Jankee Gohil
Jankee advises firms on a range of regulatory and compliance matters, with a particular focus on contentious regulatory work. She has significant experience advising asset managers in relation to FCA enforcement investigations and supervisory interventions, including s166 FSMA 2000 reviews and enquiries relating to market abuse. Other recent experience includes advising an unregulated firm under investigation by the FCA for breach of the general prohibition; advising a US headquartered bank in relation to an internal investigation; and advising multiple firms in relation to Ofgem enquiries / investigations. Jankee has also represented an individual in an FCA investigation which was closed with no enforcement action and assisted firm to successfully defend themselves against client complaints, including those referred to the FOS.
Jankee’s recent non-contentious experience includes advising a range of firms across the retail and wholesale sectors, as well as unregulated firms, on new and existing regulatory developments including topics such as the Consumer Duty, CRD VI, SMCR, systems and controls, financial promotions and licensing requirements. She has also been involved in providing training on the Consumer Duty and the FCA’s evolving approach to Supervision to members of trade associations (such as the Investment Association and UK Finance).
Jankee was previously seconded to the FCA’s Enforcement and Market Oversight Division where she worked as the lead investigator on several FCA investigations into firms and individuals.
Practice Area
Panel
- Contributing Author
3 Contributions by Jankee Gohil
PRACTICE NOTES
Attestations under FCA and PRA supervision in UK financial services: purpose, usage trends, enforcement risks and practical steps for firms and Senior Managers
What is an attestation?
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) can seek an attestation from a firm when they are worried about, or looking into, an actual or possible breach of regulatory obligations. In essence, an attestation is the regulator asking a named individual within a regulated business—typically a manager who also holds a Senior Manager function—to give a signed written statement confirming the firm’s compliance with particular regulatory requirements affecting a defined part of the business. The FCA also employs attestations as part of day-to-day supervision; for example, every firm must annually attest that the details held on the Financial Services Register are correct (see Practice Note: The Financial Services Register). The PRA likewise uses attestations routinely, generally via standardised forms, while noting that it may require attestations addressing compliance with specific rules on an ad hoc basis. As discussed below, the PRA has not, to date, made public any attempt to use attestations for investigatory purposes; nevertheless, it did request an attestation following the enforcement action against Jes Staley to monitor Barclays’ whistleblowing systems and controls...
Financial Services
PRACTICE NOTES
FCA and PRA prohibition orders—UK powers, fitness and propriety criteria, procedure, appeals, variation/revocation, publicity and offences
The Lexis+® UK Financial Services Enforcement Database brings together granular details on every substantive FCA and PRA Final Notice and, where obtainable, Decision Notices issued from 2014 to date. The Database can be searched and refined by rule contravention, keyword, sector, date, prohibition order, financial penalty, and other actions, including referrals to the Upper Tribunal.
Prohibition orders
Under section 56 of the Financial Services and Markets Act 2000 (FSMA 2000), the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) may prohibit individuals who are not fit and proper from performing functions connected to regulated activities carried on by firms. The FCA or PRA may use this power where it considers it appropriate either to stop an individual performing any function in relation to regulated activities, or to limit the functions that individual may perform.
a particular regulated activity
any regulated activity within a specified description of all regulated activities
firms in general, or
any firm within a specified class of firm
The FCA’s approach to prohibition orders is set out in the FCA Handbook, in its Enforcement Guide (ENFG) which applies to all...
Financial Services
PRACTICE NOTES
Skilled person reports and information collection under FSMA ss 166 and 166A: FCA/PRA powers, appointment, costs, firm duties, confidentiality and practical guidance
The Financial Services Enforcement Database holds comprehensive details of all substantive FCA and PRA Final Notices and, where available, Decision Notices issued from 2014 onwards. The Database can be searched and filtered by:
rule breaches
keywords
sector
date
seriousness
aggravating and mitigating factors
financial penalties
other actions, such as referrals to the Upper Tribunal
Background
The statutory power to require a firm to seek an independent view from a third party (a ‘skilled person’) on aspects of a regulated firm’s activities under section 166 of the Financial Services and Markets Act 2000 (FSMA 2000), as amended by the Financial Services Act 2012, is routinely used by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) within their regulatory toolkits.
Either the FCA or the PRA may exercise this power when they need further granular information about a particular element of a firm’s business and lack the expertise or resources to perform the work themselves, or where the firm is unlikely to provide an objective assessment. The power may support supervisory or enforcement work. The FCA or the PRA can commission two types of skilled person review:...
Financial Services
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