Dealing with dawn raids by the Financial Conduct Authority
Produced in partnership with Michael Potts of PCB Byrne

The following Risk & Compliance practice note produced in partnership with Michael Potts of PCB Byrne provides comprehensive and up to date legal information covering:

  • Dealing with dawn raids by the Financial Conduct Authority
  • What is the FCA?
  • Main reasons for an FCA raid
  • Powers
  • Execution of a warrant
  • Penalties
  • Further information

Dealing with dawn raids by the Financial Conduct Authority

What is the FCA?

The Financial Conduct Authority (FCA) regulates financial services firms operating in the UK and providing services to consumers. It also maintains the integrity of the UK’s financial markets. The FCA focuses on the regulation of firms in the retail and wholesale financial services sectors.

The Prudential Regulation Authority (PRA) is responsible for the regulation of PRA-authorised firms (mainly deposit takers, designated investment firms and insurers).

The FCA also has an Enforcement Department that uses a wide range of enforcement powers, criminal, civil and regulatory, to protect consumers and to take action against firms or individuals that do not meet the FCA’s standards.

Main reasons for an FCA raid

The FCA has specific powers to criminally investigate insider dealing, market manipulation and misleading statements and practices and breaches of the 'general prohibition' (ie conducting authorised business while unauthorised).

The FCA has a Market Oversight Department that monitors the orderliness of markets. Certain regulated firms also have certain obligations to submit suspicious transaction

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