James Alleyne
James is Legal Director in the firm’s Financial Services Group. He advises clients on the full spectrum of financial services and FCA-related matters, including on authorisation applications, perimeter and supervisory issues, enforcement investigations and cases before the Regulatory Decisions Committee and Upper Tribunal.
James joined Kingsley Napley in 2022 from the FCA where he spent seven years in the Enforcement division, giving him a unique insight into the approach and working of the regulator.
Whilst at the FCA James built the framework, and led the dedicated team responsible, for taking assertive supervisory intervention action against firms through the imposition of requirements, freezing of assets, banning of financial promotions and variations of permissions. James led many of the FCA’s highest profile interventions to date, including the banning of the world’s largest crypto exchange.
James also has significant experience of advising on FCA criminal and regulatory enforcement investigations into firms and individuals and conducting related litigation, including in relation to conduct issues, systems and controls failings, conflicts of interest and compliance with anti-money laundering legislation and cases involving sexual misconduct in the workplace. James also has extensive experience in advising on contested authorisations cases for firms, senior individuals and in respect of changes in control.
Practice Area
Panel
- Contributing Author
Qualified Year
- 2009
Experience
- Financial Conduct Authority (2015 - 2022)
- Serious Fraud Office (2013 - 2015)
- Home Office (2010 - 2013)
- White & Case LLP (2007 - 2010)
Membership
- Fraud Lawyers Association
- Financial Services Lawyers Association
Qualifications
- BA (Hons) (2004)
- GDL (2005)
- LPC (2006)
Education
- BPP Law School (2004 - 2006)
- University of Oxford (2001 - 2004)
3 Contributions by James Alleyne
PRACTICE NOTES
FCA investigations in the UK: interviews (voluntary, under caution, compelled and under arrest); document production and market abuse powers; privilege, contempt, and offences for non‑compliance and obstructing search warrants
Financial Conduct Authority interviews
The Financial Conduct Authority (FCA) may hold interviews either on a voluntary basis or under compulsion, and it alone decides which route to take. As a matter of routine, set out in the FCA Handbook’s Enforcement Guide (ENFG), the regulator invokes statutory powers to require questions to be answered in interview, promoting fairness, openness and efficiency. That framework is adopted for reasons of fairness, transparency and efficiency. Where the FCA suspects regulatory and/or criminal misconduct, it need not immediately determine whether any later proceedings will be criminal or regulatory. The FCA retains discretion to deploy whatever powers it considers suitable to carry out its statutory function of investigating the alleged misconduct. If there is a prospect of criminal prosecution, or in market abuse enquiries, the FCA may question suspects under caution. Ordinarily, an interviewee is accompanied by a legal adviser; however, the FCA may refuse a particular adviser’s attendance due to conflicts of interest, or where a duty of disclosure is owed to another person. No immediate choice between criminal or regulatory proceedings is required by the FCA. If an interview is tape-recorded, the interviewee will be given a copy of the tape and, if one is made, a copy...
Corporate Crime
PRACTICE NOTES
FCA supervision: statutory framework under FSMA 2000, risk‑based oversight, decision‑making and diagnostic tools (including s166), sector priorities, prudential supervision of solo‑regulated firms, and PRA co‑ordination (UK)
Introduction
This Practice Note reviews the statutory foundation of FCA supervision and the regulator’s supervisory methodology, including its decision‑making framework. It explores the FCA’s supervisory principles, areas of focus and priorities, and also sets out, in summary, how the FCA oversees firms on a day‑to‑day basis. The Note also addresses the supervisory stance taken towards retail and wholesale markets and towards international firms, as well as oversight of specialist domains (financial crime, fintech and outsourcing). It outlines the FCA’s co‑operation with other bodies, such as the PRA, and considers the prudential supervisory approach applied to firms outside of dual regulation with the PRA. The material draws principally on the following primary sources and references: FCA Mission: Approach to Supervision (April 2019), the FCA Handbook’s Supervision Manual (SUP), and FCA’s Mission Paper 2017: How we regulate financial services. Further background on the FCA and PRA can be found in the UK regulators—financial services—overview, as stated therein. Information on supervision by European regulators is contained in Practice Note: The European Supervisory Authorities (ESAs) and the European System of Financial Supervision.
Overview of FCA supervision
The FCA’s overarching strategic objective is to ensure that relevant markets function effectively. In addition, the FCA pursues three operational objectives in parallel:...
Financial Services
PRACTICE NOTES
Misleading statements (FSA 2012, s 89): elements, mens rea, jurisdiction, defences, prosecution and sentencing; corporate liability (ECCTA 2023) and key case law on dishonesty and recklessness
Offences relating to financial services
The Financial Services Act 2012 (FSA 2012) sets out three offences aimed at market manipulation:
issuing false or misleading statements, or deceitfully hiding material facts, under FSA 2012, s 89
producing false or misleading impressions under FSA 2012, s 90
making false or misleading statements, and related conduct, concerning benchmarks under FSA 2012, s 91
See also Practice Notes: Misleading statements etc in relation to benchmarks and Misleading impressions under Financial Services Act 2012. For details of the previous regime for market manipulation under section 397 of the Financial Services and Markets Act 2000 (FSMA 2000), which has been repealed, refer to Practice Note: Misleading the market and market manipulation under s 397 FSMA 2000 [Archived]...
Corporate Crime
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