Season 2 episode 5: How should you respond to an FCA intervention?

In a bid to root out harm before it occurs, the Financial Conduct Authority (FCA) is stepping up its use of intervention tools as an alternative to formal investigations. In this episode, we explain some quite draconian FCA powers – ‘voluntary requirements’ (VREQs) and ‘own initiative requirements’ (OIREQs) – and how these are impacting financial services firms. To tackle this thorny subject, we’ve gathered a crack team of specialists in financial services regulation. Host Nathan Willmott is joined by his Ashurst colleague Adam Jamieson and special guest Oliver Assersohn KC of XXIV Old Buildings. Together, they unpack how these intervention powers allow the FCA to impose restrictions on firms without formal investigations, often pressuring them into compliance within tight deadlines. The trio explain the legal thresholds for these requirements, the increasing willingness of the FCA to test these boundaries, and how firms are responding. As well as outlining the practicalities of negotiating with the FCA, our expert panel flags the risks for firms during interventions and the potential for challenging the requirements in the Upper Tribunal. To hear this (and to subscribe to future episodes in season two of our enforcement mini-series) search for “Ashurst Legal Outlook” on Apple Podcasts,  Spotify, or your preferred podcast player. And to find out more about the full range of Ashurst podcasts, visit ashurst.com/podcasts. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.See omnystudio.com/listener for privacy information.

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