We have a specialist team of financial services sector lawyers, all of whom have a wealth of experience advising businesses on their financial services considerations.
Herrington Carmichael’s team provides a full service in relation to financial services, from regulatory advice, M&A advice in the financial services sector, employment law specific to the sector, and disputes advice.
Our Regulatory and Compliance teams have extensive experience advising household names operating in many sectors in the financial services industry, including high street banks, insurance companies, insurance brokers, pre-paid card providers and independent financial advisors.
We have advised clients operating in the financial services sector at every stage of their corporate life, from:
Our dedicated team of financial services corporate lawyers provide specialist advice on all aspects of transactional work to the Financial Services industry. Led by Alex Canham, the Financial Services team is widely recognised as a specialist in the financial services industry, and has extensive experience of supporting businesses looking to grow by acquisition, shareholder sales and exits, and with restructuring.
Businesses that are regulated by the FCA have unique considerations in the context of a corporate transaction. These range from the requirements of the Financial Services & Markets Act and the FCA regulations, to the ways that they generate revenue and provide advice to their clients.
Our specialist team have extensive experience of navigating these points during a transaction and are able to deliver pragmatic legal solutions to achieve clients’ objectives.
The team are frequently invited to speak at industry events and forums and are recognised as specialists in this area of law.
Recent highlights of the team include:
Financial technology (better known as fintech) describes new technology that improves and automates the delivery and use of financial services. This amalgamation has revolutionised how financial services are accessed, used and delivered.
Whilst FinTech companies have a keen understanding of both the financial and technological realms, the legal complexities linked to this merger can be daunting.
Herrington Carmichael will provide invaluable legal guidance to support and assist you with compliance with regulatory requirements, data and IP protections together with drafting and negotiating contracts for FinTech operations. In the event of disputes, our Dispute Resolution Team aim to resolve conflicts efficiently through our dispute resolution strategies.
Our team of Investment Fund lawyers provide a range of legal services and advice to clients across the financial services industry, from large institutions to start-ups, whether they are already regulated by the FCA or beginning their journey to authorisation and in the process of finding the best investment fund structure.
Setting up an Investment Fund
When running or setting up a business in the UK where there is a financial services element, it is important to consider whether any authorisations or registrations with the FCA are required.
Investment Fund Structure
It is important to speak to Investment Fund Lawyers about how to set up and structure the investment fund so that you ensure compliance with the FCA’s regulations and/or any FCA authorisation you have to operate the investment fund.
Financial Services Regulation Analysis
We would advise undertaking a regulated activities analysis on the specific facts and activities of your business, to make sure that any applications made to the FCA are productive and accurate for the purpose, and also so that the activities do not breach any of the stringent regulations for businesses conducting such activities.
Investment Fund Agreements
We can advise you on various investment fund agreements between both investors and portfolio companies.
FCA Compliance and regulatory policies and procedures
Investment funds will need to ensure their ongoing compliance with the FCA’s requirements, as well as having correct and up to date policies and procedures in place.
Our Experience
Our Dispute Resolution lawyers cover a full range of disputes from the complex and high value to the more modest. We represent clients in the courts, arbitration tribunals and use alternative procedures, including mediation, to resolve disputes.
Our Dispute Resolution team can support you with:
If you wish to increase your control in an FCA-regulated firm (outside of the permitted control bands), or acquire control in an FCA-regulated firm, you will need to obtain prior approval from the FCA. If you fail to obtain prior approval, this is a criminal offence under section 191F of Financial Services and Markets Act 2000.
To apply for a change in control, you will be required to submit a section 178 notification. These can be completed for companies or for individuals. In some instances, you may be required to submit both. It is a tricky process to navigate, as you must demonstrate to the FCA that the proposed controllers meet the relevant regulatory requirements. To do so, you will likely be required to produce documentation to highlight the skills and experience the individual or company can bring to the role.
