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Financial services: non-contentious/regulatory in London

Gibson, Dunn & Crutcher

Gibson, Dunn & Crutcher's City financial services regulatory team regularly advises financial institutions and private equity houses, providing strategic advisory experience, as well as contentious regulatory expertise spanning both enforcement and investigations. Former Macfarlanes partner Michelle Kirschner heads the team, which also includes Matthew Nunan, who joined in late 2020 from Morgan Stanley; the practice has significant experience advising institutions on their conduct risk frameworks and senior management accountability.

Practice head(s):

Michelle Kirschner

Other key lawyers:

Matthew Nunan

Key clients

Stepstone Inc

IPI Partners


Motive Partners





Centerview GHO Capital

Mayer Brown International LLP

Mayer Brown International LLP’s non-contentious financial services regulatory practice has been on the rise in London since hiring in Chris Chapman from Freshfields Bruckhaus Deringer LLP in 2019. The team works closely with lawyers in the firm’s New York, London and Hong Kong offices to provide global advice to clients including banks, insurance firms, investment firms and asset managers. The team advises across the full range of UK and international mandates, offering regulatory and enforcement advice as well as disputes and transactional capabilities. Counsel Neil Macleod is the other key name to note in London.

Practice head(s):

Chris Chapman

Other key lawyers:

Neil Macleod


‘Mayer Brown are very good at putting together bespoke teams to deal with investigations. They were excellent, hard working and efficient.’

‘Chris Chapman stands out for his encyclopaedic knowledge of regulatory engagement with the financial services sector. He seems to have been involved at the heart of every major issue the sector has faced over the last 15 years. He has an astonishing work ethic, amazing attention to detail and remains calm and good-humoured under pressure. He is one of the stars of his generation.’

‘Highly competent and identify key issues. We are able to resolve an issue that had been disputed for several months, in the matter of weeks.’

‘Chris Chapman is very good at thinking through “big picture” issues and strategy and is a very good person to have in any discussion to provide an alternative point of view.’

‘Chris Chapman – very competent and key figure in resolving a complex regulatory issue, with pressing cross-border issues. Highly recommended.’

Work highlights

  • Engaged by the FCA in relation to an independent external investigation into the FCA’s handling of the Connaught Income Fund prior to its collapse in controversial circumstances

Allen & Overy LLP

According to clients, Allen & Overy LLP's team is 'very plugged into the financial services market and industry bodies', which gives it the edge across the area of financial regulation; handling issues relating to financial market infrastructure, prudential regulation, recovery and resolution planning, payment, fintech and consumer finance. Practice head Damian Carolan ('who always brings new perspectives or ideas to technical issues') is known for his work on derivatives and securities regulation and financial market infrastructure. 'Market leader' Bob Penn has developed a name for himself in work related to European financial services reform. 'Pro-active' Kate Sumpter is an expert in regulatory-driven structural change projects for international banks. Ben Regnard-Weinrabe has played an integral role in developing the firm's fintech regulatory offering. Senior associate Kelesi Blundell is building a broad, well-respected practice which includes advising on recovery and resolution planning and Brexit-related issues, while counsel Joanne Owens, who sits in the consumer finance group where she is an expert on retail financial services regulation. In May 2021, Nikki Johnstone, who is another key name in the fintech regulatory practice, was promoted to partner; while the group lost Etay Katz to Ashurst.

Practice head(s):

Damian Carolan

Other key lawyers:

Bob Penn; Kate Sumpter; Ben Regnard-Weinrabe; Nick Bradbury; Knox McIlwain; Nikki Johnstone; Joanne Owens; Kelesi Blundell


The team is very plugged into the financial services market and industry bodies, as well as having a strong network across Europe in respect of cross-border regulatory issues. They take a practical and pragmatic view within the scope of the regulatory landscape and generally have a client-friendly and approachable manner.’

I work a lot with Kate Sumpter who I find very approachable and pro-active in bringing issues to our attention. Kate has very good knowledge of financial regulation, as well as of the market and how regulation is applied in practice. Bob Penn is very plugged into industry bodies and I would regard as a market leader in this space. He is also a very engaging personally. Kelesi Blundell is a very strong associate in the team.’

They have a vast technical knowledge of all areas of EU and UK regulation and are always on the cutting edge of regulatory change.’

Damian Carolan is a good leader who always brings new perspectives or ideas to technical issues.’

The team has a combination of experts that work as one. Very well briefed and aligned with the task at hand with seamless execution. Guides management through issues well, looking at alternative solution to achieve the best outcome.’

Nick Bradbury has deep expertise in prime brokerage matters from a sell-side perspective. Highly technical yet very commercial at the same time and can arrive at creative and workable solutions to complex problems.’

Kate Sumpter was outstanding in ensuring the extremely tight schedule we had to operate within, to ensure continuity of operations, was adhered to.’

Key clients


Standard Chartered Bank

Commonwealth Bank of Australia

Pay.UK (formerly Bacs Payment Systems Limited)



LCH Clearnet


BNP Paribas


Man Group

Societe Generale

The Depository Trust And Clearing Corporation

Bank of China (UK) Limited


Virgin Atlantic Group


Paysafe & Skrill




Edenred group (including Prepay solutions)


Work highlights

  • Advised Virgin Atlantic on the credit card acquirer work stream of its £1.2bn solvent recapitalisation.
  • Following its 2019 agreement to transfer Deutsche Bank’s global prime brokerage and electronic equities business, provided advice to BNP Paribas on various steps to effect the transfer of clients and integrate the two businesses.
  • Acted for the sellers, Refinitiv, Tradeweb, Blackstone, CPPIB, GIC, and Thomson Reuters, on London Stock Exchange’s acquisition of Refinitiv for $28 billion.

Clifford Chance LLP

At Clifford Chance LLP, the financial regulatory practice is closely linked to the firm's global offering, allowing it to provide multi-jurisdictional and cross-border advice to clients in their interactions with regulators, legislators and policymakers. Areas where the group was particularly active in 2020 are issues arising from the Covid response and Brexit, as well as IBOR transition. The team is notable for its public sector work, and practitioners advise the treasury and financial services compensation scheme, as well as overseas government bodies on various financial regulatory issues. Chris Bates takes the lead, and is an expert in the confluence between UK, EU and international regulations. Simon Crown is the main contact for asset management clients in relation to Brexit, while Caroline Meinertz is another key name for strategic Brexit advice, as well as sitting on the firm's financial markets strategy group; both are often supported by Caroline Dawson. Simon Gleeson is a recognised expert in financial markets law and regulation. Monica Sah, who has played a leading role in relation to a number of the firm's technological solutions, is an expert in fintech regulation. At the junior end, senior associates Diego Ballon Ossio and Stephanie Peacock are also lawyers to watch. In May 2021, the group was joined from Macfarlanes LLP by Paul Ellison, who brings with him expertise in the regulation of funds.

Practice head(s):

Chris Bates

Other key lawyers:

Simon Crown; Diego Ballon Ossio; Stephanie Peacock; Monica Sah; Caroline Dawson; Simon Gleeson; Caroline Meinertz; Paul Ellison


The team is expert not just in the law, but also in understanding the financial services marketplace and the broad interaction between law and practice in this context.’

Chris Bates and Simon Gleeson are acknowledged senior leaders in their fields. Among the up and coming partners I would single out Caroline Dawson.’

Work highlights

  • Advising a blockchain solutions provider on the establishment of a new crypto-asset exchange. Involved since the early planning stages of this exchange, assisting with advice on the regulation of crypto- assets and crypto-asset exchanges in multiple jurisdictions.
  • Advised a number of large EU and non-EU financial institutions on the implications of Brexit.
  • Advised multiple industry associations and international banks on the scope and implementation of settlement discipline requirements under the EU Central Securities Depositories Regulation (“CSDR”).

