Jurisdiction(s):
United Kingdom

FCA and PRA search and seizure: FSMA 2000 s 176 warrants, dawn raid preparation and response, co‑operation duties, criminal risks and privilege

Published by a LexisNexis Financial Services expert

Practice notes

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...

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Sara Cody

Linklaters

Sara is a Counsel specialising in UK contentious regulatory work. She has experience of all aspects of regulatory enforcement work and has written extensively on both FCA/PRA enforcement decisions and UK, EU and global enforcement trends. Sara leads the development of Linklaters’ thought leadership and horizon-spotting work in this area, focusing on publications comparing the approach of national financial regulators across the globe to enforcement issues and relevant developments. Sara, provides in-house technical expertise and support to Linklaters’ market-leading contentious regulatory practice in all aspects of its work and directs Linklaters internal training and knowhow programme here. She is frequently called upon by clients to design and deliver bespoke training on the FCA and PRA enforcement process and to advise on the conduct of investigations skills more generally, providing innovative solutions to enable firms to respond effectively. Sara has a particular interest in...

Oliver Palmer

Linklaters

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...

Web page updated on 22/05/2026

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