Our regulatory team has experience in submitting successful change in control applications and are able to act as the contact with the FCA, so we can ensure that if there are any follow up questions, these are answered carefully and promptly.
The FCA is currently experiencing long delays in processing change in control applications, and as such, it is more important than ever to make sure that your application is deemed to be ‘complete’ first time around.
We can assist in every step of the process, including the preparation of supporting documents and the submission to the FCA.











I have had the pleasure of working with Liz on several complex property purchases, including overseas based companies and legal opinions, commercial leases analysis, building contracts assignments and collateral warranties. On each occasion, Liz has acted promptly, kept me appraised of the progress and demonstrated excellent commercial awareness and professionalism in dealing with client’s solicitors, in order to meet tight completion deadlines. I have no hesitation in recommending Liz for all property related legal matters.
I also would like to specifically recognise Rachel Duncan, Partner Real Estate, for her outstanding support. Her expertise in real estate, particularly within the housing sector, has been exceptional. She provided clear, pragmatic advice on a complex matter, helping us navigate potential disputes and avoid unnecessary costs.....Her practical, solution-focused approach, combined with her responsiveness and professionalism, made a significant difference. She is a real asset to the firm.
The property team have been diligent, timely and highly responsive. This has allowed us to focus on our developments knowing that the matter is in capable hands.
I am delighted with the level of service and advice I got from Rachel. I felt in a safe pair of hands which took the stress out of negotiating the lease with our new landlord. It allowed me to focus on the fit out of our larger office.
She has always been extremely knowledgeable and professional, providing fantastic support and skill across all property transactions.
Thanks for all your help with the finalising the renewal lease for our tenant company in Ottershaw. You ensured that the process went smoothly and we were able to discuss various aspects of the renewal and decide which factors were relevant to this transaction and which ones were optional.
We used Herrington Carmichael to assist with a neighbour dispute regarding trespassing. With Daniel’s support, we were able to achieve our desired outcome in a timely manner. Daniel was approachable, clear in his communication and instructions, and provided us with well-informed advice on the best options for resolution. All communication was transparent, and any costs incurred were clearly explained in advance before work was undertaken. We would not hesitate to use Herrington Carmichael again for any future legal services and would definitely recommend them to others.
Professional, informative and would recommend.
Thank you so much, Thomas, for your hard work, persistence and patience throughout the process of getting the required documentation over the line by the deadline. It certainly was a challenging and frustrating time with quite a few obstacles thrown in our way, but your determination got us there.
I would love to start by saying our experience with Herrington Carmichael has been amazing from start to finish, and I would highly recommend the firm. Thomas Joucan was absolutely brilliant, and I couldn’t be any happier with his professionalism and absolute integrity, with such speedy replies and getting all aspects of our purchase and sale tied in seamlessly. Without doubt a brilliant, honest and professional solicitor with a big future ahead.
Tim Hardesty is our residential development lawyer. He is a good lawyer and has offered very sound advice. He is able to provide advice on land purchasing, planning, SDLT and issues that impact on the land buying process. What I like about Tim is that he doesn’t use legal jargon and has a common-sense approach to land buying. He is proactive in getting deals done and, importantly from my perspective, doesn’t hold deals up over unimportant legal points. He is also very personable, and well known and liked by other professionals.
We've had a great experience with Herrington Carmichael when buying our first house! All of this was completely new to us and they made sure the process was smooth and easy! Lisa has been amazing and was a recommendation from some other family members who have used her in the past. Thanks again.
I have thoroughly enjoyed working with you. Your professional advice, responsiveness and straightforward approach have been invaluable.
