This is tied to the importance of the industry to the UK, but also to a concern to ensure that historical errors in the field are not repeated. This creates an incredibly challenging atmosphere for actors in financial services who must take note of the number of interested parties in their activities. It is important that firms and individuals operating in financial services are aided by a legal team that no only assists with regulatory compliance, but are capable of responding to accusations of wrongdoing with tenacity and vigour.  At Bright Line Law, we have developed our financial services practice to provide comprehensive assistance to our clients in an ever-changing regulatory environment.

Regulatory Services

The laws and codes that apply to businesses operating in financial services are subject to rapid, and often unexpected change. The UK operates one of the most comprehensive legal regimes in respect of financial service based organisations, which is enforced by well resourced and highly technical regulators. Owing to the complexity of the rules in this field, there is a significant risk that duties can be misunderstood or overlooked which could have long standing implications for businesses and their employees.

The Financial Services and Markets Act 2000 (FSMA) is the governing piece of legislation in this field. It lays down the foundations of the legal regime for business operating in financial services and sets out the role and powers of the industry’s regulators, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). These bodies are charged with policing complicance by regulated entities with their rules, which cover a range of areas, including but not limited to:

  • The ‘fit and proper’ persons test for individuals working in financial services;
  • The creation of new financial services and products;
  • The market standards for businesses in terms of how they operate on a daily basis, and protect the integrity of the wider financial system; and
  • The education, training and responsibility requirements for senior individuals that take a leading role in businesses working in the financial sector.

The FCA and PRA rules are complex and can be difficult to understand in a commercial context. A failure to observe the rules is significant and businesses could face significant financial penalties for a breach of these obligations, and even risk losing their licence to operate for failure to comply.

Jonathan Fisher QC
Lead Counsel

Telephone + 020 3872 2852

Case Studies

Practice Areas