Linklaters LLP

The 'extremely knowledgeable and pragmatic' financial services regulatory team at Linklaters LLP is known for its expertise in conduct and prudential regulation. Recent work spans Brexit adjustments, ESG and governance issues, as well as matters arising from the LIBOR transition, ring-fencing, clearing and payments. Michael Kent has deep experience in market infrastructure, advising investment banks and asset managers. Peter Bevan specialises in advising broker-dealers and investment banks; Harry Eddis is increasingly involved in the fintech regulatory space; Nikunj Kiri draws on contentious expertise to advise on compliance risk management issues. Julia Dixon is noted for strategic regulatory engagement and regulatory risk identification and management. Benedict James has a reputation for prudential regulations. Alastair Holt is a licensing and governance expert who has developed expertise in advising on new investment firms regulation. Counsel Raza Naeem is noted for his knowledge in market structures. The team was bolstered further in summer 2021 with the hire of Pansy Wong from JP Morgan Securities, where she was managing director and associate general counsel.

Practice head(s):

Martyn Hopper

Other key lawyers:

Michael Kent; Peter Bevan; Harry Eddis; Nikunj Kiri; Sebastian Barling; Julia Dixon; Alastair Holt; Raza Naeem


The Regulatory team are extremely knowledgeable and pragmatic about business matters. They use simple language for their clients to help understand complex issues or solutions.’

Julia Dixon is very commercial and pragmatic.’

Key clients

Visa Europe Limited

SMBC Bank International plc

Slaughter and May

Slaughter and May's team advises EU and UK banks, insurers and investment firms across the spectrum of their regulatory requirements, with a particular aptitude for assisting with the regulatory aspects of M&A deals. The group has been heavily involved in advising clients on their Brexit-related adjustments, as well as on the implications of Covid on financial regulation. The department is led by Jan Putnis, who has carved out a niche advising global banking groups on Brexit-related issues. Ben Kingsley is a co-head of the firm's emerging tech and fintech practice, where he brings to bear his financial regulatory expertise. Nick Bonsall is a financial markets expert with a varied client roster of banks and insurers. Senior counsel Kristina Locmele is often called upon to support M&A transactions, utilising her expertise in consumer credit and payments regulation.

Practice head(s):

Jan Putnis

Other key lawyers:

Ben Kingsley; Nick Bonsall; Kristina Locmele; Tim Fosh; Srijanee Bhattacharyya

Key clients

RSA Insurance Group plc

Aviva plc

Klarna Bank A/B

OneSavings Bank


TransferWise Ltd

Zurich Insurance

Prudential plc

Standard Life Aberdeen plc

Standard Chartered Bank


Work highlights

  • Advised RSA, an international insurance group, on the £7.2 billion recommended cash offer for RSA made by a subsidiary of Intact Financial Corporation acting in consortium with Tryg A/S.
  • Advised SC Ventures, the innovation and ventures unit of Standard Chartered, on its partnership with Northern Trust to launch Zodia Custody, an institutional-grade custody solution for cryptocurrencies.
  • Advised OSB, the specialist lending and retail savings group, on the introduction of a new holding company, OSB Group plc, by means of a scheme of arrangement, together with OSB Group plc’s admission to the premium listing segment of the Official List and to trading on the main market of the London Stock Exchange.

Latham & Watkins

Latham & Watkins‘ team in London is an integral part of the firm’s global financial regulatory offering, which counts as clients central banks, wholesale and retail banks, asset managers and insurers. In recognition of the group’s strengths, it is often instructed by market infrastructure providers on ground-breaking regulatory issues. Rob Moulton is the practice head, with experience representing major trade associations in legislative settings. David Berman is an expert in the buy-side regulatory environment and is often called upon in crisis situations. Carl Fernandes is a go-to advisor for an impressive mix of investment banks and asset managers. Nicola Higgs is well-known in the retail investments space. Stuart Davis is a fintech regulatory expert, as well as regularly advising on regulation affecting M&A and capital markets transactions.

Practice head(s):

Rob Moulton

Other key lawyers:

David Berman; Carl Fernandes; Nicola Higgs


Nicola Higgs is very responsive and excellent at distilling complex regulatory requirements into pragmatic advice which is very commercial and business focused.’

David Berman and Greg Bonne are my go to partners. Both of whom have helped to navigate through some challenging issues involving senior stakeholders. They have invested time in getting to understand both my business and pressure points and are quick to offer pragmatic advice. Highly recommended.’

Key clients



Central Bank of Egypt







Royal Bank of Canada

Work highlights

  • Advising Goldman Sachs on the build of its first UK Retail Investment Platform – Marcus Invest.
  • Providing anti-money laundering, payments and UK regulatory advice in connection to Airbnb’s Initial Public Offering of 56 million shares on Nasdaq.
  • Advising the Central Bank of Egypt on the formulation of Egypt’s new banking law (No 194 of 2020), a key pillar of the Republic’s ongoing programme of economic reform.

Norton Rose Fulbright

The financial services and regulatory group at Norton Rose Fulbright excels at governance, conduct and markets issues. The team is well versed in accountability regimes for senior managers, social governance frameworks, in addition to issues arising from trading and post-trading interactions. The overall department and global practice head is Jonathan Herbst; Imogen Garner is the main contact for conduct regulation; Hannah Meakin takes the lead on markets regulation; while Katie Stephen is responsible for the governance practice. Counsel Matthew Gregory is an expert in cross-border regulatory matters, particularly where there is a crossover between UK and EU law.

Practice head(s):

Jonathan Herbst; Imogen Garner; Hannah Meakin; Katie Stephen

Other key lawyers:

Albert Weatherill; Matthew Gregory


Norton Rose’s delivery time is quicker than other firms we use, and their knowledge of UK regulation is impressive. They have been innovative and helpful in providing secondments, free training, and answering quick ad hoc questions on an unchargeable basis. That flexibility, and their expertise, has led us to look to them first in many situations when we would have previously gone to a Magic Circle firm.’

Imogen Garner is engaging and extremely knowledgeable. Always available and makes it seem effortless. User-friendly. Hannah Milkin is excellent technical skills. Jonathan Herbst uses his superior intellect not to outwit others but to simplify complex matters in order to provide useful, useable advice. He is an in-house lawyer’s ideal external lawyer.’

We mainly deal with Norton Rose Fulbright in our ESG work. This is of key importance to our members. Their ability to stand up experts in discussions with members and in understanding regulatory proposals as well as assisting in formulating policy recommendations is why we use them.’

Our lead partner is Imogen Garner, who is both charming and very sharp. Imogen is accessible as well as expert where she needs to be.’

I deal with seniors – very strong in a broad range of areas with a focus on prompt and practical advice. Capacity to be technical but also to demystify complex matters for broader audience. They understand our business and what matters to us and to our clients.’

Jonathan Herbst has a wealth of knowledge and experience – ability to get very quickly to practical solutions to complex issues. Not afraid to take a view.’

Key clients


CME Group


Goldman Sachs



New Payments Systems Operator

River and Mercantile

Societe Generale

UK Finance

Work highlights

  • Advised, with Weil Gotshal & Manges LLP, Bain on its acquisition of Liverpool Victoria Financial Services Limited (“LVFS”). LVFS is the second largest insurance mutual in the UK with over one million members, and provides both with-profits and non-profits products. This is a highly significant transaction, involving the demutualisation of LVFS, and has received a great deal of press coverage.
  • Advised UK Finance, the leading industry body for banking and financial services, and a consortium of seven of the UK’s largest retail and corporate banks, on the launch of the pioneering and widely used UK Government’s Bounce Back Loan Scheme.
  • Instructed by Europex to conduct a study on the impact of European Union financial services law and regulation on the wholesale electricity and gas markets with a view to producing a report for the European policy and law makers to consider in their further development of legislation that might affect this sector.

Shearman & Sterling LLP

Shearman & Sterling LLP is most known for its transatlantic regulatory expertise, with the London team often working alongside the firm's US lawyers on work for an impressive international clientbase. Owing to the reputation of department head Barney Reynolds for financial markets regulation, the group is often called upon by sovereign clients to advise on market infrastructure issues. Thomas Donegan is another core member of the team, handling advisory and transactional work in the banking, brokerage, insurance and financial products arenas. John Adams leads the investment funds group and assists the regulatory team in relation to UK and European fund managers and investment products. Senior associate Ellerina Teo is increasingly strong for fintech regulation.

