Financial Services

We have specialist Financial Services Lawyers across a variety of our Corporate, Commercial, Regulatory & Compliance, Employment, Immigration and Dispute teams.
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Financial Services

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:

  • Drafting and advising on Financial Conduct Authority applications,
  • Advising and preparing associated policies and procedures for businesses just starting out in the financial services sector,
  • Assisting long established financial services businesses with their compliance programs and reporting obligations.

Regulatory & Compliance Services

Governance: A Focus for the FCA

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:

  • £60m sale of retained equity from 12 subsidiaries to national financial advisory consolidator
  • £27.5m sale of discretionary fund manager
  • £2.7m acquisition of entire issued share capital of independent financial advisory business
  • £9m sale of financial advisory division of regional chartered accountancy practice
  • £5.5m sale of financial advisory limited liability partnership

M&A Services

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.

FinTech Services

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

  • undertaking regulatory analysis of an investment fund manager’s activities and making the successful FCA application for small authorised UK AIFM
  • reviewing regulatory policies and procedures, including the regulatory business plan
  • advising on IFPR consolidation rules

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:

  • Business Disputes
  • Contract Disputes
  • Data Protection Breach
  • Land & Property Disputes
  • Intellectual Property Disputes
  • Professional Negligence
  • Debt Recovery

Dispute Resolution Services

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.

Notable Projects
  • Change in Control Application for IFA selling to EOT – Financial services law advice on FCA Change in Control applications for UK financial services firm in connection with sale to Employee Ownership Trust (EOT).
  • Overseas Change in Control Application – Financial services law advice to a leading Liechtenstein insurance broker in respect of preparation and submission to the FCA of Change in Control applications for acquisition of a UK MiFID target firm where the Change in Control application was approved earlier than FCA timelines.
As digital assets, blockchain technology and tokenised business models become increasingly mainstream, businesses must navigate a rapidly evolving legal and regulatory landscape. Our specialist team advises businesses, investors, financial institutions and technology providers on the legal, commercial and regulatory issues associated with digital assets and blockchain-based projects.

Key contact

Yavan-Brar-PNG
Yavan Brar
Chief Executive Officer

What our clients say about us

Alex and Lucinda at Herrington Carmichael advised me on the sale of my IFA business, supporting me throughout due diligence, negotiation of the sale agreement and completion. They were responsive, pragmatic and commercially minded throughout what was a significant transaction for me personally. I always felt that they understood what mattered to me, identified and explained the important issues clearly, and kept the process moving towards a successful completion. I would have no hesitation in recommending them to other business owners considering a sale.

Shennind was incredibly clear and thorough throughout; he took the time to properly understand how my app works before advising, which made a real difference given how specific and safeguarding-sensitive my situation was. The advice note he produced was detailed, practical, and gave me genuine confidence in the decisions I was making. I'd recommend him without hesitation.

Holly Banfield
Founder, Twinquility

We were pleased to trust Jamie, Will, and the wider Herrington Carmichael team with our group’s three combined loan facilities with a value of circa £7m. They delivered efficient, strategic advice under a compressed timeline, navigating complex transactional hurdles. Jamie and Will worked collaboratively with my fellow directors and I, as well as the broker, to negotiate key milestones. The security documents involved an intricate suite of facility documentation, which they handled with impressive turnaround times, ensuring clarity throughout the process.

At Arose Finance, we’re delighted to have worked with Herrington Carmichael to deliver a tailored development exit finance solution for this client. Like many SME property developers, the client required additional time to realise the value of completed units while refinancing expensive existing debt. With three borrowing entities and a complex security profile, the transaction required carefully structured property finance and close collaboration between broker, lender and solicitors.

Jamie and Will were exceptional throughout. They worked closely with us to navigate the complexities of the portfolio refinancing, bringing a pragmatic, commercial approach and a real commitment to meeting the required completion timeframe. Their responsiveness and attention to detail were instrumental in achieving a strong outcome for the client.

A fantastic result, and I look forward to working with Jamie, Will and the wider Herrington Carmichael team again soon.

Aadil and the team were excellent and very professional in their efforts to get the legalities to a swift conclusion which is much appreciated. We have used HC for drawing up wills etc and are very impressed with their high standards and professionalism, I highly recommend.

The Real Estate team at Herrington Carmichael were excellent in dealing with this transaction right from the initial negotiations. They delivered their expertise in a pragmatic and commercial way emphasising the importance of having a legal team with the relevant industry knowledge and experience in complex renewable energy and infrastructure agreements. They acted efficiently and responsively and maintained a professional approach throughout the transaction particularly when dealing with unexpected requirements and stringent timescales.

