Jurisdiction(s):
United Kingdom

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

Published by a LexisNexis Corporate Crime expert

Practice notes

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,...

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James Alleyne

Kingsley Napley

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...

Web page updated on 22/05/2026

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