Allen & Overy LLP‘s ‘deep expertise in dealing with financial institutions‘ marks the team as an advisor of choice for household names in the sector, and regularly handles highly sensitive and complex regulatory and internal investigations mandates. The department leverages the strength of the firm’s global investigations practice across continental Europe, the US and Asia, and is noted for its ‘thoughtful approach to blending the best legal knowledge into effective teams‘. Calum Burnett heads up the London-based litigation and investigations offering, while Arnondo Chakrabarti oversees the UK-wide litigation group. Sarah Hitchins brings ‘deep expertise‘ to her defence of clients in FCA investigations into alleged criminal and civil deficiencies in their financial crime controls. Mahmood Lone is well versed in conducting internal investigations, while Eve Giles‘ specialism is in conducting financial crime investigations, including those in relation to money laundering, insider dealing and market abuse. Brandon O’Neil, who is also admitted in New York, is particularly noted for his extensive knowledge of US authority-led investigations.

The offering at Clifford Chance LLP is singled out by clients as ‘quite simply the best in the market‘, and continues to act in a significant proportion of the most intricate and notable PRA and FCA investigations in the market. Carlos Conceicao ‘teams fierce intellect with highly effective communication skills‘, and has particular expertise in cases of market abuse. Dorian Drew and Oliver Pegden ‘can handle the most difficult and complex cases with aplomb.‘ Drew frequently handles enforcement actions brought by a range of domestic and international regulators, while Pegden is highly active in internal investigations and related High Court litigation. Other notable practitioners in the ‘superb team‘ include Kelwin Nicholls, whose latest highlights include leading one of the first investigations in the blockchain sector, and Samantha Ward, whose expertise lies in data-related risks.

Herbert Smith Freehills LLP‘s client roster comprises many of the best known financial institutions across the globe. Operational resilience, consumer duties and market disclosures are just some of the core areas of focus for the firm. Lauded expert Jenny Stainsby heads up the global financial services regulatory offering, with Hywel Jenkins taking the lead in London. The team has ‘seen it all before from both sides‘, and fields numerous practitioners with experience working for major domestic and overseas regulators, including Karen Anderson. Chris Ninan primarily acts on FCA and PRA enforcement actions, while Susannah Cogman operates at the intersection between regulatory obligations and criminal law. Andrew Procter now acts as a consultant for the department. In other team news, Jon Ford made partner in May 2023.

The ‘first-rate‘ offering at Linklaters LLP is known for its expertise in handling the gamut of PRA, FCA and BoE investigations and enforcement actions. The firm’s cross-border contentious footprint enables practitioners to handle complex multi-jurisdictional mandates. Alison Wilson heads up the global litigation, arbitration and investigations offering. Martyn Hopper is experienced in representing clients before regulators, tribunals and the higher courts. Nikunj Kiri is highly regarded both for his expertise in conducting internal investigations, and representing clients in FSA and FCA investigations and enforcement proceedings. Barrister Clare McMullen brings her experience as counsel in the Enforcement Division of the FCA to the team. Ben Packer regularly handles multiple parallel investigations by authorities into firms and individuals. Counsel Elizabeth Dowd is another key team member.

With dispute resolution practice head Tom Connor at the helm, the team at Ashurst continues to act in some of the largest and most complex contentious regulatory matters, for clients spanning the full breadth of the financial services sector. The group brings ‘deep understanding‘ to issues including market abuse, trade surveillance and conflicts of interest, as well as trading controls, credit risk management and whistleblowing. 2022 was a key year of growth for the department, with Nathan Willmott and Adam Jamieson joining from Bryan Cave Leighton Paisner, in January and June, respectively. Willmott and Jamieson both have extensive experience defending both outfits and individuals in FCA and PRA proceedings.

CMS has recently been active in a number of FCA enforcement investigations and regulatory interventions, as well as handling several significant remediation projects, s166 reviews and regulatory enquiries. The firm’s client base spans banks, funds, insurance brokers, advisers, lenders, and listed companies. Ash Saluja oversees the wider financial services and products offering. Key contentious regulatory specialists include Simon Morris, Alison McHaffie and Elisabeth Bremner, all of whom have considerable experience handling all aspects of investigation and enforcement processes. In January 2023, the team was further strengthened by the acquisition of Robert Dedman from King & Spalding LLP; he brings his experience as former Head of Enforcement at the PRA to the group.

