1st Edition

Conduct and Pay in the Financial Services Industry The regulation of individuals

Edited By Thomas Ogg, Richard Leiper QC Copyright 2017
    349 Pages
    by Informa Law from Routledge

    350 Pages 1 B/W Illustrations
    by Informa Law from Routledge

    349 Pages 1 B/W Illustrations
    by Informa Law from Routledge

    Since the financial crisis, one of the key priorities of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) has been individual accountability. This book addresses the regulatory and employment law challenges that arise from the FCA’s and PRA’s requirements.

    The expert team of writers examine in depth the provisions of the Financial Services and Markets Act 2000 which relate to individuals, and the associated requirements of the PRA and FCA. The topics addressed include:

    • The Senior Manager, Certification and Approved Person Regimes

    • Regulatory references and whistleblowing

    • Disciplinary investigations, enforcement and sanctions

    • Notifications, ‘Form C’, and fitness & propriety

    • Bonus disputes and the Remuneration Code

    Conduct and Pay in the Financial Services Industry considers the full extent of an individual’s employment, from pre-contractual discussions to the post-termination clawback of remuneration. It is a vital reference for lawyers and human resources professionals working within the financial services industry, both in-house and in private practice. It will also be of interest to all academics, regulators and policy-makers involved in this sector.

    1. Introduction  PART I: CONDUCT  2. The Conduct Regime  3. Fitness and Propriety  4. The Approved Persons Regime  5. The Certification Regime  6. The Senior Managers Regime  7. Notifications and the "Form C" Issue  8. Regulatory References and Whistleblowing  9. Misconduct  10. Sanctions  11. Enforcement Procedure  PART II: PAY  12. Bonuses: the General Law 13. The Remuneration Codes  14. Malus and Clawback: Further Discussion



    Thomas Ogg is a barrister at 11KBW, practicing in financial regulation, employment and commercial law. He was previously seconded to the Financial Conduct Authority’s Enforcement Legal Group and its General Counsel Division, and now regularly advises on contentious financial services matters.

    Richard Leiper QC is a leading specialist in City disputes, practising from 11KBW. He was instructed in the key remuneration cases, including Clark v Nomura and Commerzbank v Keen, and has advised both institutions and individuals involved in a wide range of financial transactions.

    '...the authors provide valuable insights into issues that may need to be grappled with in due course... I anticipate that this will become the standard work for those of us who advise on questions of regulatory authorisation, conduct and pay in the financial services field. The authors have certainly achieved their objective of filling the gap that existed in our law libraries.'

    Richard Coleman Q.C. ARDL Quarterly Bulletin


    "A succinct, well-written book on the regulations governing conduct and pay in financial services…it is likely to be an essential read for any who have to advise clients in the financial services sector. Its greatest strength is that its contributors are practitioners with considerable collective experience of the sector who are also able to offer insight into the attitude and mindset of the regulators, coupled with an exceptionally high level of ability in and knowledge of employment law."

    Stephen Levinson, Employment Lawyers Association