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    "Noted for the excellence of its white-collar defence practice"

    Chambers & Partners, 2014 edition

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    "Outstanding financial crime defence practice"

    Chambers & Partners, 2014 edition

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    "It’s a deluxe firm which pulls out all the stops for its clients"

    Chambers & Partners, 2014 edition

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    "They are the market leaders for serious crime’"

    Chambers & Partners, 2014 edition

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    "Kangs has an excellent reputation. They care about their clients and go the extra mile for them"

    Chambers & Partners, 2014 edition

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    "Kangs Solicitors is a standout firm"

    Legal 500, 2014 edition

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    "Kangs Solicitors is in the highest tier of firms"

    Legal 500, 2014 edition

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    "Hamraj Kang is noted for his very sharp legal brain"

    Legal 500, 2014 edition

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    "Kangs Solicitors fields a team of ‘technically able solicitors’
    and is well regarded for its serious crime and fraud work"

    Legal 500, 2014 edition

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    "Hamraj Kang is a shrewd tactician and very experienced"

    Legal 500, 2013 edition

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    "What the team is known for - handles an extensive array of criminal matters
    including murder, drugs and white-collar crime"

    Chambers & Partners 2013 edition

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    "Adept at dealing with cases that have an international dimension"

    Chambers & Partners 2013 edition

    FCA Powers of Enforcement | Kangs Financial Crime Solicitors

    Criminal Defence Solicitors | Vat & Tax SolicitorsNEWSFCA Powers of Enforcement | Kangs Financial Crime Solicitors

    Sep

    21

    September 21 , 2017 | Posted by Kangs Solicitors |

    FCA Powers of Enforcement | Kangs Financial Crime Solicitors

    John Veale of Kangs Solicitors summarises the legislation and regulations affecting the Financial Conduct Authority (‘the FCA’) and the various methods of enforcement available.

    The Financial Services Act 2012 | Sections 89- 91

    The FCA may use this Act to bring criminal prosecutions in relation to:

    • Misleading statements.
    • Misleading impressions.
    • Misleading statements in relation benchmarks.

    The Criminal Justice Act 1993 Part V

    The FCA may use this Act to bring criminal prosecutions in relation to:

    • Insider dealing.

    The Financial Services and Markets Act 2000

    The FCA may use this Act to bring criminal prosecutions in relation to:

    • Promotions in relation to regulated activity that are not authorised
    • Contravention of the general prohibition on conducting a regulated activity when not authorised or without holding an exemption
    • Claims to be authorised/holding an exemption in relation to regulated activity or holding oneself out as such, where not authorised

    Market Abuse Regulation

    The FCA may use this Regulation to bring civil actions in relation to:

    • Provision of insider information.
    • Insider dealing and unlawful information.
    • Market manipulation.

    The FCA’s Wide Enforcement Powers

    Fines

    The Court can impose unlimited fines in respect of any criminal convictions and also unlimited fines in regard to any breaches of the Regulations determined by civil action.

    Imprisonment

    On conviction on indictment, the Court can impose a prison sentence with maximums of between 2 and 7 years.

    General Enforcement Powers Under the Financial Services and Markets Act 2000

    The FCA may:

    • withdraw authorisation for improperly conducting regulated business.
    • stop an individual from being involved in financial services or carrying out certain regulated activities.
    • suspend a firm for a maximum of twelve months from carrying out specific regulated activities.
    • suspend an individual for a maximum of two years from undertaking certain controlled functions.
    • seek injunctions.
    • freeze assets.
    • obtain restitution notices

    Enforcement Notices

    The FCA may issue:

    • Final notices – when they take action.
    • Decision notices – when they have decided to take action.
    • Warning notices – when they propose to take action.

    The FCA may publish such notices on-line in order to inform the public and, in turn, to act as a deterrent against market abuse and insider dealer.

    They may also publish information in regard to any enforcement action that they take

    How Can We Help? | Kangs Financial Fraud team

    Kangs provides an expert  team of solicitors experienced in FCA and financial investigations of every nature from the outset through to trial.

    Our team is led by Hamraj Kang who recognised as a leader in this field and is ranked as a ‘star individual’ in the legal directory Chambers & Partners.

    If you need help in relation to any FCA investigation or prosecution, please do not hesitate to contact our team through any of the following:

    Hamraj Kang
    hkang@kangssolicitors.co.uk
    07976 258171020 7936 6396 | 0121 449 9888

    John Veale
    jveale@kangssolicitors.co.uk
    0121 449 9888 | 020 7936 6396

    Frances Murray
    fmurray@kangssolicitors.co.uk
    020 7936 6396 | 07989 521210

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