The position of individuals in regulatory investigations: A changing landscape

Guy Wilkes and Francis Kean

Journal of Financial Compliance, 2017, vol. 1, issue 2, 172-182

Abstract: More attention is now being given to taking effective enforcement action against executives and senior individuals in the financial services industry both in the UK and overseas, with a noticeable similarity of approach between the Financial Conduct Authority (FCA) and US regulators. In contrast, the UK’s Serious Fraud Office (SFO) is increasingly turning its attention towards prosecution of corporates. This paper considers FCA and SFO investigation powers, particularly in relation to interviews of both subjects of investigation and witnesses. The paper also reviews recent changes to FCA and SFO processes and the impact that may have on senior employees and executives. The authors discuss how companies and individuals can prepare for future investigations and in particular how individuals can ensure that the costs of legal representation are covered either by their employer or insurers. They also set out the nature and some pitfalls of management liability insurance.

Keywords: regulatory interviews; Serious Fraud Office (SFO); Financial Conduct Authority (FCA); management liability protection; directors’ and officers’ liability insurance (D&O) (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2017:v:1:i:2:p:172-182

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