We regularly support professional service providers to navigate their legal and regulatory responsibilities. Members of our team have experience working at professional services firms (including the Big Four) and at regulators, giving us a deep understanding of the regulatory and legal environment in which professional services firms operate.

Firms that provide services to the financial services sector may be seeking to understand their regulatory footprint as regulators are increasingly bringing unregulated service providers in scope of their rules. We advise on the obligations arising from regulators’ increasing focus on operational resilience in relation to both financial institutions and service providers.

Services

Our services include advising in relation to:

	In-house legal teams on how the Solicitors Regulation Authority (SRA) Standards and Regulations apply to them.
	Reviews, visits, investigations and regulatory enforcement, including those being conducted by the Financial Conduct Authority (FCA), the Financial Reporting Council (FRC) and the SRA, running 'shadow' s.166 reviews, training and advising on responding to regulatory requests and assisting with preparation for, and representing individuals at, regulatory interviews.
	Advising on the regulations and legislative frameworks relevant to professional services, including advising on all aspects of the UK’s financial services legislative framework including the FCA Handbook, the Financial Services and Markets Act 2000 (FSMA) and all relevant regulatory requirements, and advising on the regulatory and legislative framework that is relevant to professional services firms and individuals including the FRC’s and SRA’s Standards and related publications.
	Regulatory reporting and disclosure obligations,  including advising on obligations that arise under the Proceeds of Crime Act 2002, the FSMA, the FSMA 2000 (Communications by Auditors) Regulations 2001 and the SRA Standards and Regulations.
	Financial crime and market abuse, advising on all aspects of the legislative framework in relation to money laundering, market abuse and financial crime, including advising on sanctions-related matters in the context of Russia's invasion of Ukraine.
	Non-financial misconduct and individual accountability, including assisting with employment and disciplinary issues, internal investigations and related fit and proper assessments and regulatory notifications where allegations or concerns of non-financial misconduct have been raised.
	Systems, controls and governance, including reviewing and assessing AML compliance and governance arrangements.

Why instruct Norton Rose Fulbright? 

• Advising an international professional services company on the impact of UK sanctions with respect to Russia on various areas of its business, including consulting, accounting and auditing services.
• Advising an accountancy firm in relation to an internal investigation into concerns raised by a number of individuals, primarily relating to the culture of the firm. This involved conducting a fact-finding investigation regarding the extent to which there was any substance in the concerns raised and considering recommended next steps to address the findings.
• Advising a listed company in relation to enquiries from the FCA and the FRC following a report by an environmental charity which raised a number of concerns regarding the adequacy of that company’s climate-related disclosures in its annual report and accounts. Both the FCA and the FRC closed their enquiries with no action being taken against the company.
• Advising a manufacturing group following a confidential report made to the SRA regarding the professional conduct of a member of the client’s legal team, including in relation to expense claims made by the individual. We provided a detailed response to the SRA’s enquiries and successfully secured the closure of the SRA investigation with no further action being taken.
• Representing a legal services provider in connection with a multi-regulator investigation concerning potential regulatory breaches arising from its insurance-related activities. The case required consideration of complex technical issues such the interaction between FCA and SRA requirements and privilege attaching to the firm’s internal and client communications in the context of an investigation relating to the provision of legal services.
• Advising an accountancy firm in relation to its reporting obligations to the National Crime Agency and FCA in respect of potential criminal offences and regulatory breaches committed by a FTSE 100 listed entity that the firm had audited before being made aware of the potential misconduct, specifically in relation to the firm’s reporting obligations under POCA, the FCA Handbook and the FSMA Auditors Regulations 2001.

A superb world class firm with outstanding ability at all levels.Financial services: Contentious, Legal 500 2023