This book primarily provides assistance to litigators who find themselves acting for or against firms in contentious regulatory matters. The material covered is broad in that it covers matters of civil, criminal, administrative, and public law. It is also highly focused in that it is intended to act as a practical handbook for litigators; detailed explanations are given of practice, procedure, evidence, and remedies at the expense of general commentary on the non-contentious aspects of financial regulation. The book starts with two chapters that are primarily contextual. Chapter 1 provides an overview of the UK financial regulators whilst paying particular attention to the relationships between them and the ways in which those interactions can pose problems for litigators and the firms they represent. Chapter 2 summarises the authorisation process and its procedures, as well as the Senior Managers and Certification Regime. In both cases, it provides practical advice for firms and individuals in composing and submitting applications for authorisation and approval. Chapter 3 deals with the increasingly important topic of investigations and information gathering. It pays particular attention to the settlement of investigations and the FCA's procedures for determining discounts. The heart of this book is found in Chapters 4-7, which cover the various forums in which firms can be challenged for failing to adhere to regulatory standards. Unlike many works dealing with financial services regulation, which so often seem to focus on civil liability, this book aspires to be equally helpful to the criminal litigator. Criminal liability is therefore split in two. Chapter 4 covers practice, procedure, and evidence. Chapter 5 covers the substantive offences, defences, and sentencing. Civil liability is found in Chapters 6 and 7. Civil enforcement action taken by regulators, including RDC procedure, penalties, and an analysis of the basis and scope of the raft of potential remedies available to the regulator, are covered in Chapter 6. Individual action by investors and consumers is considered in Chapter 7 alongside wider legal principles that may come into play such as litigation. This chapter for the first time includes a detailed analysis of the types of claims often encountered by firms, including case studies on PPI and interest rate hedging products. Redress, complaints, the Financial Ombudsman Service, and relevant procedure are analysed in Chapter 8. Finally, Chapter 9 provides an overview of the independent methods of challenging regulators, including judicial review and the Financial Services Complaints Commissioner.

Financial Services: Authorisation, Supervision and Enforcement provides litigators and compliance advisers with an understanding of the powers available to the Financial Services Authority in the context of the regulatory regime established under the Financial Services and Markets Act 2000. It also clearly sets out the processes for authorisation and examines the meaning of 'regulated activity'. The text comprehensively explains the investigatory powers, sanctions and remedies available to the FSA, and the procedures applicable to their exercise, giving invaluable assistance to those advising and representing firms in proceedings involving the FSA. All such proceedings are considered, whether they take the form of an FSA investigation, disciplinary proceedings involving the Regulatory Decisions Committee or the Financial Services and Markets Act Tribunal, civil proceedings in the High Court, or a criminal prosecution. Russen not only makes extensive reference to the detailed provisions of the FSA Handbook, but also addresses, where appropriate, particular issues of practice and procedure that are likely to have an impact upon FSA investigations and any civil or criminal proceedings instituted by the FSA. In addition to its detailed treatment of the procedure governing action and litigation by the FSA, the book contains chapters on the authorisation process and on the substantive law (including complex secondary legislation) relating to money laundering, market abuse and financial promotions. Each of these areas is at the heart of the FSA's role as the single regulator of the financial markets in the UK and has been the subject of recent and substantial change both internally and as result of European developments. The powers of the FSA and the procedures relating to enforcement and litigation in this area are examined in the context of the authorisation rules and ways in which authorised entities may commit regulatory offences.

Companion website: www.oup.com/russenkingham This book primarily provides assistance to litigators who find themselves acting for or against firms in contentious regulatory matters. The material covered is broad in that it covers matters of civil, criminal, administrative, and public law. It is also highly focused in that it is intended to act as a practical handbook for litigators; detailed explanations are given of practice, procedure, evidence, and remedies at the expense of general commentary on the non-contentious aspects of financial regulation. The book starts with two chapters that are primarily contextual. Chapter 1 provides an overview of the UK financial regulators whilst paying particular attention to the relationships between them and the ways in which those interactions can pose problems for litigators and the firms they represent. Chapter 2 summarises the authorisation process and its procedures, as well as the Senior Managers and Certification Regime. In both cases, it provides practical advice for firms and individuals in composing and submitting applications for authorisation and approval. Chapter 3 deals with the increasingly important topic of investigations and information gathering. It pays particular attention to the settlement of investigations and the FCA's procedures for determining discounts. The heart of this book is found in Chapters 4-7, which cover the various forums in which firms can be challenged for failing to adhere to regulatory standards. Unlike many works dealing with financial services regulation, which so often seem to focus on civil liability, this book aspires to be equally helpful to the criminal litigator. Criminal liability is therefore split in two. Chapter 4 covers practice, procedure, and evidence. Chapter 5 covers the substantive offences, defences, and sentencing. Civil liability is found in Chapters 6 and 7. Civil enforcement action taken by regulators, including RDC procedure, penalties, and an analysis of the basis and scope of the raft of potential remedies available to the regulator, are covered in Chapter 6. Individual action by investors and consumers is considered in Chapter 7 alongside wider legal principles that may come into play such as litigation. This chapter for the first time includes a detailed analysis of the types of claims often encountered by firms, including case studies on PPI and interest rate hedging products. Redress, complaints, the Financial Ombudsman Service, and relevant procedure are analysed in Chapter 8. Finally, Chapter 9 provides an overview of the independent methods of challenging regulators, including judicial review and the Financial Services Complaints Commissioner. Financial Services Litigation: Digital Pack includes a digital app with enhanced user functionalities that ensures that you have access to the text and all your accompanying notes wherever you are. The app is available on PC, Mac, Android devices, iPad or iPhone