Jurisdiction(s):
United Kingdom

FCA/PRA investigations: confidentiality, privilege, disclosure duties (including Seiler reforms), third-party and overseas sharing, publication of notices, and firms’ and auditors’ notification obligations under FSMA, PRIN and PRA Rules

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Practice notes

The Financial Services Enforcement Database

The Financial Services Enforcement Database brings together comprehensive details of all substantive FCA and PRA Final Notices and, where available, Decision Notices, from 2014 onwards. Searches can be tailored and refined by:

rule breach
keyword
sector
date
seriousness
aggravating and mitigating factors
financial penalty
other actions, such as referrals to the Upper Tribunal

This Practice Note addresses disclosure matters that may arise during an investigation conducted by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA). It explains the rules governing disclosure of confidential information, privileged and protected material, and the circumstances for sharing with third parties, including overseas regulators and potential litigants. It also sets out the regulators’ duties to provide materials gathered during an investigation to the subject under scrutiny and to those with third‑party rights. In addition, it considers changes to the FCA’s disclosure procedures adopted following criticisms by the Upper Tribunal in Seiler v FCA. Finally, it covers both general and specific obligations on firms (and auditors) to notify the regulator of rule breaches or other misconduct, and the consequences of failing to notify. For a high‑level overview, see Practice...

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Guy Wilkes

Mishcon de Reya

Guy is a Partner in the Finance and Banking Disputes Group. He specialises in financial services regulatory disputes and has been involved in some of the FCA and PRA's highest profile investigations into both individuals and institutions. He was formerly a member of the FCA's senior leadership team and had responsibility for developing enforcement strategy, especially in relation to financial crime and anti-money laundering where he chaired the cross-divisional working group. While at the FCA, Guy set up and ran an internal expert group for investigations against senior individuals. Guy also conducts and advises clients on internal investigations, including those involving senior managers. His regulatory experience involves a wide range of matters including anti-money laundering and anti-bribery controls, listings rule breaches, conflicts of interest, suitability of investment advice, treatment of customers, client asset rules, market misconduct, competition law and personal culpability of...

Sheron Cheng

Mishcon de Reya

Sheron is an associate in Mishcon de Reya's highly regarded Financial Services Investigations and Enforcement practice. She has experience on contentious regulatory and enforcement work and has experience advising firms and senior individuals under regulatory investigation by regulators such as the Financial Conduct Authority ("FCA"). Prior to joining Mishcon, Sheron worked at the Enforcement division of the FCA where she gained valuable insight into the FCA's approach to enforcement. Sheron is dual qualified as a lawyer in both England/Wales and Hong Kong....

Elizabeth Hope

Mishcon de Reya

Elizabeth is a Managing Associate in Mishcon's highly regarded Financial Services Investigations and Enforcement practice.Elizabeth's practice is exclusively focussed on contentious regulatory and enforcement work, and she has significant experience advising firms and senior individuals at risk of, or under, regulatory investigation by the Financial Conduct Authority ('FCA') and Prudential Regulation Authority ('PRA') for alleged serious misconduct or rule breaches. Elizabeth has played a key role in some of the most important financial services cases of recent years and brings great experience, strategic insight and judgement. Her experience includes cases concerning complex multi-party market abuse, serious misconduct, supervisory/pre-enforcement enquiries and internal investigations. Elizabeth's skills were strengthened by a seven-month secondment to the FCA's Enforcement Division where she gained valuable insight into the FCA's approach to Enforcement and future priorities.Elizabeth also has a range of experience representing clients faced with enquiries or...

Web page updated on 22/05/2026

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