Alison McHaffie

Regulatory investigations commenced by the PRA, the FCA, their predecessors and overseas regulators on a range of matters including:

• A mortgage lender in respect of an FCA enforcement investigation into its compliance with MCOB and its handling of customers in arrears.
• An insurer in respect of an FCA investigation into its oversight of insurance claims and complaints handling.
• A large firm of financial advisers on an FCA investigation into failings regarding the sale of Keydata products which arose out of the collapse of the structured product provider.
• Handling a number of market abuse enquires and successfully concluding a number of FCA investigations market abuse (civil and criminal) for listed companies.
• Successfully concluding two FCA investigations for fund managers in respect of alleged breaches of client money rules.
• For an individual at a bank in respect of an FCA and overseas regulatory investigation into alleged benchmark manipulation.
• A mortgage lender in respect of an FCA investigation into its conduct risk management and fair treatment of customers which was discontinued.
• A fund manager in defending a professional negligence action arising out of the floatation and subsequent management of an investment trust. The case involved important issues regarding the disclosure of regulatory investigation documents to civil claimants that were considered by the Court of Appeal. 
• An investment management firm in respect of as166 review and an FCA enforcement action in relation its financial crime systems and controls.
• Advising a senior manager of a wealth management firm in relation to an FCA enforcement investigation regarding conflicts of interest.

Regulatory interaction – helping firms to manage regulatory interactions such as regulatory notifications, the requirement to appoint a skilled person or the conduct of a remediation project including:

• Conducting an investigation and producing a report for a major UK bank on various aspects of its handling of SME customers transferred from its corporate lending business to its restructuring group which was under FCA scrutiny and subject to a s166 skilled persons’ review.
• A leading wealth manager in respect of significant regulatory issues raised by the FCA over its investment advice and its discretionary managed investment product and advising on the conduct of a wide ranging past business review and the handling of a s166 skilled person appointment.
• An insurer providing advice on significant and material regulatory issues arising in its business and sales processes and helping the client manage remediation activity without regulatory action.
• Advising a pension products provider in relation to the structure of several of their personal pension products and the relevant firms' client money arrangements and notification of breaches to the FCA.
• An insurance broker advising on historic bribery and corruption systems and controls issues and reporting to the FCA. 
• Two banks in connection with the review of their sales of interest rate hedging products and acting as a s166 skilled person in connection with this review.
• A consumer credit lender in connection with a skilled person review into its lending practices and devising a redress scheme.
• A store card lender helping them manage a wide ranging review into their into the operation of the product and the fair treatment of customers.

Governance and SMCR – advising firms on a wide range of issues including reviewing governance arrangements, board effectiveness and training and advising on the practical application of the SMCR regime regarding governance, allocation of responsibilities, conduct rule breaches and regulatory notifications.