Practice head(s):

Barney Reynolds

Other key lawyers:

Thomas Donegan; John Adams; Ellerina Teo


Barney Reynolds’ insight, both technical and geopolitical, ultimately guided us to a commercially acceptable and legally sound outcome.’

The team that Barney assembled and led was knowledgeable across multiple key markets and ultra responsive (especially given the COVID restrictions).’

The team led by Barney Reynolds is incredibly competent, disciplined and delivers to very high standard. Barney himself is always on top of issues and ensure quality deliveries. He has a very broad view of industry trends in financial services and a wholistic approach to deliver results and resolve problems. The team works very collaboratively with clients.’

Barney Reynolds is one of the most astute lawyers I have worked with in 30 years of banking. He has a very detailed approach to issues and always creatively finds solutions.’

Key clients

Bank of America

Intercontinental Exchange, Inc. group (including ICE Clear Europe and ICE Futures Europe)

Bondholders of London Capital & Finance plc

Archer-Daniels-Midland (ADM Investor Services)



Riverstone Insurance


ICE Benchmark Administration

Alpha FX

First Eagle Investment

Abu Dhabi Global Market


ABSA (former Barclays Africa)

Goldman Sachs

Fairfax Financial Group

Attestor Capital

Intuit Limited

Work highlights

  • Continue to advise ICE Benchmark Administration in aspects of the benchmarks operated by them.  In particular, advised ICE Benchmark, the administrators of the LIBOR benchmark, on a variety of legal and regulatory matters associated with the proposed transition away from LIBOR to using so-called “risk free” rates.
  • Have been advising certain bondholders and the creditors’ committee of London Capital & Finance plc (LC&F) in relation to Dame Gloster’s high profile report into regulatory failure, a judicial review of the Financial Services Compensation Scheme (FSCS) and in the administration of LC&F
  • Advised the Abu Dhabi National Oil Company (ADNOC) on the establishment and launch of two new trading units: ADNOC Trading and ADNOC Global Trading, both based in Abu Dhabi Global Market (ADGM). The launch of the two new trading units represent the next step in ADNOC’s expansion of its global presence as it takes steps to increase value in its refining and trading activities.

Simmons & Simmons

Simmons & Simmons stands out for the depth of its financial regulatory practice, advising a mixture of buy- and sell-side institutions, combined with significant knowledge in issues such as cross-border licensing. The group has recently been heavily involved in advising clients on their Brexit initiatives, as well as assisting clients across the banking sector with SMCR compliance. Penny Miller leads the group, with a strength in advising on strategic governance issues, in addition to her practice advising industry bodies on regulatory change. Charlotte Stalin takes the lead in matters relating to the interface between EU and UK financial regulations. Darren Fox has deep connections with the asset management industry, advising on market conduct, shareholding disclosure and short selling issues.

Practice head(s):

Penny Miller

Other key lawyers:

Charlotte Stalin; Darren Fox; Catherine Weeks


‘Darren Fox is my go-to person for all FCA/UK regulatory questions.’

‘Darren Fox is exceptional. He is measured and practical but he doesn’t flex when it counts. I consider his advice to be balanced and well-founded based on experience and a very thorough knowledge of the rules. I often call several firms with the same question and Darren is always the person to cite the rule back at me.  He knows his field.  He is also very responsive.

‘Catherine Weeks has deep knowledge of our business and the market, and the ability to give practical, commercial regulatory advice.’

‘Good collaboration, availability of senior partners – they really listen to our needs.’

Key clients


Allianz Global Investors

BNP Paribas

Royal Bank of Canada

Standard Bank

State Street Global Advisors

Prudential Financial


Travers Smith LLP

Travers Smith LLP is most known for its work for asset managers and private equity groups, but it has a strength across the board of financial regulation, with a growing reputation for market infrastructure work. Tim Lewis heads up the team, possessing vast knowledge in the regulation of asset managers. Senior consultant Jane Tuckley is a veteran of the financial regulatory space and has outstanding expertise in market conduct issues. Phil Bartram has a broad practice that includes advising fund management, banking, pension schemes and payment institutions on their services and corporate activities. Stephanie Biggs is a renowned specialist in the asset management regulatory space. Newly promoted partner Natalie Lewis is building a reputation for market infrastructure, payments and e-money work. Michael Raymond is another practitioner of note.

Practice head(s):

Tim Lewis

Other key lawyers:

Jane Tuckley; Phil Bartram; Stephanie Biggs; Michael Raymond; Natalie Lewis


Phil Bartram is top notch. Easy to work with, he can cut through difficult and technical legal matters to provide commercial and practical advice.’

Natalie Lewis is an exceptional lawyer. Approachable, knowledgeable, extremely practical and just thoroughly pleasant to deal with.’

Natalie Lewis has a broad based legal and regulatory knowledge, together with an in-depth understanding of the legal framework applicable to financial market infrastructure. Natalie has outstanding commercial sense, helping clients make difficult decisions that balance our risk appetite and commercial imperatives.’

Stephanie Biggs is an asset to Travers Smith. She has a wide knowledge of PE regulation and provides relevant well-balanced advice.’

Stephanie Biggs is commercial and a problem solver, focuses on solutions rather than barriers.

Natalie Lewis is one of the most competent lawyers I have come across. Her delivery is enviable. She is able to distill complex regulatory detail into pragmatic and useful advice. Quality is always 100%.

Michael Raymond is very accessible. He is thoughtful in his advice, tailoring and targeting it to the particular client. He has a great breadth of expertise.’

Michael Raymond is a fantastic partner in every regard – he is thoughtful, responsive and practical in his approach. I especially appreciate that he has taken the time to get to know us as a business and a company as a whole, so that his advice is tailored perfectly, every time. He is also a pleasure to work with on a personal level. I recommend him frequently and will continue to do so without hesitation.’

Key clients

Bain Capital Group

Cinven Partners LLP

Apax Partners

Alternative Investment Management Association, Alternative Credit Council, Managed Funds Association, Invest Europe, British Private Equity and Venture Capital Association

CLS Bank International


Euroclear Group


Intermediate Capital Group


Work highlights

  • Developed an entirely new and bespoke euro payments mechanism from the ground up to support delivery-versus-payment settlement in CREST (the New Euro Payments Mechanism) and has advised EUI on the legal and regulatory considerations underpinning this.
  • Advising many UK, EU and U.S. clients on matters arising from implementation of the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation.
  • Advised TA Associates on the regulatory aspects of the sale of Merian Global Investors Limited (Merian) to Jupiter Fund Management PLC (Jupiter). The team also advised this longstanding client on the regulatory aspects of their acquisition of a majority stake in Fairstone, the UK wealth manager.

Addleshaw Goddard

The team at Addleshaw Goddard is most noted for its specialisms in consumer finance, retail banking and payments, although the practice includes experts across the financial regulatory space. Heading the department is consumer finance and payments lawyer Amanda Hulme, who has recently been active advising clients and lobbying on Covid-related issues, as well as open banking issues. Rosanna Bryant is a consumer finance expert whose practice encompasses the regulation of current accounts, savings and mortgages. Ben Koehne, who leads the firm's building societies and mutuals practice, is noted for his recent participation in large-scale strategic regulatory projects relating to the banking industry. From the Edinburgh office, dual-Scottish and English qualified Lorna Finlayson focuses on commercial wealth management work.

Practice head(s):

Amanda Hulme

Other key lawyers:

Rosanna Bryant; Ben Koehne; Clare Hughes; Lorna Finlayson; Steven Francis


The AG team act for a number of financial services clients and therefore have a huge amount of industry insight. As a law firm this is a quality we really value.’

‘I have worked with Steven Francis extensively and consider him to be one of the best lawyers in the City and an asset to Addleshaw Goddard.’

‘The individuals in the team are technically excellent, but also personable and easy to work with. They are the ‘go-to’ experts in consumer finance and wouldn’t ever consider any other team to advise me.’

‘They are very active in the sector meaning that their advice is insightful and well balanced. Able to quickly get into the heart of a matter and provide top-class service and expertise. The best there is.’