Leveraging its ‘incredible depth and breadth of knowledge‘, Hogan Lovells International LLP‘s team supports a roster of notable clients with all issues related to investigations. Philip Parish is head of the team. The firm’s cross-border capabilities significant, notably demonstrated by Arwen Handley, who has recent experience working on cases spanning London, New York, and Hong Kong. Elaine Penrose, who is singled out by clients as ‘a huge asset to the firm and to her clients‘, is active across the range of internal and regulator-led investigations. Claire Lipworth operates at the junction between regulatory and criminal mandates.

Macfarlanes LLP ‘knows perfectly how to handle complex and international cases.‘ FCA investigations and enquiries relating to market abuse issues, including market manipulation and insider trading, are the central focus for the team. ‘Very effective and wise operator‘ Dan Lavender heads up the financial services and markets dispute resolution group, while Matt McCahearty oversees the litigation department. As well as UK-based regulatory engagements, the group also handles a large number of complex international mandates, including global investigations, disputes and prosecutions. Barry Donnelly‘s broad caseload includes enforcement proceedings brought by both UK and US regulatory and criminal authorities. Laura Bridgewater's experience includes regulatory investigations and studies for major financial services entities.

Clients describe Mishcon de Reya LLP as being ‘in the Premier League for representing individuals under FCA disciplinary investigation‘, with a considerable breadth of expertise which includes market misconduct, and alleged failures of governance and oversight. Practice head Adam Epstein is regarded as ‘a leader in his field‘. Guy Wilkes stands out as ‘a charismatic and effective presence in every case‘, and has particular experience in financial crime and anti-money laundering investigations. Managing associate Elizabeth Hope is another key member of the group.

Fielding a ‘very sophisticated group of lawyers‘, Norton Rose Fulbright is experienced at all stages of the contentious regulatory process, from the emergence of potential reportable issues through to enforcement and remediation. The team’s work covers a wide range of regulators, including not only the FCA and PRA, but also the FRC, SFO, NCA and OFSI, in addition to global regulatory agencies. Much lauded duo Katie Stephen and David Harris jointly lead the London-based department, with support from Jonathan Herbst, the global head of the financial services offering. Matthew Gregory was promoted to partner in January 2023. At the senior associate level, Claudia Van Gruisen is marked out as ‘a star of the future‘.

Simmons & Simmons‘ capabilities span a broad range of issues, including regulatory investigations - such as potential misconduct, market abuse, and individual accountability - internal investigations, rule-based breaches, and the implementation of large-scale regulatory change projects. The team works particularly closely with the crime and competition departments in order to expertly handle multidisciplinary investigations involving numerous regulators and other public authorities. ‘First-rate‘ Richard Sims and ‘superb‘ Emma Sutcliffe are the key senior contacts. The firm’s deep bench also includes managing associate Douglas Robinson, who has particular expertise in handling litigation with parallel regulatory proceedings and enforcement actions by multiple regulators.

At Slaughter and May, the London-based financial services regulatory investigations practice sits within the firm’s cross-practice global disputes and investigations group, which is helmed by Richard Swallow. The group advises clients across the financial services sector on the gamut of UK, EU and global regulatory issues, and continues to excel in handling high-stakes domestic and cross-border enforcement actions. Ewan Brown and Jonathan Cotton act as the co-heads of the global investigations practice. Other key contacts include Holly Ware, Jonathan Clark and Gayathri Kamalanathan. ‘Senior figure‘ Deborah Finkler also remains an active part of the department.

The practitioners at Stephenson Harwood ‘make an extremely effective team‘, and are able to balance acting for both corporates and individuals in the most complex and high-profile cases, whether solely domestic or international. Practice head Sean Jeffrey brings a ‘razor-sharp, insightful and trustworthy‘ approach to significant FCA enforcement matters, including those regarding client money and retail products. Justin McClelland‘s broad practice covers the spectrum of contentious work, from criminal and regulatory investigations to the civil disputes which flow from them. The team has recently expanded its partner bench through the internal promotion of Alan Ward in May 2022, and the lateral hire of David Capps from Ashurst in March 2023.

