Financial services

Whatever the issue - whether it's developing your financial services business, taking an active part in industry change and consolidation or dealing with regulatory scrutiny - Wragge & Co's cross-firm Financial Services team can help.

By combining experts from a range of disciplines, clients in the financial services sector benefit from full-service support and market insight. Previous experience working in-house at financial institutions enhances our ability to combine commercially astute and technically excellent advice.

The Financial Services Sector Group is led by Mark Hick and Penny Sanders.

Other financial services specialists can be found here.

More than 40 lawyers regularly advise major financial institutions: banks, insurers, fund managers, exchanges and intermediaries on financial services regulation, banking and finance, funds, insurance, corporate, dispute resolution, employment, antitrust, intellectual property, IT and outsourcing, M&A, pensions and tax law.

As the financial services sector meets the challenges of the current economic landscape, regulation has never been so hotly debated. So it's more important than ever to receive specialist advice. Our track record includes helping clients avoid the pitfalls when dealing with the FSA, whether for supervisory purposes or for more contentious matters, including conducting regulatory due diligence and advising on the marketing of financial products from conception to point of sale.

Other experience across the team includes:

  • Advising on FSMA, FSA Rules and European Financial Services Directives including MiFID and the Alternative Investment Fund Managers Directive.
  • Advising Birmingham City Council on a £215 million bond issue.
  • Applying for FSA authorisation and Change of Part IV Permissionon behalf of fund managers and banking institutions.
  • Advising individuals, institutions and exchanges during FSA investigations and enforcement processes.
  • Acting for Sanctuary Housing Association on a £200 million asset-backed bond issue listed on the London Stock Exchange.
  • Advising an AIM-listed company in connection with an investigation by the London Stock Exchange.
  • Reviewing bank account and savings account terms of business for compliance with the Payment Services Regulations 2009 and the FSA's new Banking Conduct of Business Rules.
  • Acting for European Stock Exchanges, progressing discussions with HRMC in relation to obtaining exemption from SDRT and with the FSA in connection with clearing and settlement business of UK securities.
  • Acting for a major financial institution defending claims by private individuals alleging misselling of investments.
  • Advising Belvall Capital SA on passporting financial services into the UK and setting up a branch.
  • Amending and updating all current client facing investment management agreements for one of the UK's largest fund managers.
  • Advising and facilitating the approval by the FSA of two £100 million CISX-listed fund prospectuses for Stirling Mortimer (UK) Limited.
  • Advising a financial institution on putting together a Tier 2 subordinated debt instrument for capital resources requirements.
  • Employment advice to financial institutions in the context of the FSA Approved Persons regime.
  • Advising trustees on some of the largest new-style buy-out pension products. Actively involved for insurers/providers both on sale and implementation of those products (and on the development of new ones).
  • Advising a European bidder on the acquisition of a major UK payment services business.
  • Advising Royal Liver Assurance on two major outsourcing projects involving IT and business processes relating to its IFA network and its core IT function
  • Supporting LCH Clearnet on a range of intellectual property and IT related work.

Financial services regulation

Banks, building societies, fund managers, intermediaries, corporates, exchanges and individuals continue to benefit from the advice of our regulatory team.

Many years spent advising the industry means we know how the financial sector functions. We consider it our duty to be industry insiders in order to give robust, pragmatic and innovative advice to our clients. Clients call upon our expertise and consider us as an extra pair of eyes and ears in anticipating the impact of the stream of developments arising from Europe, the Treasury and the FSA.

Whether you are a financial institution or an entrepreneur with a clever idea, we can be an extension of your in-house team, your sole counsel or your trusted adviser at the end of the phone for some ad hoc advice.

For more information on financial services regulation, contact Penny Sanders (penny_sanders@wragge.com).

For more on the Financial Services team, contact Mark Hick (mark_hick@wragge.com).