‘Steven Francis – brilliant advice, calm, measured and willing to go the extra mile.’

Key clients

Investec Bank plc

FBN Bank

Metro Bank

Heleba Bank

Cynergy Bank

Bank Leumi

PPRO Financial

UK Finance

British Arab Commercial Bank

Hitachi Personal Finance

JCB Finance



Capital on Tap


Work highlights

  • Providing cutting edge legal advice to lenders navigating the Coronavirus crisis at it hit, providing advice on implementing forbearance measures, as well as structuring BBLS facilities and lobbying for legislative changes.
  • Advised a number of firms implement arrangements to deal with Brexit, from bank accounts and mortgages to derivatives and investment management arrangements.
  • With the regulator’s focus on resolution planning for firms, provided significant advice on resolution, wind-down plans and regulatory capital issues.


At Ashurst, the 'exceptionally pragmatic' team advises an impressive array of banking and funds clients on their UK regulatory requirements. The team is particularly well-versed in the MiFID and senior managers regimes, but it has also developed significant expertise in issues such as Brexit contingency planning. The firm stands out on ESG issues, an area where Lorraine Johnston takes the lead. The group is led by 'extremely user-friendly' Jake Green and includes Tim Cant, who has developed a formidable reputation for MiFID-related matters. In 2021, the group received a significant boost with the arrival of Etay Katz from Allen & Overy LLP, who brings with him impressive experience in advising banks on regulatory change projects.

Practice head(s):

Jake Green

Other key lawyers:

James Perry; Tim Cant; Etay Katz; Bradley Rice; Lorraine Johnston


Exceptionally pragmatic service and advice. Understand the issue very quickly and is clear in the approach and what will be covered in the opinion. Also exceptional in trying to find a solution!

The team offers a strong knowledge of relevant regulation balanced with an effective understanding of practical application that makes the advice relevant and applicable.’

Tim Cant applies a practical approach to addressing regulatory challenges that is effective, pragmatic and well informed. Combined with a very good understanding of the market makes him a highly valued when looking to resolve the more complex issues of the day.’

Excellent technical knowledge and commercial mindset.’

The team had a good understanding of our organisation and its risk tolerances, and was very good at cutting through to the key issues.’

What stood out for me was the pragmatic/practical approach to the advice provided – we didn’t get reams of legal analysis but instead useable guidance to help us assess the risks. Jake Green in particular was great at this.

We feel this team makes a concerted effort to get to know our business.’

Willing to stand behind their positions and drive home their assertions.’

Very responsive, commercial and in-keeping with latest industry trends – e.g. on ESG, LIBOR, cryptoassets and retail structured products.’

Timothy Cant, Lorraine Johnston – very easy to work with, excellent client service, good availability and turnaround and understands what clients need.’

Tim Cant is exceptional at coming to a considered solution that takes into account all risk factors.’

Jake Green is extremely user friendly, pragmatic, thoughtful and knows his clients.’

Key clients

Goldman Sachs (Marcus)

Oak Hill Advisors



Plus 500



Asto Digital Limited (part of the Santander Group)

Tritax Management LLP

Coutts & Co

Work highlights

  • Continued to advise Asto as exclusive legal counsel on the roll out of further new products. In particular, advised Asto on further variations to one of its most important contracts with eBay to enable Asto and eBay to develop their partnership through two new products.
  • Advising Coutts, the private banking arm of NatWest, on the establishment of a specialised private investment fund supporting entrepreneurs, established following the Alison Rose Review of Female Entrepreneurship.
  • Advising J.C. Flowers & Co on its portion of a US$800 million investment in Inigo Limited (Inigo), a new insurance group. The other investors are Caisse de dépôt et placement du Québec (CDPQ), Enstar, Oak Hill Advisors, Qatar Investment Authority, Stone Point and the Inigo management team.

Bryan Cave Leighton Paisner LLP

Bryan Cave Leighton Paisner LLP is known for advising financial institutions and investment firms, as well as their key executives and managers, on regulatory issues relating to their operations in the UK. Recent instructions have included issues arising from the impact of Covid and Brexit, as well as cross-border matters involving MiFID II. The group is also increasingly active in the crypto-borrowing space. Nathan Willmott heads the team, drawing on contentious experience with the regulators. Matthew Baker is an expert in the investment management sector, while Daniel Csefalvay specialises in wholesale secondary market trading activities.

Practice head(s):

Nathan Willmott

Other key lawyers:

Matthew Baker; Daniel Csefalvay; Nathan Willmott


BCLP work as one team which greatly assisted when advising on a large project that touched different areas. The various practices within the BCLP team worked together providing full advice and eliminating the need for the client to liaise with various partners/associates and coordinate separate pieces of advice.’

The BCLP team is fully aware of the importance to provide cost-effective advice. In particular, Daniel Csefalvay is mindful of legal costs and proactively helps and guides the client to incur legal fees in a beneficial and cost-saving manner.

Global coverage of legislations via local representatives. Prompt response and delivery. High level of commitment and professionality.’

Great staff, easy to contact, responsive with commercial sense.’

I have been especially pleased with the ability to draw on the colleagues of our trusted counsellors, when needed. We have found the depth to be just right and that we are not overpaying for a NY-based law firm.’

Key clients


BCA Market Place (BCA)


CMS' financial services department combines contentious and non-contentious expertise, which it applies to advising the spectrum of financial institutions on regulatory issues relating to their operations in the UK. Recent stand-out work for the team includes Brexit transition issues, an area of strength due to the firm's presence across Europe, while it has continued to develop its fintech regulatory practice. Ash Saluja leads the team and specialises in banking and investment business regulation. Paul Edmondson, who sits on the City UK EU strategy group and the financial markets law committee's Brexit advisory group, is an expert in Brexit planning and restructurings, and new authorisations, prudential, capital governance and conduct of business issues. Angela Greenough has developed a niche in financial services outsourcing regulation. Sam Robinson co-chairs the firm's global fintech group. Senior associate Tom Callaby is another expert in UK and EU regulatory matters.

Practice head(s):

Ash Saluja

Other key lawyers:

Simon Morris; Paul Edmondson; Sam Robinson; Pippa Tasker; Laura Houët; Angela Greenough; Tom Callaby


Very client friendly, proactive and in tune with client requirements.’

Excellent co-ordination and communication, with a commercial understanding of the business and financial services in general. In particular, they are very good at referring you to the right subject matter expert within the department rather than keeping the work with one partner.’

Ash Saluja is knowledgeable, commercial, practical and great to deal with.’

With regards to the team, I can say that, being a client of CMS means that you receive regular free updates on regulatory developments -these are always interesting & to the point.’

The CMS London Financial services team delivers high quality advice across the full regulatory landscape. Their knowledge of the UK regulatory system and their experience of FCA practice, together with their understanding of our firm and business model make them the go-to advisers for detailed, reliable and well-presented information which is practical and solution-focused.’

Ash Saluja’s knowledge and experience are exceptional.’

Key clients

Lloyds Banking Group




Deutsche Bank

Aon Hewitt

Metro Bank


Legal & General Investment Management

Octopus Investments

Willis Towers Watson/AMX


IAG Silverstripe LLC

Blevins Franks Financial Management Ltd

Brown Shipley & Co Limited

Patrizia AG

Tristan Capital Partners

DLA Piper

The financial services regulatory team at DLA Piper is noted for being on the panel of a number of international banks and insurers, able to draw on its global presence to provide multi-jurisdictional regulatory advice. Fintech is a key area for the group, which is particularly adept in payments-related issues. Michael McKee heads the European financial services regulatory practice, while Tony Katz leads the UK financial services and investigations team, and co-chairs the firm's financial services sector group. Sam Millar is an expert in derivatives and financial products regulation. Legal director Puesan Lam specialises in the regulatory aspects of financial services transactions, while senior associate Chris Whittaker, who formerly worked in the markets enforcement division of the Australian financial regulator, has a growing reputation in the payments and cryptocurrency arenas.