Addleshaw Goddard brings a ‘calm and measured approach‘ to investigations work, with a particular emphasis on alleged market abuse and insider dealing, anti-money laundering controls, non-financial misconduct, retail mis-selling, consumer credit, and customer redress and remediation exercises. The London-based financial services regulatory group sits within the firm’s global investigations practice, which is headed up by Nichola Peters. Other key senior contacts include ‘clever, meticulous, thoughtful and phenomenally hard-working‘ David Pygott and ‘responsive and strategic‘ Sarah Thomas, both of whom work across the department's key areas of focus, and are experienced in handling FCA enforcement proceedings.

The offering at Baker McKenzie is composed of specialist financial institutions experts, working within the larger dispute resolution department. The group has particular proficiency in compliance, investigations and regulatory enforcement, and benefits from the firm’s collaborative approach, ensuring that the knowledge of the public law, employment, competition, data privacy and M&A teams is efficiently leveraged. Jonathan Peddie acts as the global chair of the financial institutions practice, while Mark Simpson oversees the financial services regulation group. Philip Annett is another key name to note.

Brown Rudnick LLP is best known for its representation of senior individuals facing regulatory investigations, and is valued by such clients for its ‘outstanding commitment to professional service‘. The practice is headed up by Peter Bibby, who brings his previous experience as head of enforcement at the FCA to the role, and is described as ‘a details man, so perfect for complicated cases on.‘ Chloe Pawson-Pounds and Ian Weinstein are the other key names within the group.

The team at Bryan Cave Leighton Paisner is marked by its ‘sophisticated understanding‘ of contentious regulatory issues and cross-border investigations. Polly James, who acts as the global co-lead of the financial services disputes and investigations department, has a wealth of experience acting on substantial and complex cases for a wide range of clients, including international banks and other financial institutions, as well as individual members of their senior management. Oran Gelb, the global banking practice co-head, also provides oversight. In a key development, highly regarded expert David Rundle joined the group from WilmerHale in May 2023.

Strong relationships with major regulatory bodies are a defining element of the Dentons practice. Katharine Harle, for example, brings her previous in-house experience at the FCA to her current role as team lead of the UK regulatory and investigations group. As a consequence of the firm’s global reach, the client base spans foreign-owned banks operating in the UK, major financial services and insurance players facing cross-border regulatory and compliance issues, and asset managers. The expertise of counsel Zeena Saleh and newly promoted partner Lara Seabourne is demonstrative of the bench strength across all levels.

Noted for its ability to advise both regulators and major financial institutions, DLA Piper continues to be a highly valued port of call for the gamut of contentious regulatory issues in the financial services space. The firm is also well regarded for building up a specialist contentious cybersecurity and data protection offering within the investigations group. Tony Katz, who acts as one of the global co-chairs for the financial services practice, is described as ‘exceptionally tactically astute‘. Sam Millar, who co-heads the investigations department, is another key contact at leadership level.

Many of the world’s largest and most established regulated institutions instruct the team at Eversheds Sutherland (International) LLP, which operates across all areas pertaining to financial crime investigations, compliance, risk advisory and enforcement matters. In a recent demonstration of its expertise, the firm has acted successfully as defence counsel in six FCA enforcement investigations involving potential criminal offences and breaches of the money laundering regulations. ‘Great lawyer and leader‘ Gregory Brandman heads up the practice, with capable support from seasoned practitioners Jake McQuitty and Julia Neal. Principal associate Adam Berry and senior associate Hayley Astles are also noted.

Fox Williams LLP is seen as a go-to advisor by boutique, challenger and foreign branch banks, as well as senior executives and mid-range investment firms facing regulatory concerns. The group is also developing a particular specialism for supporting fintech firms undergoing investigation or supervisory intervention by the FCA. A recent reorganisation means that all contentious regulatory work now sits under the umbrella of the broader financial services department, with Sona Ganatra providing oversight. Other key practitioners include Peter Wright, who regularly acts on cases involving an international element, and Sebastian Sayer, who was promoted to partner in May 2023.

