Facing an FCA investigation?

Your business being investigated by the Financial Conduct Authority (FCA) could really cost your company, but it doesn’t have to.

Are you certain your business is complying with Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) regulations?

Following the abolition of the Financial Services Authority (FSA), if you are unsure how the rules and guidance of the FCA and PRA affect your business, you can contact First4Lawyers and we can put you in touch with one of our financial regulation solicitors.

What are FCA and PRA regulations?

Since 1 April 2013, the responsibility for banking supervision and investment services shifted from the Financial Services Authority (FSA) to the PRA and FCA, under the Financial Services Act 2012.

The FCA oversees all UK firms that were previously regulated by the FSA, and regulates selling, management, and handling of investments.

While many companies will answer to both the FCA and the PRA, if you are operating a small firm then it is likely that your company will fall under the jurisdiction of the FCA and not the PRA, meaning you have only one regulator.

The PRA oversees the practices of banks, insurers, investment firms, and other capital-intensive companies, and provides regulation of the capital solidity and liquidity of the institutions under its jurisdiction.

Companies regulated by the PRA are also regulated by the FCA, as the former regulates prudential issues, while the FCA regulates conduct.

We can ensure your business meets the demands of both bodies, and we can help you take steps to protect yourself against potential investigations into your firm’s practices.

Why choose First4Lawyers?

Expert legal services for your business needs - whether it's employment law, policies or commercial property, we can help.

Free initial case review
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Our fully trained legal advisors are happy to offer initial guidance and advice for free

Panel of expert solicitors
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All our solicitors are pre-vetted and experts in providing legal services for business

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We offer advice with no obligation.  We never cold-call or apply pressure to our customers

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How do the FCA and PRA regulations affect my business?

The FCA and the PRA are addressing regulatory concerns by asking senior financial services executives to create and sign regulatory attestations.

If you are asked to provide an attestation, you will need to demonstrate your company’s compliance with regulations and show you are addressing the most pressing concerns of the FCA and PRA.

The use of attestations is intended to place greater emphasis on personal accountability, and encourage you to raise awareness of regulations amongst your staff.

The FCA handbook provides a guide to the FCA’s rules and guidance, and offers a consolidated view of the changes made to regulation since the abolition of the FSA.

This can be printed and distributed to your staff to encourage them to take notice of the new regulations and take on personal responsibility in their own work.

I am unsure if my business is compliant with FCA and PRA regulations – what should I do?

Ideally, you should instruct an experienced financial regulation solicitor to carry out an assessment of your business.

We have financial regulation solicitors who can do this and help you make a comprehensive, accurate attestation to the FCA and PRA if requested.

If you would like to arrange any of the above, contact First4Lawyers for a no-obligation discussion of your needs and circumstances.

Need a hand? First4Lawyers will...

  • Review your legal requirements for free
  • Recommend the most appropriate action based on your personal needs
  • Assign you a pre-vetted solicitor from our expert panel

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