I recently had the pleasure of working with Herrington Carmichael and I can't express how grateful I am for their support and expertise. From our very first interaction, they made me feel valued and understood my needs. Their professionalism and attention to detail were evident in every step of the process. The team was always available to answer my questions and provided clear explanations of the legal jargon, which made everything much more manageable. They navigated the complexities of my purchase with such skill and care, ensuring that I was informed and comfortable at every stage. It was clear that they were committed to achieving the quick turn around from agreement to completion, and their hard work truly made a difference. I could not have asked for a better solicitors in what could have been a stressful experience. I highly recommend Herrington Carmichael to anyone in need of legal services. Their dedication and proficiency are unparalleled, and I am incredibly thankful for the support they provided. Thank you for making this journey so positive!
It was a pleasure working with Liz and Hannah on this transaction, securing crucial funding for an iconic hotel in South Devon. The communication and commercial guidance from Liz, Hannah and the wider Herrington Carmichael team was first rate throughout. I would not hesitate in recommending them for future transactions and look forward to working with the team again soon.
Dealing with Hannah was very easy. She was very helpful and professional.
Absolutely spot on - well done. I cannot be more thankful to all of you for being extremely helpful and professional right from day one. Special thanks to Hannah for getting everything sorted out at the last minute. Thank you for the excellent service and helping us out at every stage of our first house purchase. You will always be remembered!
The Real Estate team at Herrington Carmichael were excellent in dealing with this transaction, they delivered their expertise in a pragmatic and commercial way maintaining a professional and responsive approach throughout. They provided clear, commercially informed guidance, and took a highly structured approach to coordinating the requirements of our lender, the transaction as a whole and our development strategy. I'd like to thank Liz and the team for all their support in helping the Chartwell Group successfully complete the transaction. We really appreciated their guidance and look forward to working with them again in the future.
Jamie and Hannah made a complicated BTL sale as easy as possible, pushing back hard against a challenging solicitor and ensuring the right result was had as speedily as possible. Both were incredibly informative and I didn’t once have a concern for communication. I would highly recommend them both and thank them again!
I have been very impressed both with Claire’s professionalism and her friendly and responsive manner.
The phrase “outstanding service” is not one I use often, but I have to hand it to you, yet another seamless property transaction completed. Thank you!
Very many thanks for the prompt and efficient way you dealt with all three [plot] sales.
Robyn Whitmore at Herrington Carmichael is exceptionally proactive and handles our high-volume, complex conveyancing work with precision and good grace. We have come to rely on both Robyn and Claire McSorley, who integrate seamlessly into our team, consistently anticipating challenges and delivering solutions. We rely on their professionalism and dedication and genuinely enjoy working with them – they are an invaluable asset to any property transaction.
The property team have been diligent, timely and highly responsive. This has allowed us to focus on our developments knowing that the matter is in capable hands.
Thanks so much for your assistance with this lease agreement, it has been a pleasure working with you from start to finish. You have been so responsive to emails and very clear with all of the necessary information so I will be sure to recommend you to anyone that asks.
This was my first time using their services, and I was thoroughly impressed by the professionalism and responsiveness of the team. The quick communication and support made the entire process smooth and stress-free. I will definitely be using their services again in the future.
Having been recommended Herrington Carmichael to aid us with the sale of our business the Regency Cafe, I was immediately impressed with their clear, calm and thorough attitude guiding us through all the different aspects of the sale, whether it be in corporate, lease matters, employment or dispute resolution. I most notably dealt with Anna Svensson in Real Estate and Edward Beedham in Corporate, and despite the matter taking much longer than anticipated, proving somewhat frustrating at times, they remained professional, communicative and clear-headed, giving sound advice and working in a timely and responsive manner, ultimately reaching a satisfactory conclusion with the sale of my business. I have had no cause for complaint with their service whatsoever and are immensely grateful for all their help. I would not hesitate to recommend them.
Thanks for all your help with the finalising the renewal lease for our tenant company in Ottershaw. You ensured that the process went smoothly and we were able to discuss various aspects of the renewal and decide which factors were relevant to this transaction and which ones were optional.
On behalf of Ascend Clinical Research, we would like to thank the HC team for the professionalism efficiency and strategic approach they have fostered to ensure our project transaction and legal requirements are fulfilled and secured. The team has always been accommodating and kind to explain and guide us on the next steps and the rationale for the legal processes taking place. We felt safe, secured and reassured.