Kingsley Napley LLP stands out for its focus on individual-side representation, and its stellar track record of successfully defending executives against allegations of criminal dealings in the financial services area. Recently, the firm has increasingly been involved with enforcement investigations which straddle both the approved persons regime and the senior managers and certification regime. Louise Hodges and Jill Lorimer oversee the offering from the criminal litigation and financial services sides, respectively. In May 2022, the team was strengthened by the arrival of legal director James Alleyne from the enforcement division of the FCA.

The broad practice at Latham & Watkins spans investigations, senior management responsibility, market abuse and financial crime. The firm’s global reach ensures that cross-border mandates are a regular part of the workload, with the firm leveraging its knowledge of regulators and law enforcement agencies in key financial centres to handle complex matters which cover multiple jurisdictions. Andrea Monks is the key name to note at leadership level. In team news, Nell Perks was promoted to partner in January 2023, while former practice co-head Jon Holland retired in March 2023.

At Osborne Clarke LLP, clients range from traditional financial services companies to alternative lenders and fintech providers. Other recognised practitioners include Tom Ellis and recently promoted partner Nick Price, who are singled out as ‘real heavyweights with great caseloads‘. In October 2022, the team benefitted from the arrival of Benedicte Perowne, formerly of Herbert Smith Freehills LLP, who has extensive experience handling all aspects of interactions with the FCA and PRA, from authorisations, to notifications, to enforcement. Rachel Couter oversees the offering.

Pinsent Masons LLP is differentiated by its systemic FCA regulatory breach mitigation strategies, including high-value remediation projects, FCA investigation and enforcement advice, mass action litigation, and FOS complaint defences. The contentious regulatory offering sits within the firm’s wider insurance, regulation and funds team, which is headed up by Colin Read. For the financial services angle, Jonathan Cavill is the key senior name. The group also stands out for the high proportion of ex-regulators practising, and providing a ‘unique blend of experience‘.

At Travers Smith LLP, the regulatory investigations offering comprises specialists from the financial services and markets team, and the dispute resolution department, which is helmed by ‘terrific strategist‘ Rob Fell. The cross-departmental team utilises its various strengths to handle all relevant issues pertaining to regulatory investigations, enforcement actions and disciplinary proceedings, with a particular focus on litigation, due to the contentious expertise of many of the practitioners; Caroline Edwards, Toby Robinson, Huw Jenkin and Stephanie Lee are all key names in this regard.

Investigations conducted, and disciplinary action proposed by the FCA are the primary focus at Akin, which is instructed by a core client base of investment and hedge funds, as well as C-suite individuals. Helen Marshall leads the team with a ‘very strong track record‘, supported by seasoned practitioner Ezra Zahabi.

Litigation boutique Bivonas Law LLP brings its contentious expertise to bear on complex investigations and high-profile disputes. In addition to handling the gamut of regulatory cases, the firm is also well-placed to deal with the associated civil issues and any criminal liability. Practice head Cindy Dorrington is ‘known for her robust approach when dealing with the FCA and other regulators‘.

Boutique firm Cooke, Young & Keidan LLP leverages its well-established reputation for acting in commercial and financial disputes to represent corporates, regulated firms and approved persons across a range of sectors in complex supervisory and enforcement proceedings. Recently, the team has seen a notable increase in cryptocurrency-related work. Stephen Elam is the key senior contact.

Corker Binning is ‘perfect for tricky financial services cases that don’t fit into a predefined box‘; cross-border proceedings, internal investigations, FCA-compelled interviews and dual track investigations all form part of the team’s regular workload. As a former senior lawyer at the FCA, Claire Cross has ‘a well deserved reputation for working on the highest profile disputes‘. Name partners David Corker and Peter Binning continue to play active roles in the firm; the latter has particular insight into overlapping regulatory and criminal matters.

