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Internal investigations into regulatory misconduct: Key issues for individuals
Journal of Financial Compliance,
7
(3),
222-230
(2024)
Abstract
This paper will address key issues for individuals in respect of internal investigations prompted by significant, non-criminal, financial regulatory issues. For the purposes of the paper, the authors will focus on firms authorised and regulated by the Financial Conduct Authority (FCA) and internal investigations conducted as a result of a breach or suspected breach of FCA rules. The paper will cover matters relevant to individuals such as: (i) duty to participate, (ii) rights and obligations, (iii) access to materials, (iv) legal advice and (v) costs/the availability of insurance coverage. The analysis will be framed in the context of current FCA enforcement trends and priorities regarding both entities and individuals.
Keywords: investigations; FCA; insurance; misconduct
The full article is available to subscribers to the journal.
Author's Biography
Francis Kean joined MGP as a partner in February 2020. He was formerly at Willis as an executive director of FINEX Global, having joined in 2010, where he was the technical lead for financial lines. Prior to that he was a partner with the UK law firm Barlow Lyde and Gilbert LLP where he spent 25 years as a litigation lawyer specialising in professional indemnity, financial institutions and directors' and officers' liability in the London insurance market. He handled a wide variety of claims both for insurers and insured and has considerable experience of drafting policies and advising all parties in connection with coverage issues. He was responsible for the launch of DACRstar, the first broker derived primary Directors and Officers (D&O) form and the only D&O wording to win the Insurance Innovation of the Year award. He regularly writes a D&O blog and is a frequent speaker at conferences and events.
Menelaos Karampetsos is an associate in the Brown Rudnick's Litigation & Arbitration Practice Group. His practice focuses on economic sanctions, contentious regulatory proceedings, corporate crime and commercial litigation. His experience includes advising private equity groups, listed companies and institutional investors. Prior to joining Brown Rudnick, Menelaos worked in the Enforcement Division of the Financial Conduct Authority (FCA), and at the Serious Fraud Office. While at the FCA, Menelaos' experience included cross-border investigations into market abuse.
