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The position of individuals in regulatory investigations: A changing landscape

Author

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  • Wilkes, Guy
  • Kean, Francis

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.

Suggested Citation

  • Wilkes, Guy & Kean, Francis, 2017. "The position of individuals in regulatory investigations: A changing landscape," Journal of Financial Compliance, Henry Stewart Publications, vol. 1(2), pages 172-182, September.
    • Handle: RePEc:aza:jfc000:y:2017:v:1:i:2:p:172-182
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    More about this item

    Keywords

    regulatory interviews; Serious Fraud Office (SFO); Financial Conduct Authority (FCA); management liability protection; directors’ and officers’ liability insurance (D&O);
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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