DAC Beachcroft LLP fields a team with contentious regulatory experience extending not only to both sides of the FCA process, but also SFO and HMRC investigations, along with FOS complaints. Recently, the firm has been particularly notable in achieving successful outcomes for individuals challenging adverse decisions by UK and overseas regulators and prosecutors. Jonathan Brogden and Angela Hayes are the key senior contacts.

Under the guidance of  the ‘highly motivated, energetic and intelligent‘ Duncan Black, the team at Fieldfisher expertly deals with the gamut of contentious regulatory issues faced by service providers, asset managers, brokers and dealers. The firm is particularly noted for its niche specialism in market abuse, anti-money laundering, structured finance, London Metal Exchange businesses, and systems and controls breaches. In January 2023, the practice was strengthened by the arrival of senior associate Sam Clyndes from the FCA.

Sitting within Greenberg Traurig, LLP‘s wider litigation and white-collar team, the financial regulatory and compliance practice benefits from the firm’s considerable contentious prowess. Since the arrival of ‘go-to individual‘ Matt Hancock in November 2021, the group has been going from strength to strength, with the recruitment of Tim Dolan from Reed Smith LLP in January 2023 marking the latest notable development in the composition of the department.

Kirkland & Ellis International LLP‘s contentious regulatory practice draws upon the collective experience of both the financial regulatory, and the government and internal investigations groups. The arrival of ‘fantastic new hire‘ Julia Dixon from Linklaters LLP in November 2021 to co-chair the team alongside Marcus Thompson signalled the beginning of a concerted period of growth and development for the group. The partner bench has further expanded with the lateral hire of Shruti Chandhok from Cadwalader, Wickersham & Taft LLP in June 2022, and the promotion of Patrick Navein.

With connections to the major financial hubs of New York, London and Hong Kong, Mayer Brown International LLP is well-placed to handle law enforcement investigations with some of the world’s most sophisticated and proactive regulators, including the FCA and PRA. Chris Chapman and Alistair Graham are the key senior contacts, and both have significant litigation and arbitration expertise to complement their regulatory skill sets.

Morgan, Lewis & Bockius UK LLP‘s ‘dynamic‘ team in London is a critical part of the firm’s global contentious regulatory practice, with practitioners frequently playing a key role in matters with a cross-border element. FCA investigations and proceedings, large-scale customer redress exercises, and remediation programmes are all part of the group’s regular workload. The key senior contacts are Chris Warren-Smith, who ‘combines great strategic and tactical nous with rigorous analysis and excellent legal judgment‘, and ‘great litigator‘ Melanie Ryan.

At Squire Patton Boggs, FCA regulatory investigations, skilled person reviews, and investment mis-selling disputes – including High Court litigation and complex mass claims to the FOS – make up the cornerstone of the practice. The team is ‘not phased by challenging issues‘, and is regularly instructed to handle complex, multijurisdictional investigations relating to alleged breaches of financial crime laws and regulations. The key senior practitioners are Paul Anderson, who oversees the national financial services regulatory practice; Hannah Laming, who acts as both the UK and European head of the government investigations and white-collar crime department; and ‘intelligent and unflappable‘ Chris Webber.

Taylor Wessing LLP is typically instructed by major banks to represent their senior executives in market and product investigations, often with transatlantic elements, including around whistleblowing, trading and benchmarking. The firm has lately also been developing a significant focus on the cryptocurrency space, and is increasingly active on mandates which combine those areas of focus. Charlotte Hill heads up the UK financial services regulatory group, while Andrew Howell oversees the disputes and investigations practice.

At TLT, investigations work is particularly focused on whistleblowing, governance and policy issues. The firm is regularly instructed to represent senior managers, as well as advising industry bodies and regulators. The team ‘combines technical and industry expertise with a commercial, pragmatic approach.‘ Jonathan Hoey oversees the national banking and financial services litigation offering from Bristol, with Manchester-based James Chadwick taking the lead on much of the contentious financial regulation work.

With ‘market-leading‘ practice head Stephen Pollard at the helm, WilmerHale continues to be a firm of choice for stellar individual-side representation. Senior executives facing regulatory exposure value the firm’s ‘high quality advice‘ and breadth of experience with leading financial regulators, including the FCA and FRC. In January 2023, Richard Burger joined the team from DWF, bringing with him extensive experience acting in complex domestic and international regulatory enforcement proceedings and criminal investigations.