Liz Hailey has been my primary point of contact at Herrington Carmichael and has become a trusted adviser to me and my clients. Liz possesses unparalleled legal knowledge and offers a unique approach to issues, thinking outside the box to come up with solutions. The collaborative approach within the business ensures that we have access to a variety of different legal departments offering an end-to-end service. The communication has been a primary factor in my continuing use and recommendation of Liz and HC.

Rachel Duncan, Anna Svensson, Charlotte Keeper, and Jed Temple are working as a team with both extensive and developing skill sets to collectively deliver a valued leasehold acquisition and advisory service to our in-house team of property professionals. Trusted advice and guidance are always available and quick to respond.

A dedicated, commercially minded team at all levels, with direct communication to principals is a real benefit to us.

I deal with many law firms and in recent years I have noticed a 'shift' toward an 'over' emphasis on ensuring boxes are ticked rather than being solution-led. Jamie Lynch and his team struck the right balance and never forgot that the client actually wants the best outcome!

A strong real estate team with London experience in transactions while also located in the regions. Good communication and sufficient cover when anyone in the team is away from the business. Adapts to client requirements and maintains open communication throughout transactions.

Liz Hailey - huge depth of range, knowledge, and experience in the real estate sector. Liz has picked up our requirements very quickly and has accommodated these where needed. Liz explains things in a simple but knowledgeable manner, and we are confident she is acting in the best interests of her client at all times.

They are genuinely engaged and thoughtful people to work with through a variety of transactions. The key from my perspective is that all challenges are put into relevant context with thorough recommendations made.

The breadth of experience across a wide range of challenging assets is absolutely clear. Expectations and time scales are well managed proactively. Picking up the phone to discuss is of key value; thank you.

We have also greatly benefited from the excellent work of Usof Shah, Immigration Director, whose expertise has been instrumental in helping our members address critical skills shortages in the construction industry. Usof has provided clear, actionable guidance on immigration laws, empowering our members to legally employ skilled foreign workers and sustain their businesses. His commitment extends beyond traditional legal services - he has delivered live webinars and offered free advice to some of our SME members, which was highly valued and, in several cases, helped save their companies. This combination of deep legal expertise, accessibility, and genuine care for clients' success sets him apart from others in the field.

Throughout my UK career, I came across many solicitors and solicitor firms. But Herrington Carmichael is the best so far. Their quick response, wider knowledge, and straightforward decisions come with a very competitive advisory fee. I can easily recommend them, and I did. Their success rate for me is 100%. In a nutshell, they are brilliant.

The individual deals with my requirements and makes sure I fully understand what he is advising and what the best way to proceed is.

Responsive, commercial, and able to explain immigration requirements in clear, simple terms.

The individuals we work with stand out for being approachable, knowledgeable, and responsive. Usof Shah, in particular, has been extremely professional, helpful, and practical in his advice.

Usof Shah stands out for his strong combination of technical expertise, commercial awareness, and responsiveness. He is able to explain complex immigration matters in a clear and practical way while remaining highly approachable and solutions-oriented throughout the process. What differentiates him from competitors is the level of personal attention and ownership he brings to matters. He is proactive, detail-oriented, and demonstrates a strong understanding of the operational and business needs of his clients rather than approaching matters from a purely technical perspective. I have particularly valued his responsiveness, clear communication, and ability to manage matters efficiently under tight timelines. He consistently provides pragmatic advice and maintains a high level of professionalism, which creates a strong sense of confidence and reliability throughout the engagement.

Usof Shah and his team stood out for their professionalism, responsiveness, and clear communication.

Herrington Carmichael’s team stands out for its strong expertise in immigration matters, combined with a highly personalized and responsive service. Over the past few years, they supported me and three members of my family, managing each of our individual cases efficiently and professionally. Compared to other firms, they are notably more organized and responsive.

Dedicated family law team with a passion for the area and a strong commitment to client service. Technically excellent lawyers with good legal judgment. Pragmatic and solutions-focused, providing realistic advice enabling clients to make informed decisions from an early stage.

I have always been impressed with how strong the team's commitment is to client outcomes and how well they balance each other in pushing forward for an outcome while also exploring settlement.

Personalised service - understood requirements. Work lasted several years and through several partners and associates, but the practice was able to ensure a seamless handover of information. Billing was clearly supported.

Herrington Carmichael punches above its weight. For a relatively small firm, it provides excellent service for high-net-worth individuals.

Sarah Speed is an outstanding family lawyer who is a joy to work with. She is very bright as well as being a calm and reassuring presence for her clients. Her down-to-earth and pragmatic advice means that she is not distracted in a case from the issues that matter. She is no pushover, and her clients can rest easy in the knowledge that she will skillfully argue their case for them when necessary, but also find a compromise when contested litigation is not the best way forward for her client.

