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 group 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 and at the Financial Services Authority enhances our ability to combine commercially astute and technically excellent advice.

The Financial Services 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 including banks, life and general insurers, building societies, fund managers, exchanges, payment services and electronic money providers, platforms, retail credit providers and intermediaries on a broad range of matters. Together they combine expertise in financial services regulation, banking and finance, funds, insurance, corporate, dispute resolution, employment, competition, 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 regulator, 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.

"Thank you on behalf of TransferGo team for your important and highly valued contribution to our API application. It was really helpful to have you on board. It was pleasure working with you and we are happy to recommend you to others"

Other experience across the team includes:

  • Advising on the FSMA, FCA Rules, and European Financial Services Directives including MiFID2, EMIR and the Alternative Investment Fund Managers Directive.
  • Applying for FCA and PRA authorisation and Change of Part IV Permission on behalf of fund managers and banking institutions.
  • Working with our M&A teams on change of control submissions.
  • Advising individuals, institutions and exchanges during investigations and enforcement processes conducted by the Regulators.
  • Acting for Sanctuary Housing Association on a £200 million asset-backed bond issue listed on the London Stock Exchange.
  • Reviewing bank account and savings account terms of business for compliance with the Payment Services Regulations 2009 and the FCA'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.
  • 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 FCA 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.
  • Supporting LCH Clearnet on a range of intellectual property and IT related work.

Financial services regulation

Banks, insurers, 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 and the regulator 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, taking the lead on those issues that matter to them most. 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 FCA.

Our experience in working with clients and financial sector trade associations on a range of issues keeps us in tune with the sector and how it's evolving. For example, we recently contributed to industry focus groups on matters as diverse as the FSA's suitability guidance, the Independent Commission on Banking and HM Treasury's consultation on reforming financial regulation.

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 group, contact Mark Hick (mark_hick@wragge.com).