In keeping with its strong reputation for individual-side representation, the majority of Withers LLP‘s client base consists of senior executives of public and private businesses, as well as non-executive directors of FCA-regulated financial institutions. As well as internal investigations, the team is often instructed to advise on consequent criminal issues, as well as broader market abuse concerns. ‘Absolutely brilliant‘ Harvey Knight brings many years of experience working internally at the FSA to his role as department lead.

At boutique Constantine Law Limited, the regulatory and criminal investigations offering complements the firm’s core employment focus. The arrival of Emmeline Coerkamp from PCB Byrne LLP in January 2023 significantly strengthened the group’s capabilities in the investigations space, particularly those with a nexus to fraud. ‘Clever, professional and commercial‘ Sarah Wallace is the key senior contact.

DWF‘s ‘encyclopaedic knowledge of financial services and regulatory law‘ makes it a destination of choice for authorised organisations, senior directors and other individuals facing regulatory and internal investigations. The firm has a particular focus on anti-financial crime, and consequently is often instructed to handle dual-track FCA investigations. Former practice head Imogen Makin left the firm in January 2024.

James Sidwell brings an ‘incomparable work ethic‘ to his role as practice head at Gowling WLG. The firm runs the gamut of contentious regulatory matters, and is noted for its expertise in more niche areas, including FCA and PRA authorisation, supervision and enforcement, and mandates with a nexus to fintech, including cryptocurrency and blockchain developments.

Hickman & Rose is best known for its representation of company directors and senior executives facing serious fallout from financial services investigations. The practice draws on the firm’s notable prowess in the white-collar criminal and professional regulatory spaces to inform its financial regulatory offering. ‘Wonderful tactician‘ Andrew Katzen, co-founding partner Ben Rose, and joint chair of the financial crime department Ross Dixon are all key senior contacts.

King & Spalding LLP‘s bench strength on both sides of the Atlantic gives the firm a distinct advantage when handling US-UK mandates, and the team is consequently highly regarded for such contentious regulatory work. Practice head Aaron Stephens‘ dual qualification in the US and the UK is further emblematic of the group’s focus.

Milbank draws on its established strength in the contentious space to represent key players from the global financial services community in their interactions with the regulators. The firm’s transatlantic presence ensures that it is particularly well positioned to handle mandates with ramifications in both the UK and US. Julian Stait heads up the litigation and arbitration practice, with William Charles regularly leading on regulatory investigations work.

Under the leadership of Arun Srivastava, Paul Hastings LLP‘s London practice has developed as an international hub, operating in concert with the firm’s teams in the US and Asia to handle high-stakes investigations by foreign regulatory authorities. Jonathan Pickworth is noted for his focus on tax evasion, fraud, corruption and money laundering.

Peters & Peters Solicitors LLP brings a ‘strategic’ approach to actual and potential investigations and proceedings in the financial services sector, including those conducted by the FCA, PRA and SFO. Neil Swift brings his ‘great experience and judgement‘ to cases concerning both individual and corporate clients. Other key senior contacts include Anna Bradshaw, Maria Cronin and Nick Vamos.

A strategic focus on foreign banks, the wealth management sector, and asset-based lenders differentiates the practice at Shoosmiths LLP. The team’s broad workload spans representation in FCA enforcement proceedings and internal investigations, as well as advice on notification and reporting obligations. Follow-on litigation arising from regulatory breaches is another area of strength, with Birmingham-based national head of dispute resolution Alex Bishop providing key support in such cases. Daren Allen heads up the dedicated financial services disputes and investigations offering.

‘Increasingly visible in the market‘, Sidley Austin LLP‘s London-based group is buttressed by the firm’s well established US practice. Former FSA prosecutor Sara George brings a ‘tenacious‘ approach to her representation of corporations in crisis situations and in matters involving allegations of criminal misconduct, including market abuse, insider dealing, money laundering, cybersecurity breaches, fraud, corruption and bribery.