I am not familiar with the team, but rather with one of the partners, Sarah Speed. However, it seems to me that the breadth of work that the firm covers provides good cross-pollination of legal expertise across various sectors, which may be enormously helpful in some cases.

A lovely team. All very professional and, importantly, friendly.

Graeme Black comes with a host of experience delivered in a manner that is simple to understand. He is friendly, supportive, and a great asset to the firm.

They are extremely knowledgeable about their field and genuinely care about the clients. They are honest and transparent.

Stephen Baker is exceptionally well-experienced, has a steadfast, logical mind, and an incredible ability to pinpoint real issues.

Very knowledgeable team, highly client-focused and with generally quick turnaround of any requests. Very professional approach and very open and honest with their respective areas of expertise.

Stephen conducted complex and challenging litigation and responded to the demands of a demanding client with great patience, determination, and tactical astuteness, while also developing a strong and positive relationship with the other members of the legal team, including counsel. He is a seasoned and highly skilled litigator.

From the first person I spoke to, then to all of the team, they were all polite, precise, and knew exactly what service I was going to need.

Jed was brilliant and really compassionate about my tough situation. He was calming and reassuring when I was quite stressed about my situation. This alone was a real quality that helped me out and one that made him stand out. The whole team was brilliant, very clear on what needed to be done and what the process would look like.

I have now met several partners across a number of disciplines and find them all most accommodating. Mostly, we deal with the litigation team, who are very good, provide sound advice (even when it is not what you want to hear), and are personable and professional. The conveyancing team is also very efficient and seems to look to reserve costs where they can, which is very impressive. HC's billing is also good, quick, and easy to understand.

I have done a lot personally and with my firm over the years with Ed Jones, who is especially effective and with whom we have had a number of wins. He is also a very effective mediator. Jed Temple too has provided excellent advice, and Michelle Lambeth has also been helpful and accommodating.

The whole team was brilliant. They were great at listening and understanding my problem, with the main thing being reassuring about my situation. They explained clearly the different approaches to take and what the outcomes could be.

Friendly service with a clear understanding of what services are involved in a complex legal environment.

The personal touch made me feel like a normal person who made a mistake. They were always quick in responding to my emails and didn’t make me feel like just another case. They related to me in my scenario.

The team's strengths were being very knowledgeable and being able to explain to me the process we would go through with the possible outcomes.

We were very happy with our service. Being first-time buyers and brand new to the property world, Annari & Mary-Jayne relieved all of our worries and made our journey very stress-free and relatively easy. Thank you.

We received excellent support in reviewing and modifying our Wills to our latest needs. The communication has always been straightforward and very effective and we achieved the objectives we set at the beginning of the process. Strong expertise and legal knowledge have been key to the successful completion.

It was a very straightforward process & Charlotte explained everything clearly to us in a very friendly way & answered any queries we had. It was a pleasure to have her deal with this matter, and I would certainly come to your firm of solicitors on that basis. Thank you so much.

Paul provided calm, helpful, constructive and thorough advice on my matter and I will be in touch again to progress.

Aadil has been representing my son through a very challenging child custody/recovery case. His help and knowledge has been fantastic. He went above and beyond working on his day off too make sure court papers were delivered on time. I wouldn't hesitate to recommend Aadil.

I just wanted to write a huge thank you for all your help and support during my recent divorce proceedings There were times when it seemed things would never get resolved but thankfully with your guidance everything went relatively smoothly in the end.

Annari is an excellent Solicitor. We have always used her services for all of our property conveyancing jobs. She is a valuable asset to your company.

We had the pleasure of working with Annari on buying our very first house. We would like to take this opportunity to let you know how efficient Annari was throughout the entire process. Annari really helped to make buying our first home an easy process! She absolutely went above and beyond her call of duty.

Recent Work

£60m sale to national IFA

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.

FCA Authorisation for Insurance Broker

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.

£60m sale to national IFA

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.

FCA Authorisation for Insurance Broker

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.

Overseas Change in Control Application

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.

Insurance Project

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.

£27.5m sale

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.

£13.5m acquisition

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.

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Meet our experts

Dedicated professionals ready to assist you.

Alex Canham PNG
Managing Partner, Head of Corporate
Mark Chapman PNG
General Counsel, Head of Commercial & Regulatory
Matt Jenkin PNG
Partner
Harry Winkley PNG
Solicitor
Lucinda-Cameron-PNG
Solicitor
Matthew Roberts PNG
Senior Apprentice Solicitor

Frequently Asked Questions

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.