Tony is a true financial services and banking specialist. He advises a range of clients such as banks, investment exchanges and multilateral trading facilities, securities and derivatives firms, corporate finance and venture capital firms, investment managers and advisers, listed companies, direct investment platforms, mortgage lenders and intermediaries, and consumer credit/consumer hire firms. He regularly works closely with other law firms, providing them with financial services and regulatory expertise where needed to support their clients.
Having spent time working both in-house and in private practice, he is able to advise wholesale and retail financial services businesses and has a deep understanding of the practical implications of legal issues for businesses and individuals, as well as the root causes of regulatory problems. Tony brings the same practical insight to Financial Conduct Authority and Prudential Regulation Authority investigations and enforcement actions.
Tony has for a long time had a keen interest and involvement in innovative investment and fintech, including crowdfunding, and has contributed to shaping the development of regulation in these areas. He also has expert knowledge of ethical and not-for-profit financial business.
We have worked with Tony since we launched in 2011, he has been our regulatory lawyer and has been central to the delivery of many of the industry innovations we have delivered, including the UK's first Innovative Finance ISA and peer to peer SIPP.
Karl Harder, Founder & Joint Managing Director
Abundance Investment Limited
Expertise
- Financial services law, FCA, PRA and EU regulation
- Regulatory investigations and enforcement proceedings (including mis-selling, requirements of approved persons/senior managers and market abuse)
- Compliance with detailed FCA/PRA requirements including capital resources and prudential requirements
- Structuring and marketing of funds and other investment vehicles
- Consumer credit and consumer hire, requirements of the Consumer Credit Act and the FCA
- Senior Managers and Certification Regime, approved persons obligations and Remuneration Code(s)
- MiFID II, PRIIPS Directive, Prospectus Regulation, Market Abuse Regulation, Alternative Investment Fund Managers Directive, Mortgage Credit Directive, Prospectus Regulation
- Expert specialist input for litigation and disputes
- Financial promotions and marketing
- Financial services agreements including white label and outsourcing agreements, appointed representatives’ agreements, investment management agreements and distribution agreements
- Financial crime, organisation and requirements under FCA/PRA Rules, the Money Laundering Regulations and POCA
- Authorisation and upgrade of regulatory permissions
- Banking law and regulation including mortgage regulation, payment services, and conduct-of-business requirements.
- Securing the discontinuance of an FCA investigation of an individual accused of market abuse.
- Persuading the FCA to discontinue FCA investigations into a director of firm accused of investment mis-selling
- Representation before the FCA’s Regulatory Decisions Committee of individual accused of dishonesty.
- Securing the discontinuance of investigation by the FCA of a compliance officer/director accused of insufficient business controls.
- Advising an individual bank employee accused of recklessness leading to the ultimate dismissal of accusations by Upper Tribunal;
- Representing individual before the Upper Tribunal accused of pensions mis-selling
- Advising an individual in relation to investigation in support of an overseas regulator, persuading the FCA that it had no jurisdiction to pursue
- Advising a client on the approach by FCA seeking to withdraw its regulatory authorisation
- Advising and representing clients in relation to Financial Ombudsman Service claims relating to sale of minibonds and pension mis-selling
- Advised on change of control issues for a wide range of clients, including a major European bank
- Supporting clients in obtaining authorisation or upgrade of permissions including client with innovative peer-to-peer lending project involving consumer lending to local authorities for sustainable energy projects
- Advice to overseas clients on what can or cannot be done into the UK from overseas, including a US securities and futures firm; a European fund distributor; and an offshore client relating to FCA regulation of pensions business in the UK transacted from offshore.
- Ongoing advice to European bank on consumer credit and FCA Rules in relation to a niche regulated yacht lending business;
- Drafting regulatory terms and conditions for authorised business including funeral plan providers having recently become regulated
- Advice on regulatory documentation, including appointed representative agreements
- Advice on regulatory requirements and content for REIT prospectuses
Experience
Financial Services and FCA/PRA Regulation
- Advised on Brexit issues relating to an international bank
- Advised an internationally recognised Fintech platform on establishment in the UK
- Advised Abundance direct investment platform on regulatory and financial services issues including Innovative Finance ISA, SIPP’s white label agreements
- Advised banking groups on consumer credit, mortgage regulation and banking and ISA terms
- Prepared clients (including investment managers and advisers, direct investment platforms, banks and derivatives firms) for compliance with the Markets in Financial Instruments Directive (MiFID) II and the Packaged Retail and Insurance-based Investment Products (PRIIPS) Directive
- Drafted and negotiated joint venture agreement for wealth management services to be provided by FCA-authorised firm in the People’s Republic of China
- Drafted consumer hire agreements for hire of mobility equipment
- Provided specialist input and support on financial services law aspects of successful judicial review of the Financial Services Compensation Scheme
- Advised on the marketing and structuring of a social impact fund
- Advised a national newspaper on financial regulatory issues relating to organisation and structure
- Drafted investment management agreements and terms of business for a regulated business including investment managers, advisers and securities dealers
- Advised on the impact of the Remuneration Code in relation to the settlement of a dispute involving a senior employee
- Advising on issues relating to the Senior Managers and Certification Regime
- Financial Services Ombudsman (‘FOS’) claims
FCA Investigations and Financial Crime
With a broad knowledge of financial services law and regulation and practical experience in the industry, Tony approaches regulatory enforcement issues with an immediate understanding of the complex legal and factual issues that arise with regard to PRA and FCA investigations.He has represented individuals under regulatory investigation on numerous occasions up to RDC level in cases involving:
- Market abuse
- Breach of directors’ duties in relation to the Approved Persons Regime and Senior Managers Regime
- Mis-selling of investment products including unregulated collective investment schemes
- Alleged fraud
- Fitness and propriety
- Conflicts of interest and inducements
Tony has been successful in preventing regulatory action by advising clients as to their position and dealing effectively with the regulators – for example, in relation to market abuse and FSMA authorisation issues.
He has recently:
- Advised listed companies on insider dealing and market abuse controls;
- Advised clients and assisted them in setting up internal procedures for money laundering; and
- Advised investment platform on NCA reporting of proceeds of crime.
Please note: The experience list above may include examples of work completed prior to joining Keystone Law.
Recognition
Member of the Financial Services Lawyers Association (FSLA)
Member of the Association of Regulatory and Disciplinary Lawyers (ARDL)
Higher Rights Advocate (Civil)
Career
Tony qualified as a solicitor in 1992. Prior to joining Keystone Law in 2007, he worked at the following firms:
- Barclays Bank, Wealth Management Division
- Kleinwort Benson Private Bank
- Mitsubishi Trust and Banking Corporation
- Bank of Scotland