The Financial Conduct Authority (FCA) has a wide range of powers and a major role in regulating financial services and the financial markets.
It regulates 58,000 financial services firms and financial markets in the UK and investigates and penalises those that breach financial regulations. Banks, building societies and credit unions are regulated by the FCA, which also investigates mortgage lenders, pensions and insurance providers, electronic payment systems, fintech companies, finance and investment advisors and (from April 2019) claims management firms.
An FCA investigation is something that no corporate or senior business figure would welcome. But Rahman Ravelli is a market leader in the fields of FCA investigation, regulation and compliance; trusted and relied on by many major companies and individuals to provide expert legal representation. That representation is based on our in-depth knowledge and experience of how the FCA functions.
We challenge the FCA’s assumptions and protect a client’s interests, assets and reputation.
Any major company, organisation or executive faced with an FCA investigation needs to be secure in the knowledge that they are being represented by those with the expertise to ensure their interests are being protected as strongly as possible. That is what we do.
We steer a course through the complexity, devise the most appropriate course of action and are on hand at all times to provide an immediate, and often innovative, response to any challenges presented by the FCA. We manage the problem and have the skills and speed of thought to gain the best results.
When the FCA is looking to pursue a criminal or civil penalty, we construct a robust, detailed defence for clients. We defend companies, organisations and senior business figures in the biggest and most complex, multinational criminal cases ever brought by the FCA. We did the same with its predecessor, the Financial Services Authority (FSA).
There are many ways that an individual’s or a firm’s conduct can come under FCA scrutiny. The FCA is opening increasing numbers of investigations and is looking to be more proactive. It expects senior management to be aware of risks and capable of devising and introducing appropriate preventative procedures.
At the first signs of an FCA investigation, it is important that a well-planned and properly-conducted internal investigation is carried out to assess the credibility of any allegations that have prompted the FCA’s interest. We have vast experience of carrying out such investigations.
UK legislation such as the Financial Services and Markets Act 2000 and European Union law, including the European Regulation on Market Abuse (MAR) and the Markets in Financial Instruments Directives (MiFID and MiFID II), have placed greater responsibility on those working in financial markets.
No one can afford to be unaware of these responsibilities. If they are, they need to seek advice immediately from an experienced FCA solicitor. As expert FCA solicitors, we understand the demands of the corporate world and the added pressure that an FCA investigation can bring.
The FCA exists to protect the integrity of the markets. Rahman Ravelli's team of highly experienced lawyers is here to protect your interests.
The Financial Conduct Authority (FCA) investigates potential breaches of financial regulations across a wide range of sectors. This includes banks, building societies, mortgage lenders, insurance providers, pension firms, investment advisors, fintech companies, electronic payment systems, and claims management firms. Investigations can be criminal, civil, or regulatory in nature and may target firms, senior managers, or other individuals working in regulated roles.
An FCA investigation can be triggered by a range of factors including suspected market abuse, insider dealing, anti-money laundering failures, mis-selling, fraud, or breaches of the FCA's Principles for Businesses. The FCA also investigates conduct that falls short of the standards expected under the Senior Managers and Certification Regime (SM&CR). It may open an investigation following a tip-off, a supervisory review, a whistleblower report, or intelligence gathered through its own monitoring activity.
FCA investigations have historically taken a significant amount of time to conclude. The average duration for cases closed in recent years has been around 39 months, though some investigations have remained open for five years or more. The FCA has made reducing this timeline a strategic priority, and recent enforcement data shows it has closed a number of investigations in under 16 months. The duration depends on the complexity of the case, the level of cooperation from those under investigation, and the nature of the alleged misconduct.
The FCA has extensive powers under the Financial Services and Markets Act 2000 (FSMA). These include the power to compel the production of documents, conduct compelled interviews, apply for freezing orders and asset recovery, impose financial penalties, withdraw regulatory approval, and pursue criminal prosecutions. The FCA can also seek disgorgement of profits and impose public censures. In 2024/25, the total value of financial penalties issued exceeded £186 million.
Under its updated Enforcement Guide (in force from June 2025), the FCA retains the 'exceptional circumstances' test for publicly naming firms under investigation, having abandoned earlier proposals to introduce a broader 'public interest' test. However, the FCA can now announce investigations into suspected unauthorised activity, reactively confirm investigations already disclosed by a firm or other body, and publish anonymised statements to educate the industry. Whether an investigation becomes public depends on the specific circumstances of the case.
If you or your firm are notified of an FCA investigation, you should seek specialist legal advice immediately. Early legal representation is critical to protecting your assets, reputation, and legal position. A well-planned internal investigation should be conducted promptly to assess the allegations that have prompted the FCA's interest. You should not wait for the investigation to conclude before taking remedial steps, as the FCA will take into account actions taken to address harm when determining any sanction.
Yes. The FCA regularly investigates and takes action against individuals, including senior managers and certified staff, as well as corporate entities. Under the Senior Managers and Certification Regime, senior management are expected to take personal responsibility for ensuring their firms identify risks and maintain effective systems and controls. Where they fail to do so, the FCA may pursue cases against individuals in addition to, or instead of, the firm itself.
FCA investigations are complex, high-stakes proceedings that can result in substantial financial penalties, criminal prosecution, loss of regulatory approval, and serious reputational damage. A solicitor who regularly advises in FCA investigations can advise on your obligations, manage your response to information requests and compelled interviews, conduct a privileged internal investigation, and mount a robust defence if proceedings are brought.