Thank you for helping me to apply the exceptional assurance and I got the application succeed very quickly.
Usof was a pleasure to work with and his wealth of knowledge on the topic of immigration law was evident. We collaboratively delivered a successful webinar to hundreds of construction professionals on the post-Brexit immigration system and Usof was able to answer complex questions on the spot, demonstrating his attention to detail and professionalism. We would not hesitate to recommend Usof and Herrington Carmichael.
Usof Shah has been a great source of information and guidance both in setting up to become a sponsor and also in getting candidates sponsored.
The team provides useful guidance and support on the pitfalls and processes of being a sponsor. The team helps set everything up to become a sponsor as well as assisting with processing CoS applications.
Very knowledgeable in an often complex area. The depth of knowledge seems to extend through the team. They will act as our agent if/as necessary, taking full responsibility for things like Visa applications.
They provide tremendous, responsive and friendly support both professionally and emotionally. They always listen to clients carefully and give bespoke advice for legal matters.
I have always found the team to be very responsive in any query posed to them. They take the time to listen and understand any issues. They are very customer service focused, professional and a pleasure to work with.
I have worked with Usof Shah for a number of years within Immigration services. Usof is always willing to explain processes clearly and takes time to make sure I understand what I need to do. He is very clear in explaining what work needs to be carried out from him and his team and always provides costing upfront so there are no surprises.
Usof Shah is the best solicitor that I have ever worked with. He always does his best to answer any concerns and gives the best advice based on his up-to-date expertise.
I want you to know that I have been so pleased to work with you on this. Despite me working with IR35 for many years in has been amazing to gain your insight and knowledge on this legislation and the reform. Your knowledge, advice and general 'chat throughs' have been so great for me. You are second to none on this and I couldn't thank you enough.
Matt is a truly brilliant lawyer. He has great expertise in employment matters, he is very responsive, but above all his advice is always pragmatic and very clearly explained. I have both worked with Matt and sought advice as a client from Matt and it has always been a pleasure. I would not hesitate to recommend him for employment law related matters
Matt is clear, straight talking, smart and practical. He really brings that value add that you go a long way to find. One of the very best employment lawyers out there.
Matt Jenkin is very responsive, highly knowledgeable and very commercial, one of the best employment lawyers you will find.
Darren Smith is an exceptional employment lawyer. His knowledge and professionalism goes without saying. Beyond this, he is pragmatic and able to take a commercial view on issues that require problem solving. He is very personable which makes him very easy to work with.
I am delighted to recommend Alistair and the employment team at Herrington Carmichael. As a business we have had a variety of complex employment related matters in recent times. Alistair and Robert are always able to provide advice and guidance on the legal considerations and commercial practicalities of the situations we are faced with.
I am always pleased with the support and assistance provided by Alistair and the employment team at Herrington Carmichael. I rely on Herrington Carmichael to be readily available to give advice relevant to our issue and our business.
Alistair is always on hand to give practical, commercial advice on the various employment queries we have. Support is always provided in an effective commercial manner and with a smile.
Alistair and his team at Herrington Carmichael continue to provide us with the highest level of support on the various employment law issues which have arisen. I would highly recommend them and the services that they provide.
Alistair is a bit of a star. He has the confidence to steer cases strategically without losing sight of the commercial sense over legal strengths. He is personable but also tenacious for his clients. He has great knowledge and experience in all employment matters. His instructions are always comprehensive. He is particularly brilliant in TUPE-related matters.
Commercial specialist Mark Chapman ‘has strong technical knowledge and deals expeditiously with requests’ and ‘takes the time to understand clients’ businesses and shape his advice and support in a way that works for the client.
Mark Chapman is extremely thorough and has a good eye for detail, but advises with a very good balance of technical legal advice and commercial/practical suggestions.
