Financial Services
STRAY over the line set by the Financial Services Authority (FSA) and the consequences can be dire, according to lawyers Bond Pearce.
But keep an ear to the regulatory ground and a "vast array" of regulations can be successfully negotiated.
"So much can go wrong that we think our advice is a necessity, not a luxury," Tony Woodward, who leads Bond Pearce's financial services solicitors, says.
"We're exceptional in providing an annual compliance service dedicated to product providers and intermediaries. Expert lawyers and compliance consultants deliver regulatory advice to clients in their offices.
"Subscribers to the service get regular visits, bulletins, newsletters, and information about FSA regulations and the financial services sector."
The service characterises Bond Pearce's commitment to provide quick, specialist advice to the financial services sector, including insurance and mortgage products sold by banks, friendly societies, insurance companies and independent financial advisers (IFAs).
The law on distribution of retail financial products by product providers and independent financial advisers can be bewildering.
"There is a vast array of regulations. Without expert financial services lawyers, it would be easy to flounder," says Alan Hughes, Associate solicitor in the financial services team.
"We deal all the time with the FSA, the Office of Fair Trading and the Information Commissioner. We're quicker at getting to the point of a problem."
And even those who stray inadvertently can be rescued. Bond Pearce successfully defended three clients accused at a FSA hearing of taking money from their company knowing that it would lead to liquidation. In a unique deal, the FSA granted the clients a licence to resume practice as IFAs.
"We can assist retail finance firms in their corporate strategies, structures and commercial agreements to ensure compliance," Tony says.
The team
John Wright - Compliance Consultant
