Enforcement investigations are the most serious form of FCA intervention. They can lead to financial penalties, public censure, restrictions on business, prohibition or other action against individuals, and significant reputational and operational disruption. They also require firms and senior managers to make early strategic decisions about scope, evidence, governance, privilege, regulatory engagement, settlement and whether to contest the FCA's case.

Whilst the number of FCA enforcement investigations has reduced in recent years, the FCA has emphasised it plans faster, more focused and more impactful enforcement action. Investigations may arise from supervisory escalation, whistleblowing, litigation and complaints, Skilled Person findings, market intelligence, thematic work, individual conduct issues or alleged failures to remediate. 

Once an investigation is opened, the way the firm responds in the early stages can materially affect the direction, duration and outcome of the case.

The below is a snapshot of our Enforcement investigations experience:

• Acting for firms and senior managers in FCA Enforcement investigations involving alleged breaches of FCA Principles, systems and controls requirements, conflicts of interest, financial promotions, suitability, financial crime controls and conduct rules.
• Defending a wealth manager in an FCA investigation concerning alleged conflicts of interest and alleged anti-financial crime systems and controls failings.
• Defending a wealth manager in an FCA investigation concerning the approval and distribution of financial promotions relating to mini-bonds.
• Acting for Administrators in the handling of Enforcement proceedings against a failed pension provider alleging lack of integrity and dishonest transfers of client monies.
• Defending a DFM from Enforcement investigation into alleged failures to hold the required permission to manage client money, of its suitability processes and/or to manage liquidity in its funds as delegated sub-investment manager. 

We are a legal 500 ranked practice with the following editorial commentary:

• "Lauded for its ‘tenacious and meticulous work’ as well as its ’positive, solution-focused attitude’, the team at DWF works with clients across the full suite of regulatory issues, frequently advising on FCA supervisory actions. Practice head Robbie Constance, praised for his ‘unwavering commitment to detail’, advises various retail investment firms, maintaining a reputation for conduct risk, regulation, proposition, and distribution work. Lucy Tolond handles high-value claims against financial professionals, disputes over policy coverage, appeals to the Supreme Court, and regulatory complaints brought before the FOS. Regularly defending individuals and corporates in financial crime investigations, Euros Jones frequently advises on prosecutorial actions by authorities such as the SFO, FCA, HMRC, and CPS."

Our clients have kindly provided Legal 500 with the following testimonials:

• ‘They are tenacious and meticulous in their work, consistently showing a high level of professionalism while maintaining a positive, solution-focused attitude. What stood out even more was their network — being so well-connected meant they could quickly bring in other trusted consultants when needed, which saved us time and gave us peace of mind. Their support has not only helped us resolve legal matters effectively but has also contributed to the growth and development of our business. I would not hesitate to recommend DWF to anyone seeking a regulatory solicitor who goes beyond expectations.’
• ‘I had the pleasure of working with Aaron Osborn and cannot recommend him highly enough. Throughout our case, he demonstrated incredible tenacity and an unwavering commitment to detail. His approach was rigorous and thorough, yet always delivered with a calm, positive demeanour, making a stressful situation feel far more manageable. I felt confident and supported every step of the way.’