Our clients were the minority shareholders in 12 separate hub subsidiaries within a national group of financial advisers. We advised on the sale of their equity within each subsidiary to the national consolidator in exchange for loan notes that were redeemable on a refinancing of the national consolidator’s funding arrangements.
Drafting application for an Australian insurance broker in respect of FCA authorisation for its UK subsidiary which included regulated activities analysis, preparing FCA application, drafting required regulatory business plan, Consumer Duty and other relevant policies and manuals / programmes. FCA application successful.
Our clients were the minority shareholders in 12 separate hub subsidiaries within a national group of financial advisers. We advised on the sale of their equity within each subsidiary to the national consolidator in exchange for loan notes that were redeemable on a refinancing of the national consolidator’s funding arrangements.
Drafting application for an Australian insurance broker in respect of FCA authorisation for its UK subsidiary which included regulated activities analysis, preparing FCA application, drafting required regulatory business plan, Consumer Duty and other relevant policies and manuals / programmes. FCA application successful.
Regulatory advice to a leading Liechtenstein insurance broker to prepare and submit a Change in Control application in respect of an acquisition of a UK target firm where the Change in Control application was approved earlier than FCA timelines. Application successful and approval granted in advance of statutory timescales.
Advising & managing the legal aspects to create & roll out a white labelled insurance product across 12 countries in EMEIA and attainment of appropriate regulatory status in each country, to include drafting FCA application forms and advising on associated policies and procedures.
Our clients were the owners of a midlands-based discretionary fund manager firm. We advised on the sale of the entire issued share capital in the business to a nationally reputed discretionary fund management business.
Our client was a nationwide consolidating acquirer in the financial services sector who has recently acquired multiple IFA firms, and we advised it in their acquisition of a boutique financial advisory business to add to their portfolio which now holds more than one billion GBP of assets under advice.
Get valuable insights from our articles.
Dedicated professionals ready to assist you.
Find answers to your most pressing questions about our services and processes.
The answer is very fact specific and will depend what your business will be doing. In order to confirm whether or not FCA authorisation is required, a regulated activities analysis should be performed. This involves mapping the activities of the business against the relevant regulated activities and available exemptions. The complexity of the regulated activities analysis will vary depending on the nature of the activities to be carried out by the business.
Alternatives to FCA authorisation are potentially available – for example becoming an appointed representative– please see below for more details.
If your business will be undertaking regulated activities, it will need to be authorised or exempt for those activities. Becoming an appointed representative of a business that is already FCA authorised is one potential alternative to your business becoming FCA authorised itself. Whether or not the appointed representative route is appropriate would depend on the surrounding circumstances and also the goals of the relevant business – there are pros and cons to becoming an appointed representative for example speed vs cost.
The FCA has wide-ranging powers to implement a number of different sanctions ranging from providing guidance, publicising enforcement action, imposing fines, to bringing criminal proceedings against directors personally. The exact sanction applied would depend on the nature of the breach and the surrounding circumstances.
The first stage would be to ascertain whether or not the proposed change in the business ownership and control amounts to a “change of control” for these purposes. If it does, the starting point is that it is a criminal offence to proceed with the change in control without the FCA’s approval. There are some limited exceptions which could potentially be available depending on the circumstances – a detailed analysis is required on a case-by-case basis.
If the business is directly authorised by the FCA and you are buying / selling shares in the directly authorised company / LLP, then the FCA must first approve the Buyer as the new owner before they can acquire the shares.
However, if you are selling the assets / clients of your firm, no approval from the FCA is normally required.
If you are selling your company, it is likely that the buyer will require you to give some assurances in relation to the past advice you have provided before the sale concludes. This is typically in the form of an “indemnity” (which means you must reimburse the buyer for any costs or liabilities it incurs in relation to a specific matter). However, these should be accompanied by appropriate limitations on your liability; such as a maximum time period (after which the indemnity expires), and obligations on the buyer to pursue professional indemnity insurance first.