Outer Temple Chambers’ specialist Financial Services & Regulation Team acts in all aspects of financial services regulation – from early advice around issues such as whether or not the Perimeter Guidance has been breached, through to advising upon legal strategy and tactics in response to investigations brought by the FCA’s Enforcement Division, and thereafter through to representation before the Regulatory Decisions Committee of the FCA, and the Upper Tribunal. Our clients include financial and regulatory authorities, household name wealth management firms, through to IFA’s, mortgage brokerages and individual traders.

Our financial services barristers specialise in cases with an emphasis on commercial litigation and arbitration, civil fraud and regulatory matters, involving the Financial Conduct Authority (FCA) and other regulators. Chambers has for many years ensured that its junior barristers undertake secondments to the FCA, and this experience ensures an in-depth insight into how the Regulator operates and approaches contested enforcement proceedings.

Various members of the team are also contributors to the Encyclopaedia of Forms and Precedents (Financial Services), published by Lexis Nexis.

Financial Services Experience

Our work includes matters relating to:

  • Advising in relation to FSMA (Regulated Activities) Order 2001 and whether activities come within it.
  • Advising upon perimeter queries and whether or not it has been breached.
  • Advice on collective investment schemes.
  • Advising upon whether regulated contracts or arrangements are unenforceable under s.27 FSMA.
  • Advising and acting in cases involving alleged breaches of the FCA Handbook, for example COBS, and related civil litigation through the gateway of s.138D FSMA.
  • Advising firms in relation to FCA s.166 reports and the s.166 FSMA process.
  • Advising senior management figures individually, and firms collectively, with regard to FCA enforcement actions, and also with regard to whistleblowing obligations.
  • Acting for individual traders in response to investigations brought by the FCA and international regulators (e.g. DoJ, SEC).
  • Advising upon alleged misselling, to include complaints brought before the Financial Ombudsman Service (FOS).

Some examples of our recent financial services regulation work includes:

  • Advising the board of a high profile wealth management entity as to whether its business model had unintentionally placed its members in breach of the RAO;
  • Advising a household name lending platform with regard to the enforceability of its underlying security arrangements (the cumulative value of which ran to many millions of pounds), in the context of s.27 FSMA;
  • Advising a high profile CEO (SMF1) with regard to the individual’s whistleblowing obligations as a result of various CASS breaches which had occurred within his wealth management firm, which firm had millions of pounds under active management;
  • Acting for a major wealth management firm in multiple complaints of misselling brought before the FOS, arising out of pension transfers into SIPPS, with a cumulative value of over a million pounds;
  • Acting for a senior compliance officer of a major global financial institution in respect of enforcement proceedings brought by the FCA;
  • The JP Morgan “whale trader” global investigation – various members of chambers acted for a former credit derivatives trader at JPM, accused of mismarking the trading book leading to billions of pounds worth of losses.

The team boasts a number of members ranked in both Legal 500 and Chambers & Partners. More details can be found on our member profile pages.

Financial Services Barristers

Andrew Spink QC

Call: 1985 Silk: 2003

James Counsell QC

Call: 1984 Silk: 2017

David Russell QC

Call: 1977 (Australia) Silk: 1986

Robert Rhodes QC

Call: 1968 Silk: 1989

Andrew Short QC

Call: 1990 Silk: 2010

Nicolas Stallworthy QC

Call: 1993 Silk: 2011

Keith Bryant QC

Call: 1991 Silk: 2013

Richard Hitchcock QC

Call: 1990 Silk: 2014

James Leonard

Call: 1989

David E Grant

Call: 1999

Michael Uberoi

Call: 2004

Saul Margo

Call: 2005

Oliver Powell

Call: 2006

Clare Baker

Call: 2007

Nicholas Hill

Call: 2008

Helen Pugh

Call: 2008

Justina Stewart

Call: 2010

Stephen Doherty

Call: 2013

Bianca Venkata

Call: 2014

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