3 Verulam Buildings is 'an excellent financial services set, with strength at all levels'. The chambers is home to a team which regularly acts for and against the regulators, including the Financial Conduct Authority (FCA), and is adept at handling contentious and advisory matters. Rory Phillips QC advised Lloyds Banking Group on establishing an independent appeals process for customers, following decisions made by the client as part of its implementation of the recommendations of the Cranston Review; the Cranston Review was set up following the high-profile HBOS fraud in Reading. In another matter, Thomas Weitzman QC advised the PRA on two major Brexit-related Part VII insurance business transfers. The set also added to its junior ranks with the arrival of Adam Temple from 4 Pump Court in October 2020.
Financial services regulation in London Bar
‘3VB is an excellent financial services set with strength at all levels.’
‘Huge strength in depth of expertise and availability of counsel. An impressive offering.’
‘We are always well served by the team at 3VB. They are readily able to give us a choice of suitable people for a wide range of cases.’
‘3VB is our set of choice. They offer remarkable strength in depth which means that availability is never an issue. This also allows for the instruction of barristers which are suitable for a particular matter. This is incredibly helpful when it comes to the issue of costs, which is always front and centre of a client’s mind.’
‘The clerks are highly efficient and user-friendly. Richard Ansell is a particular pleasure to deal with – responsive, straightforward and dependable.’
‘Good, and responsive.’
‘The clerks have been efficient and available.’
‘They are probably the most user friendly clerks room I have experienced. The joint senior practice managers, Steve Penson and Stuart Pullum, complement each other perfectly while Richard Ansell also stands out both for his loyalty to chambers and for his commitment to client service.’
‘Very good – Richard Ansell stands out.’
The 'excellent' Blackstone Chambers is 'a go to set for financial services regulation work'. The set is home to an impressive range of silks and juniors who are well versed in contentious and non-contentious matters, including advice to regulators such as the FCA, as well as representing individuals and financial services companies before regulatory tribunals. Andrew George QC and Daniel Burgess are acting for the FCA in tribunal proceedings concerning Keydata Investment Services and £475m worth of structured financial product investments it sold to over 37,000 investors. Andrew Green QC represented a major hedge fund in a market abuse investigation by the FCA; the investigation was discontinued. In another matter, Javan Herberg QC acted for the FCA concerning Carillion's mis-statement of information to the market prior to its insolvency.
‘Blackstone is a first-rate set. All the barristers I have worked have been highly intelligent with excellent analytical skills.’
‘Very strong for contentious financial services work.’
‘Blackstone is very much the leading set in the contentious financial services area with the most heavyweight of QCs, in particular Andrew Green QC and Javan Herberg QC, and leading juniors such as Simon Pritchard.’
‘The have a number of very impressive contentious regulatory QCs and juniors‘.
‘Derek Sutton is extremely user friendly.’
‘Excellent and extremely responsive.’
‘Blackstone are really well run and clerked. I love working with the chambers director Julia Hornor and senior clerk Gary Oliver, both exceptionally talented and authentic people.’
‘Gary Oliver is superb, professional and responsive.’
‘I mainly deal with Adam Sloane who is always available and I consider to be first class. You can always have a sensible conversation with Adam.’
Fountain Court Chambers' market-leading status in this area extends beyond its strengths in banking and finance, mixing in expertise in related areas such as professional negligence and civil and criminal fraud. The depth of experience covers every level, both for contentious and non-contentious financial regulatory advice. Recent instructions for the team include Andrew Mitchell QC advising RBS on pre-litigation matters linked to its replacement of LIBOR as a reference rate for bank lending with SONIA. In another matter, Bankim Thanki QC is advising KPMG in relation to a formal complaint by FRC in relation to its auditing of Bank of New York Mellon, where Raymond Cox QC and Rupert Allen were representing the FRC in the sanctions hearing.
‘Fountain Court is an outstanding set.’
‘Fountain Court is one of the pre-eminent sets for complex finance disputes.’
‘Fountain Court have considerable strength-in-depth in this area with a host of high quality practitioners.’
‘It is a well-known market leader.’
‘The clerking team at Fountain Court are fantastic for identifying an appropriate barrister for whatever particular matter you have.’
At 4 Stone Buildings, members have established strength in representing clients before the Financial Conduct Authority's (FCA) Regulatory Decisions Committee. Charles Marquand is singled out for his expertise in advising a client base of major banks, funds and brokers. At silk level, Sharif Shivji QC, Jonathan Crow QC and John Brisby QC have solid track records in acting for defendant-side clients and regulatory bodies, including the FCA, in significant regulatory actions.
‘The clerks are very approachable.’
Gough Square Chambers is 'a clear leader in the area of financial services'. Members assist banks and financial services providers with a range of contentious and non-contentious work. Recently Jonathan Kirk QC, Fred Philpott and Kate Urell appeared for various parties in different stages of CFL Finance Ltd v Bass, Gertner & Others, which concerns if a Tomlin order requiring payments in installments was a regulated credit agreement under the Consumer Credit Act 1974; the matter reached the Court of Appeal. Simon Popplewell has a solid track record in handling cases concerning FCA challenges.
‘Gough Square is an excellent set, with lots of barristers who are able to provide good quality advice and advocacy in this area. The clerks are amazing, especially Bob Weekes. If counsel is unavailable they are always able to find an alternative. Very high quality of service.’
‘Fabulous client focused chambers.’
‘A clear leader in the area of financial services.’
‘The clerks will always endeavour to accommodate and Jack Bradshaw is an outstanding, attentive second clerk.’
‘The are superb. They are responsive with a quick turnaround and extremely flexible to work to meet with our clients expectations and approach.’
‘Easy to deal with and responsive.’
Henderson Chambers has an 'excellent' reputation for financial services regulation. Members regularly handle a range of FCA matters. Richard Mawrey QC has a solid track record in defending investment managers against the FCA. Toby Riley-Smith QC prepared a report for the High Court Enforcement Officers Association on reforming the system for enforcing consumer debts. Henry Warwick QC, William Hibbert and Julia Smith are other key practitioners.
Outer Temple Chambers has a top-notch reputation, and many of its members handle work at the interplay between financial services regulation, crime and civil fraud. In addition to advising on FCA regulatory breaches, the set's members regularly assist with cross-border issues, for example global financial investigations. In addition to well-established silks such as Michael Bowes QC and James Counsell QC, the set fields a strong selection of highly-rated juniors including Michael Uberoi; Justina Stewart, who comes from a financial services background; and Oliver Powell, who has recently been involved in several cases involving the FCA and SFO.
‘Whenever additional expertise is required, Outer Temple has a specialist who can provide it. All the barristers I have worked with are extremely responsive.’
‘This is a great set that I regularly use for cases that span FCA regulatory and criminal issues in complex enforcement investigations.’
‘Outer Temple has excellent bench strength at the junior commercial end, where my work to date with this set has been focused. We have had an excellent experience with a number of barristers across a range of projects, each and all of whom have been skillful, responsive, and easy to work with.’
‘The clerks are excellent. Matt Sale and Peter Foad are efficient, polite and always available.’
‘The clerks provide a very good level of service. They are courteous and respond quickly to inquiries.’
‘All the clerks are very good. They are responsive, deal with fees and invoices promptly and are always willing to do what they can to make the process as smooth as possible.’