Offences during an FCA investigation
Produced in partnership with Sarah Clarke of Gatehouse Chambers

The following Financial Services practice note produced in partnership with Sarah Clarke of Gatehouse Chambers provides comprehensive and up to date legal information covering:

  • Offences during an FCA investigation
  • Failure to comply with an FCA information or document requirement
  • Criminal offences—falsifying, concealing, destroying or otherwise disposing of a document
  • Providing information which is known to be false or misleading
  • Obstructing a search warrant

Offences during an FCA investigation

Lexis®PSL Financial Services FCA/PRA Enforcement Database: This incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 to 2020. The Database, available here, may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as appeals.

The consequences of a failure to comply with a requirement under Part XI of the Financial Services and Markets Act 2000 (FSMA 2000) (for example, failure to provide documents or information, or providing false information) are potentially serious.

The mechanism for dealing with a failure to comply during the course of a Financial Conduct Authority (FCA) investigation is provided by FSMA 2000, s 177.

Failure to comply with an FCA information or document requirement

The FCA’s statutory powers to compel information from the subjects of an investigation, or from third parties, are set out in Practice Note: FCA enforcement essentials—investigations — Powers of FCA investigators to request information.

FSMA 2000, s 177(1) provides that if a person fails to comply with a requirement imposed on him under FSMA 2000, Pt XI, the FCA may certify that fact in writing to the High Court (or, in Scotland, to the Court of Session).

If the court is satisfied that the person who has not complied (described as the 'defaulter')

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