Practice head(s):

Michael McKee; Tony Katz

Other key lawyers:

Sam Millar; Puesan Lam; Chris Whittaker


This team provided very helpful support on a major outsourcing project. They were focussed and responsive. Tony Katz knows his subject matter very well and is able to provide pragmatic, commercial advice in dealing with difficult and complex regulatory areas.’

Tony Katz is a great lawyer – responsive, intelligent and commercial. He sees clearly through to the issues and is strategic in his advice which is important on multi-jurisdictional deals. Tony Katz works seamlessly with the technology team in DLA Piper and this cross-functional teamwork is far superior to that of other firms.’

I have found Chris Whittaker to be extremely user-friendly and responsive. He gives very practical advice and is a pleasure to deal with.’

Key clients

ING NV (Pyctor)

Abraaj North Africa II Limited Partnership

Prepaid Financial Services Limited

Fircroft Engineering Services

ABH Group

Global Innovation Fund

EQT Fund Management

Marsh & McLennan Companies

Toyota Fleet Mobility GmBH

Link Group

Beech Tree Group

Harrison Street

Work highlights

  • Advised ING Bank and collaborating firms on the regulatory implications and build-out of Project Pyctor – a decentralised permissioned network that aims to provide digital asset safekeeping and transaction services (with a focus on regulated security tokens issued either on private or public blockchain).
  • Advised two Indian public sector banks – Syndicate Bank and Canara Bank – on the UK aspects of a merger ordered by the Government of India. Following the merger of Syndicate Bank into Canara Bank, Canara Bank is now the 4th largest Indian state-owned bank by assets, with over 10,000 branches and 90,000 employees.
  • Assisted the advisory committee of the fund with the high-profile unwinding of the investment business of The Abraaj Group.

Herbert Smith Freehills LLP

Core areas of expertise for the team at Herbert Smith Freehills LLP include banking and securities market regulation, fintech and payments, outsourcing and operational resilience, and regulatory capital. The group also handles asset management regulatory issues. In 2020, lawyers were particularly active in advising financial institutions on Brexit adaptations and FCA-regulated firms on SMCR issues. Heading the team is Clive Cunningham, who is on the Brexit panels for TheCityUK and UK Finance. James Palmer, who resumed client-facing work after serving as chair of the firm in May 2021, is an expert in the regulatory aspects of transactions, governance and strategic challenges facing the financial services industry. Nish Dissanayake primarily focuses on asset management regulation, while Karen Anderson, who has completed secondments at the UK and Australian financial regulators, is an expert in market abuse, wholesale conduct and conflicts issues.

Practice head(s):

Clive Cunningham

Other key lawyers:

Andrew Procter; James Palmer; Geoffrey Maddock; Nish Dissanayake; Nick May; Karen Anderson


Flexibility and agility are the key strengths. The team have an in-depth understanding of the business which is unrivalled compared to other firms.

Key clients



Tandem Bank and Tandem Money

The Big Exchange

TSB Bank


Marex Spectron

Tikehau Capital

Willis Towers Watson


Tryg A/S

EML Payments

Elliott Advisors

Putnam Investments

Work highlights

  • Advising TP ICAP, one of the largest global interdealer brokers, on Brexit.
  • Advising Tryg, the Scandinavian insurance company, on the financial regulatory aspects of its c. £7.2 billion consortium takeover of RSA.
  • Advising The BIG Exchange, part of the BIG Issue group, on the development of its ground-breaking “Big Fund” social impact funds investment platform, which launched in October 2020.

Hogan Lovells International LLP

The investments and markets department at Hogan Lovells International LLP has a wide-ranging regulatory practice that spans commercial, retail and investment banking, asset management and market infrastructure issues. The group, which has developed strong relationships with the UK regulators, also handles fintech work. Michael Thomas leads the team, specialising in UK and EU regulations affecting firms in the wholesale financial markets. Rachel Kent stands out for her expertise in market infrastructure issues, and leads on the firm's work for the treasury, most recently in its fintech strategic review. Senior associate Rita Hunter is developing an impressive practice involving sustainability and ESG regulation.

Practice head(s):

Michael Thomas

Other key lawyers:

Rachel Kent; Rita Hunter


HL is a powerhouse in Financial services, complete client focus and all round service.’

Rachel Kent continues to out perform in driving the firm’s financial services practice. She has commercial clout, is always client focused and commercially no nonsense. If you are doing a deal you want her, if you can get her. She also has the greatest fintech know how and connections in The City.’

Excellent global reach with in-depth knowledge of exchange and clearinghouse regulation, which is a specialized and rare expertise.’

Michael Thomas is very responsive and client-oriented. Gives practical advice and delegates wherever possible. Very thoughtful in his approach to billing; gives detailed estimates and at the end always proposes the amount to be invoiced with explanations as to why (and often indicates where time is being written off on his own initiative).’

I appreciate the annual senior in-house counsel training day Hogan Lovells offers. The firm has deep insight into industry sectors, particularly the financial services sector.

Key clients



BNP Paribas

BNY Mellon


Goldman Sachs



The London Metal Exchange / LME Clear

The Montreal Exchange



Work highlights

  • Advising a major international bank in relation to the interpretation and implementation of the Sustainable Finance Disclosure Regulation (SFDR) and other pieces of ESG related regulation.
  • Advising The London Metal Exchange and LME Clear on a multitude of issues arising from its functions as a recognised investment exchange, many of which are novel legal considerations in the commercial context in which the LME operates.
  • Advising on the launch of a UK retail digital bank. The work involved advising on the establishment of the business and its application for regulatory approval, assisting with ongoing regulatory engagement, advising on the regulatory business plan, governance, structuring of internal functions, product design, and policies and procedures, and advising and preparing customer facing documents.

Kirkland & Ellis International LLP

At Kirkland & Ellis International LLP, the ‘super commercial‘ lawyers are ‘best in class‘ for advising funds and private equity houses on the spectrum of UK and EU regulations affecting their operations. The department is led by Lisa Cawley (‘one of the top private equity regulatory lawyers out there‘) who is regularly instructed on deals and compliance matters. Colin SharpsmithPrem Mohan and Deirdre Haugh also stand out for funds regulatory issues. Adam Skinner focuses on compliance and risk management advice.

Practice head(s):

Lisa Cawley

Other key lawyers:

Prem Mohan; Colin Sharpsmith; Deirdre Haugh; Adam Skinner; Julia Dixon


This team are completely best in class – super commercial and very responsive and practical. Cannot speak highly enough of them.

We have worked alongside the Kirkland London regulatory team for a number of shared clients over the years. Their ability to provide accurate but pragmatic and easy-to-digest advice has meant we’ve referred a number of clients to them over the years. They are very approachable and provide properly commercial regulatory advice.’

The team and their approach makes them stand out. Lisa Cawley is exceptional in her balance of experience, knowledge and commerciality. She is very approachable, very likeable and judges clients and their particular requirements expertly. Adam Skinner is excellent too and cut from very similar cloth.’

Very impressive team at K&E London. They have been providing excellent European regulatory advice to my private equity firm for over a decade.’

Prem Mohan and Lisa Cawley’s communication is excellent. Their response time is second to none. If they do need a little longer to answer a query this is communicated to me. I trust them and that trust is something that has been earned over a built relationship. I cannot speak highly enough of this team and its members.’

Response time is expeditious and they are leading in their regulatory knowledge.’

Lisa Cawley continues to be one of the top private equity regulatory lawyers out there. With the market share that Kirkland has in that space she is at the top of the tree.’

The team has excellent experience across the financial services regulatory spectrum with a particular focus on fund regulation.

Lisa Cawley and Adam Skinner have a very strong knowledge of European regulatory matters and do a great job providing concise summaries of very complicated rules in the EU to our team.’

‘Julia Dixon is very commercial and pragmatic.’

Key clients

Warburg Pincus




H.I.G Capital

Lion Capital

Starwood Capital

Nordic Capital

Vitruvian Partners

Work highlights

  • Advising Warburg Pincus in connection with multiple matters, including one merger that created the third largest wealth manager globally, and a matter recognised by Buyouts Insider as Secondaries Deal of the Year.
  • The team advised Nordic Capital, a leading European private fund sponsor, on the recently closed Nordic Fund X which involved a complex multi-jurisdictional structure, and was a notably high fundraising at €6.1 billion.
  • Advising the bidding consortium led by Advent, Cinven and the RAG-Stiftung in connection with the acquisition of thyssenkrupp’s Elevator Technology business in what has been recorded as the largest European buyout to date.

