Offences during an FCA investigation

Copyright © 2025 LexisNexis
Produced in partnership with Niall Hearty of Rahman Ravelli
Practice notes

Offences during an FCA investigation

Copyright © 2025 LexisNexis

Produced in partnership with Niall Hearty of Rahman Ravelli

Practice notes
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Lexis+® UK 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 onwards. 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 referrals to the Upper Tribunal.

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

Niall Hearty
Niall Hearty

Partner, Rahman Ravelli

Niall is known for his in-depth corporate crime expertise. That expertise is reflected in his achievements to date and the demand for his services.

Niall’s ability, backed with his experience of running a City firm’s business crime and fraud department, has helped make him a logical choice to lead complex and multi-jurisdictional investigations. His knowledge of cross-border and global business crime cases and the successes he has obtained for clients mean he has an impressive track record and have led to him being highlighted in The Legal 500 international legal guide, which has called him a “rock solid performer’’ and “outstanding’’. The 2024 edition of The Legal 500 says “Niall Hearty is both client-focused and an outstanding lawyer, tactically astute.’’   
         
His skill in coordinating bribery and corruption cases that span the globe, his achievements in cases involving agencies such as the Financial Conduct Authority (FCA) and his ability to recognise the very best route in the most complex of investigations have made him a solicitor who is popular with corporate clients.

He has brought judicial reviews against enforcement agencies and has also successfully challenged search warrants obtained by them.

His notable victories have led to Niall also being in demand from senior business figures, high net worth individuals and CEOs for cases that involve reputational issues in relation to general and serious crime allegations.

His caseload will, at any particular time, involve a variety of high-profile, high-stakes cases. Niall’s experience covers the full range of major fraud cases, from workplace and financial fraud through to the most complicated investment fraud schemes. He is also adept at managing the most involved money laundering, proceeds of crime and serious crime investigations and has had success in major conspiracy cases.

His dogged pursuit of the facts and his ability to use both evidence and legal argument to robustly challenge prosecutors’ claims are why he is sought by senior business and financial figures who are facing investigation by the likes of the NCA, FCA, Serious Fraud Office (SFO), the City of London Police and police regional organised crime units.

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
FCA definition
What does FCA mean?

conduct-authority'>financial conduct authority which succeeded the FSA and is responsible for ensuring the relevant markets function well, for the conduct supervision of firms not supervised by the Prudential Regulation authority, protecting consumers and promoting competition

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