A Practical Guide to the Investigation of Significant Regulatory Issues

Important Information: This course will be delivered in a hybrid format, but please note that there are limited in-person spaces available, which are offered on a first-come, first-served basis. If you see the "Join waiting list" button and wish to attend, please contact training@theia.org for assistance with registration.

The investigation of significant regulatory issues, either by the FCA or a firm, can have an enormous effect on firms. The investigation can be expensive, time consuming, resource intensive, and lead to sanctions and negative publicity for individuals and firms.

When a potentially significant regulatory issue is identified, it is crucial firms respond in a careful, considered, and strategic manner. Firms should react in a way which is consistent with their regulatory obligations, but within that, also seeks to protect their interests.

This course aims to provide practical advice and guidance for firms about how they should deal with the issues which might arise once a potentially significant regulatory issue has been identified. It considers how the firm should communicate with the FCA, from both a regulatory obligation and strategic perspective. It also considers in detail how firms may go about conducting an internal investigation into the key issues which often arise for both the firm and the individuals involved.

Key Learning Objectives:

• To understand how to respond to the identification of a potentially significant regulatory issue, including when and how to notify the FCA and how to go about investigating it in a way that best protects the firm’s interests.
• To understand important considerations for firms when conducting an internal investigation into a regulatory issue, including how to scope an investigation, what the FCA’s attitude to internal investigations is and how the investigation report may be accessed and used by others in the future.
• To learn the important considerations for individuals when asked to participate in an internal investigation, including the extent to which there is a duty to participate and factors to consider when deciding whether to participate.
• Explore potential obstacles to effectively participate in an internal investigation, including issues around access to and the provision of documents, and access to and meeting the costs of independent legal advice.

09:30   Start

• Introductions, agenda and objectives

09:45   Identification of a potentially significant regulatory issue and initial steps

• Identification of a potentially serious regulatory issue (potential sources of identification either by the FCA or the firm)
• Communicating with the FCA about the issue (notification obligations and practicalities, initial fact finding, the importance of initial communications with the FCA and how to position them)
• Protection, retention and creation of relevant document once a potentially significant regulatory issue has been identified (points to consider and practical steps to take)

10:30   Coffee break

10:45   Factors for a firm to consider when deciding how to manage and govern its response to an emerging regulatory issue

• Potential divergence of interest between a firm and individuals (obligations of senior management and directors)
• Governance arrangements for managing a response to an emerging regulatory issue (governance structure, conflicts of interest that may arise and how to deal with them, practicalities of organising and running an investigation)

11:30   Coffee break

11:45   Internal investigations into a regulatory issue

• The firm’s perspective (scoping an internal investigation, the FCA’s attitude and approach to internal investigations, disclosure and use of information obtained as part of an internal investigation)
• An individual’s perspective (extent of duty to participate, factors to be taken into account when deciding whether to participate)
• Potential obstacles to effective participation for an individual (access to documents, requests to provide documents, access to independent legal advice)
• Meeting the costs of independent legal advice (indemnities and D&O insurance)

13:00   Finish

Ian Weinstein
Ian Weinstein is a partner in Brown Rudnick’s Band 1 ranked Financial Contentious Regulatory team.

Ian specialises in representing individuals and corporations in contentious regulatory proceedings. Ian has acted on a number of high profile and significant enforcement proceedings, including acting for a former senior executive of a major U.K. bank in relation to a joint PRA and FCA investigation into the collapse of the bank during the financial crisis and acting for a large retail bank in relation to the FCA's investigation into its handling of customer complaints.

Ian also advises clients on how best to engage with regulators in order to avoid enforcement action being taken. He has helped a number of clients to prevent intense supervisory attention turning into something more problematic.

Legal counsel, compliance and all those with responsibility and oversight for running internal investigations and liaising with the FCA on identified regulatory issues.

IA Member £395.00 +VAT
Non-Member £545.00 +VAT

Pay using a credit card online, or if you wish to be invoiced please email your full details to: Training@theia.org

PLEASE NOTE: Full payment for the course must be made prior to the course commencement date.

• Any cancellation must be made in writing.
• For all cancellation received 15-30 days prior to the course start date, 50% of the course fee is still payable.
• No refund is given for a cancellation made 14 days or less prior to the commencement of a course.
• Transferring from one course to another is treated as a cancellation.
• You can substitute one delegate for another at no additional cost. In this instance, please give two business days’ notice.

Hybrid Training Courses:

Hybrid deliveries of our training allows participants on our courses the option to attend in-person here from our offices at Camomile Court, or you can attend virtually via MS Teams.

Please be advised a training course could change from hybrid delivery to solely virtual delivery. In such an event, we will inform delegates at least one week prior to the course delivery date.

There are a limited number of in-person spaces available on this course and this will be allocated on a first come first served basis.