Reed Smith LLP

At Reed Smith LLP lawyers are particularly adept in energy and commodities sector FCA regulatory work. The group also has expertise in advising foreign banking clients on establishing businesses in the UK and Luxembourg. During the pandemic, it advised a number of corporate clients on renegotiating disputed agreements with their insurers. Fintech is another area of expertise, as is ESG. Tim Dolan has substantial experience advising clients on their interactions with the FCA and PRA. Claude Brown is a seasoned expert in derivatives regulation and increasingly active in the cryptocurrency and blockchain space. Karen Butler's practice involves Brexit-related issues and ESG disclosure requirements. David Calligan is noted for his work with brokers and investment managers. The practice is jointly led by Chris Borg and Robert Falkner.

Practice head(s):

Chris Borg; Robert Falkner

Other key lawyers:

Tim Dolan; Claude Brown; David Calligan; Karen Butler; Joe Kohler


The firm has provided a very professional and quick solution for its customer in comparison to other law firms, Reed Smith’s service is bespoke, solution-driven and billing correctly.’

Good, broad range of knowledge. Regulatory team are first rate and know their stuff.’

Tim Dolan is excellent. Very client oriented and pragmatic. Extensive knowledge and experience and able to help navigate complexities of FCA regulation.’

Baker McKenzie

Baker McKenzie's financial services regulatory practice is most noted for handling asset management and fintech-related regulatory issues. The firm has made a particular effort in the fintech space, bringing together financial services, corporate, IP and technology lawyers to provide a full-regulatory service. Mark Simpson leads the team, which includes Caitlin McErlane, who is regularly instructed to advise on regulatory implementation projects. Associate Sarah Williams is building a solid payment services and e-money practice.

Practice head(s):

Mark Simpson

Other key lawyers:

Caitlin McErlane; Sarah Williams; Julian Hui


Excellent team. Very humble and easy to work with and not at all snooty, which is key if you want to develop a relationship with a firm that you can go to with ad hoc queries. Extremely fair in terms of not charging for all the work they do, and crucially providing practical advice that is tailored to the business rather than “out of the box” advice that you can sometimes pay a lot for and not get much value from.’

This practice is able to amass all expertise required in an instant. The depth and internal networks of the practice and the firm make matter management seamless.’

Mark Simpson is very approachable and affable. Has a wonderful range of fintech experience, and you can tell he loves working in the space.’

The lead partner stays involved as long as required to ensure the service is on track, and subsequently the matter is staffed in a qualified but economical manner. All lawyers are accountable for their work and highly responsive.’

Caitlin McErlane is highly responsive, enthusiastic and extremely approachable. Goes the extra mile to ensure client satisfaction, providing astute and well-organised advice that was vital in our implementation efforts in a notoriously complex area. Caitlin took the time to learn about our business and provided a clearly worded and tailored memorandum within a very short space of time.’

The team has very strong technical ability as well as impressive communication skills. When you receive advice from the team, it is invariably well drafted and few clarifications are necessary. The team is also skilled at building a rapport both with the in-house legal team and business departments within the client entity.’

Julian Hui – Very solutions focussed and pragmatic.’

Caitlin McErlane is top notch. She is commercial, succinct, quick to grasp issues, very responsive. Basically everything you want in your external legal adviser.’

Key clients




Two Sigma

Chatham Financial

NinetyOne Plc

De Giro


Lombard Insurance

Blue Sky Group

Deposit Solutions





JCB International (Europe)


Associated Foreign Exchange Limited (AFEX)

Afterpay Clearpay

Work highlights

  • Act for Chatham Financial (a global leader in financial risk management), as its financial regulatory counsel.
  • Continue to advise Invesco Real Estate on its access to UK markets through its two recognised funds.


The financial regulation team at Dentons sits within sits within the banking department, which it supports on transactional banking work. Areas of expertise include regulatory capital matters, licensing and conduct of business requirements. The London office works closely with the firm's global office network, giving it the edge in cross-border regulatory issues. Jonathan Garforth focuses on consumer finance and payments regulation, while Greg McEneny has a specialism in financial products. Michael Wainwright leads the practice.

Practice head(s):

Michael Wainwright

Other key lawyers:

Jonathan Garforth; Greg McEneny


Outstanding client service. A real matter of strength in depth. They are across all areas of non-contentions and regulatory practice.’

Jonathan Garforth is an industry leader. Charming, super capable and a team player.’

From my perspective, Jonathan Garforth is well versed in UK financial laws and regulations, his experience and professional dedication helped us to remove potential obstacles and eliminated legal risks. When we were in dilemma during that case, he was always able to provided valuable and practical advice. Working with him and his team were a very pleasant experience. Although due to the Covid-19 pandemic, their office was closed for quite a long time, Jonathan managed to response in a timely manner and provide the support.’

Jonathan Garforth and I worked together on a global leading capital raising transaction last year, Jonathan and his team were responsible to provide certain legal opinion regarding UK financial regulations.’

Key clients


ING Bank, N.V.


Multi Service Technology Solutions, Inc

World Fuel Services Corporation, Inc

Coventry Building Society

Work highlights

  • Advised HSBC on whether a US$1.2 billion joint programme with the Asian Development Bank to support the supply chains of COVID-19-related products in Asia and the Pacific would be eligible as credit risk mitigation under the Capital Requirements Regulation.
  • Acting as lead global regulatory counsel on the payments regulatory aspects of Project Shiraz – the deal that saw MSTS sold to private equity firm, Corsair Capital.

Eversheds Sutherland (International) LLP

Eversheds Sutherland (International) LLP is most known for its funds regulatory expertise. The department is co-led by Michaela Walker and David Saunders.

Practice head(s):

Michaela Walker; David Saunders

Other key lawyers:

Jonathan Master

Macfarlanes LLP

Macfarlanes LLP's 'exceptional' team has a number of core strengths, across asset and wealth management, fintech, corporate finance and mortgages. The group is often instructed on regulated activities and authorisations, marketing and distribution issues, governance and prudential issues, as well as conduct and reporting matters. The practice is jointly led by Andrew Henderson, who is increasingly active in the fintech space, and Alexandra Green, who was made a partner in 2020 and continues to impress clients with her 'pragmatic approach' and in-depth knowledge of the FCA handbook. Senior solicitor Rachel Serene has a growing profile in the financial regulatory space, having developed expertise in the senior managers regime. In May 2021, Paul Ellison left the firm for Clifford Chance LLP.

Practice head(s):

Andrew Henderson; Alexandra Green

Other key lawyers:

Tim Plews; Rachel Serene


The Regulatory team are extremely knowledgeable and pragmatic about business matters. They use simple language for their clients to help understand complex issues or solutions.’

The financial services regulatory team is exceptional. Their knowledge of the FCA is second to none and I would not go anywhere else for regulatory advice. They can explain some quite tricky regulatory issues in a way that is logical and straightforward, always identifying risks and guiding us through their resolution. They are a pleasure to work with.’

Alexandra Green is a stand out lawyer. She knows the FCA Handbook inside and out, and always takes a pragmatic approach. She presents extremely well to the business, acting more like a partner to the business rather than a legal advisor removed from the day to day realities. I wouldn’t hesitate to recommend her.’

It’s a very good team. We appreciated the professionalism and quality of the advice we received throughout our discussions.’

We worked mainly with Alexandra Green and Rachel Serene. We appreciated the professionalism and quality of the advice we received throughout our discussions. The lawyers understood our requests, their answers were clear and precise. It’s a real support for us.’

The firm’s regulatory team, has been extremely helpful in helping us to negotiate the introduction of additional regulatory obligations and developments over the last three years. These include the introduction of the Mortgage Credit Directive, TCF approach and more recently the consumer credit post-Brexit changes.’

