Oliver Palmer
Oli has extensive experience advising retail, wholesale, private and investment banks, asset managers, listed issuers and investment advisers across a broad range of contentious and non-contentious financial services regulatory matters.
Oli is a specialist in regulatory enforcement and internal investigations matters. This includes UK FCA and PRA, and internal, investigations covering matters relating to financial crime, retail issues (inc. pensions), systems and controls, governance, non-financial misconduct and notification obligations. Oli also has significant experience advising clients on financial services supervisory issues, skilled person reviews and FOS complaints handling issues.
Oli also advises clients on other financial services-related non-contentious matters such as governance/SMCR, the consumer duty, market abuse, and regulatory change projects. Oli in particular has deep experience advising clients on their obligations and arrangements under the SMCR.
Oli’s experience across both contentious and non-contentious financial services-related matters means that he has a deep understanding of the regulatory framework and is able to provide commercial and strategic advice in either context.
Oli also has wider pre-investigation and investigations experience, having been instructed on matters relating to Ofgem, the FRC and the HSE, and has worked on pre-litigation, High Court litigation and corporate crime matters.
Practice Area
Panel
- Contributing Author
2 Contributions by Oliver Palmer
PRACTICE NOTES
FCA and PRA search and seizure: FSMA 2000 s 176 warrants, dawn raid preparation and response, co‑operation duties, criminal risks and privilege
Search and seizure—the law
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) (together, the Regulators) possess powers to enter premises and carry out searches and seizures under a warrant. The chief power, and the focus of this Practice Note, arises under section 176 of the Financial Services and Markets Act 2000 (FSMA 2000). A range of the Regulators’ other key powers—exercisable both with and without a warrant—are outlined below under Other powers of search and seizure.
This Practice Note:
sets out the Regulators’ powers of entry, search and seizure
examines the duties on firms and individuals to co‑operate with the Regulators
offers practical guidance on preparing for a dawn raid
details how firms and individuals should respond when a warrant is executed
Power to apply for warrant
Under FSMA 2000, s 176, the Regulators may apply to a magistrate for a warrant to enter premises where documents or information are kept. A magistrate may issue a warrant only if satisfied, on information given on oath by either Regulator or an investigator, that there are reasonable grounds for believing that one...
Financial Services
PRACTICE NOTES
Public Censures under UK Financial Services Law: FCA, PRA, Bank of England and PSR Powers, Criteria and Procedure across FSMA 2000 and non-FSMA Regimes
Public censures
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) hold disciplinary and enforcement powers to publicly censure individuals and firms that have breached requirements under the Financial Services and Markets Act 2000 (FSMA 2000), rules made by the FCA or PRA, or other applicable legislation. The Bank of England also possesses censure powers under FSMA 2000. Public censures help regulators highlight standards and principles, influence the subject’s behaviour, and deter others from similar misconduct. The regulators view public censures as a useful disciplinary measure where appropriate. They have applied them where a financial penalty would result in serious financial hardship, and where the subject has taken substantial, proactive steps to remedy breaches and tackle consumer harm. A public censure may also be issued alongside other enforcement or disciplinary actions, such as a prohibition order.
This Practice Note considers:
the meaning of a public censure;
the regulators’ powers to impose one;
their approach to using a public censure instead of a financial penalty;
the procedure for issuing a public censure; and
examples...
Financial Services
If you expected to see yourself on this page, click here.