They have provided clear advice along every step of the way – whether this be in relation to larger reviews undertaken or smaller, more time sensitive queries. Every response has been provided efficiently with follow up calls offered.’

Alexandra Green deserves particular note in the approach that she takes – nothing is too much trouble and her amiable attitude makes her a pleasure to deal with no matter what the issue. We have recently referred on another department within our firm to Macfarlanes and Alex in particular, having been so impressed with the work carried out to date.’

The team is very responsive, thoughtful and capable. They are first call for us.

Andrew Henderson is outstanding. Always clear in his messaging he is also a highly calming influence and a very steady pair of hands in many areas. His experience and pragmatism always shines through. Rachel Serene always gives you 100% and ensures you get all the analysis and support you need. Just great to work with.’

Key clients


Alchemy Special Opportunities

Montagu Private Equity LP


JC Flowers

Jupiter Asset Management

Troy Asset Management

James Hay

Hayfin Capital Management

Wirecard AG

Quilter Investors

Work highlights

  • Advised Coutts on a collaboration with a global asset manager to launch six new exclusive funds for clients of Coutts and the wider NatWest Group.
  • Advised Jupiter Asset Management in relation to various ongoing matters following its acquisition of Merian and a minority stake in NZS Capital LLP.
  • Advised Wirecard AG in relation to the impact of the group insolvency on, and the subsequent sale of, the UK business, Wirecard Card Solutions Limited.

Pinsent Masons LLP

Pinsent Masons LLP's financial regulation team is well-known for advising insurance sector clients, but it also has expertise in banks, payments, retail investments and funds. The teams in London and Edinburgh are  led by David Heffron, whose expertise is utilised in relation to structuring and the distribution of financial services products, authorisations and conduct of business issues; as well as financial sector M&A. Elizabeth Budd is an investment management regulatory expert, while Andrew Barber assists a wide variety of financial services clients, with recent experience providing advice on Brexit transitions, the impact of Covid and outsourcing. In November 2020, Tobin Ashby departed for Kennedys.

Practice head(s):

David Heffron 

Other key lawyers:

Elizabeth Budd; Andrew Barber; Alice Bell


The team is very focussed on providing the best advice that balances regulatory knowledge with commercial acumen. The team turns items around very quickly and is very much in tune with its clients’ needs.’

David Heffron stands out for his deep technical knowledge, his breadth of experience across sectors, the level of personal support that he provides and his ability to provide advice that is technically strong, pragmatic and commercial.’

They are willing to structure fees on a capped or fixed basis which allows us to be more comfortable committing to work where we can budget more confidently.’

Key clients

Aberdeen Standard Investments

Aegon UK PLC

AJ Bell

AXA Group


Legal & General

Lloyds Banking Group

Post Office Limited

Railpen Investments

Royal London Group

Scottish Widows

Standard Life (Standard Life Employee Services Limited)



Work highlights

  • Advised TURN from concept to launch on a new blockchain-based platform for asset managers and distributors to capture, share and transmit MiFID II data, real time, across jurisdictions.
  • Advised Zurich on the sale of its UK Retail Wealth business involving more than 130,000 advised clients to Embark Group.
  • Advised Edentree on their UK Equity Growth Fund investment review assessing, in light of environmental, social or governance criteria, whether each investment might do harm as well as whether it actively does good.

Sidley Austin LLP

Sidley Austin LLP's banking and financial services group regularly handles cross-border regulatory work alongside colleagues in the US. The team has expertise in investment funds, but it is also well-versed in securities regulation, as well as issues relating to payment services and fintech. Other areas of expertise include consumer credit and mortgage regulation, anti-money laundering compliance and financial services outsourcing. The department is jointly led by Leonard Ng, an expert in the intersection between EU and UK financial services regulatory law, and John Casanova, noted for his expertise in payment services and fintech more generally. Rachpal Thind is another key practitioner with substantial cross-border experience.

Practice head(s):

John Casanova; Leonard Ng

Other key lawyers:

Rachpal Thind; Chris Poon

Key clients

Travelex Holdings Limited

Aon Securities LLC

Algebris Limited

Generation Investment Management

CVC Credit Investment Management

Managed Funds Association

Citadel Group

Deutsche Bank (New York)

BNP Paribas (New York)

Work highlights

  • Advised WEX Inc. (WEX) on all financial services regulatory aspects in its acquisition of eNett, a leading provider of B2B payments solutions, and Optal, a company that specialises in optimising B2B payment transactions.
  • Advised Travelex on the completion of its financial and operational restructuring. Travelex successfully reduced its secured financial indebtedness from over £385 million to £160 million. The restructuring transaction was delivered through a pre-packaged administration sale of certain UK Travelex entities.
  • Advising Aon in relation to the activities of Aon Securities in Europe pre- and post-Brexit, in terms of investment services and activities. This project forms part of Aon’s overall Brexit-planning, in determining how Aon could/should carry on its securities business in Europe either with its European entities or with its U.S. entities.

White & Case LLP

White & Case LLP has a full-service regulatory practice that advises a wide variety of financial institutions and sovereign funds, leveraging the firm’s international office network to assist with international and cross-border regulatory issues. The group is often instructed to advise on the financial regulatory aspects of M&A and capital markets transactions, as well as anti-financial crime compliance. Jonathan Rogers heads the group, with experience in licensing and the establishment of new financial products and services, as well as in relation to corporate governance and compliance arrangements. Associate Laura Kitchen is increasingly known for matters where UK and EU financial regulations intersect.

Practice head(s):

Jonathan Rogers

Other key lawyers:

Laura Kitchen; Kristen DiLemmo


Cross-functional strength and sophistication makes the firm well-situated to provide business-oriented solutions across regulatory challenges.’

Many firms are overly specialized which prevents them from providing full-stack support; not so with White and Case.’

Key clients

Clearstream London Limited

The Co-Operative Bank Plc.

Bank of America

Pollinate International

Jefferies Finance



Brewin Dolphin

Amigo Holding

Novator Partners

Work highlights

  • Advising The Co-Operative Bank, the leading UK-based retail and commercial bank, on a range of regulatory matters.
  • Advised Bank of America on environmental, social and governance (“ESG”) related developments.
  • Advised Pollinate International on the establishment and launch of NatWest Tyl, a new, innovative approach to merchant acquiring, designed to make it easier for SME customers to run their businesses.

Akin Gump LLP

Akin Gump LLP's financial services regulatory team draws on the firm's solid reputation for funds work to advise investment managers on a wide variety of English-law regulatory issues, including in relation to the impact of Brexit and the marketing and management of funds. The group is led by Ezra Zahabi, whose practice involves the interplay of EU and English financial regulatory law. Helen Marshall, who leads the contentious team, is often called upon to assist with the advisory practice.

Practice head(s):

Ezra Zahabi

Other key lawyers:

Helen Marshall; Joe Hewton


Significant investment made in understanding our business, excellent team work.’

Ezra Zahabi is dynamic, innovative, out of this world clever, delightful to work with.’

Key clients

Ad hoc group of senior secured noteholders of Travelex

Royalty Pharma

Ad hoc committee of unsecured creditors of Noble Group Limited

Work highlights

  • Advised an ad hoc group of senior secured noteholders in relation to the regulatory issues and applications of the high-profile financial restructuring of Travelex, through which the group’s wholesale and outsourcing business and certain international businesses of Travelex have been transferred by way of a pre-pack administration sale to a new holding structure, New Travelex.
  • Advising Royalty Pharma, a US-based biopharmaceutical company, on the regulatory considerations in connection with the launch and IPO of a new pharmaceutical royalties undertaking incorporated in the UK and listed on Nasdaq.
  • Provided English law advice to the ad hoc committee of unsecured creditors on regulatory considerations in connection with the financial restructuring of US$3.5 billion debt issued by Noble Group Limited, a SGX listed Asia commodities supply chain and trading group.

Charles Russell Speechlys LLP

The financial services regulation team at Charles Russell Speechlys LLP draws from the firm’s strong private banking and wealth management platforms, advising clients on issues including the structuring, establishment and distribution of their financial products and on private banking matters. Lawyers also have expertise in regulation applying to broking, trading and markets and a growing specialism in crypto-assets, areas of specialism for practice head William Garner. Jonathan Bayliss is the name to note for private banking and wealth management regulation. Senior associate Jessica Arrol Caws is building a solid reputation for advising investment firms entering the UK market.

Practice head(s):

William Garner

Other key lawyers:

Jonathan Bayliss; Jessica Arrol Caws; Richard Ellis


The CRS team is fantastic. And I can honestly say their excellence level did not slip one bit during all of the challenges of the past year.’

I find the firm to be more pragmatic than certain of its competitors in the private banking legal advice market. In-house lawyers need clear, concise, and commercial advice from external legal counsel; they do not have time to deal with ambiguity or an overly-academic approach.’

Key clients

EFG Private Bank

Royal Bank of Canada

Credit Suisse

St. James Place

Walker Crips Group


Julius Baer


LiquidNet Holdings


Work highlights

  • Continue to provide ongoing specialist financial services advice to Coinbase for their non US based businesses.
  • Acting as sole outside counsel for Lanistar and providing both financial services regulatory advice and all other advice.
  • Advised Dalton Capital Limited, the parent company of Dalton Strategic Partnership LLP a UK based boutique asset manager on its sale to UK based, specialist active asset management group, Polar Capital Holdings Plc.

Dechert LLP

Dechert LLP's financial services and investment management group is primarily focused on advising buy-side asset management clients on cross-border and international regulatory issues, working closely with colleagues overseas. Richard Frase is a key member of the team, whose expertise was utilised in Dame Elizabeth Gloster's investigation into the FCA, in relation to its regulation and supervision of London Capital & finance prior to its collapse. Karen Anderberg is notable for providing advice on US regulation from the London office, with a specialism in fixed-income investment management. Promoted to partner in January 2021, Karen Stretch has a specialism in transactional derivatives. The team is led by investment funds expert Gus Black.

Practice head(s):

Gus Black

Other key lawyers:

Richard Frase; Karen Anderberg; Karen Stretch; Simon Wright


‘Massive strength in depth; hugely innovative in shaping strategy; invariably makes the correct call.’

‘I find Dechert’s advice invaluable. Both our day-to-day contact, Simon Wright, and the partners with which I have worked (Gus Black and Richard Frase), are very strong regulatory lawyers. Their advice is concise and practical, and training seminars well organised and relevant.’

‘Overall the Dechert team is extraordinarily deep. There is not an issue that I encounter in my investment management practice where I cannot find a strong bench of lawyers who are able to help me through a myriad of regulatory and commercial legal matters.’

‘Richard Frase – a very thoughtful lawyer with a wealth of regulatory expertise.’

‘Richard Frase – extensive and deep expertise and experience in financial services law; a wonderful asset to have on one’s side; John Bedford  – hugely impressive in his ability to speedily to analyse complex and large amounts of factual materials and to turn around work product; a very good and reliable lawyer.’

‘We find the advice we receive to be comprehensive but practical, rather than just quoting the law and leaving us to interpret which other firms have done in the past.’

‘Karen Stretch is bright and has a very strong grasp of UK and EU related derivatives law and practice. Karen also has the ability to explain the opaque world of derivatives to both non-expert lawyers as well as business people in a way that strips away the technical jargon and gets to the practical advice.’

‘Extremely hardworking and easy to work with. This is a really quality outfit.’

Key clients

Financial Conduct Authority (FCA)

Work highlights

  • Appointed as sole legal adviser to Dame Elizabeth Gloster (the former Court of Appeal judge) in her capacity as the independent investigator appointed in respect of the Financial Conduct Authority’s regulation and supervision of London Capital & Finance.


At Fieldfisher, the broad practice includes market and trading regulation, banking and capital markets issues, fintech and retail product regulation, as well as anti-money laundering issues. Duncan Black leads the group and draws on his contentious background to advise on money laundering and market abuse compliance. Nicholas Thompsell is an expert in the use of partnerships in the financial services context. Senior associate Steven Burrows is developing a specialism in derivatives regulation.

Practice head(s):

Duncan Black

Other key lawyers:

Nicholas Thompsell; Steven Burrows; Simon Lafferty


Great team of professionals with outstanding knowledge and experience in the area. Very good understanding of the industry and client needs. Very diverse team. Each lawyer we had to work with was very easy going and approachable, all very motivated and responsive.’

We worked with Simon Lafferty and Steven Burrows on regulatory matters and we were entirely happy with their advice and support. All issues have been sorted to our full satisfaction. Both easy going and generally very pleasant to deal with.’

We met with Fieldfisher upon establishing our credit business in the UK. Upon arrival had an introductory meeting with relevant expertise, compliance, regulatory, business etc. They were all well prepared and had read through our material and provided useful feedback. In the end this was key in choosing Fieldfisher as a partner.’

Upon benchmarking with other actors we met it was clear to us that Fieldfisher was (by far) the most value for the money. Their price was significantly lower and their dedication higher. Also, they treated us a a big client even though we (at the beginning) were not. Further down the line into our cooperation they provided us with contact details to other legal professionals in Europe, thus saving us time in doing due diligence on new partners etc. Fieldfisher is basically a respectful legal partner that provides value and dedication. This is not as easy to find as you might think.’

Key clients

Triland Metals Limited

Lee Bushell / Bushell Investment Group / Birmingham Bank

RCB Bank Ltd

Sumitomo Mitsui Trust International Limited

Currencies Direct Financial Markets Limited / Currencies Direct Ltd

Morgan Stanley & Co (International) plc

StoneX Financial Limited

Work highlights

  • Acted for Lee Bushell/Bushell Investment Group in relation to the acquisition of BIRA Bank Ltd, and the revamping of that Bank so as to become “Birmingham Bank Ltd”, reflecting a change in the scope and ambition of its banking business.
  • Providing general regulatory support to MiFID-regulated firm Currencies Direct Financial Markets, which provides a range of FX-related investment products to the retail market.
  • Perimeter advice to Horning Advisory in relation to claims management activities.

Fox Williams LLP

Fox Williams LLP's regulatory team has broad expertise across the financial services industry, with an established practice involving fintech and increasing experience in the insurance sector, following the arrival of Pollyanna Deane  from Simmons & Simmons in May 2020. The group is led by Chris Finney , whom clients note 'has deep knowledge of UK financial regulation and a great problem solving capacity.'

Practice head(s):

Chris Finney

Other key lawyers:

Pollyanna Deane; Mardi MacGregor


The lawyers at FW are very strong communicators. They respond promptly, can explain the legal position in plain English and in a way which considers commercial realities, and engage with building a relationship with their clients.’

They are practical and pragmatic. They understand that we are a small, start up firm and adjust their advice to reflect the relative small size, low complexity and nature of our business.’

The team listens very carefully to our needs so that they can answer our questions specifically and relevantly. This helps to reduce the time it takes to receive advice and the costs involved.’

The whole team that we have engaged with share similar strengths: strong communication; pragmatism; proportionality and a willingness to help us as a new start up bank. The impression is that they work very collegiately as a team and are very joined up in their approach, sharing information they have separately learned about us from 1:1 meetings between each other. This helps to ensure the whole team builds a thorough understanding of our business.’

Unique experienced in the FinTech sector.

Chris Finney has deep knowledge of UK financial regulation and a great problem solving capacity.’

Fried, Frank, Harris, Shriver & Jacobson LLP

The regulatory and compliance group at Fried, Frank, Harris, Shriver & Jacobson LLP is an integral part of the firm's asset management practice; and lawyers advise private equity houses, financial institutions, hedge fund managers and institutional investors on regulatory issues spanning the life-cycle of their funds. The group is led by Gregg Beechey and includes associate Nishkaam Paul, who is most noted for alternative investment funds work.

Practice head(s):

Gregg Beechey

Other key lawyers:

Zac Mellor-Clark; Nishkaam Paul


The Fried Frank fund team have a great depth of knowledge and experience. It feels like you are in safe hands with this team.’

I find Gregg Beechey a pleasure to work with. He is an excellent problem solver and provides clear answers to our questions, which is not always the case from legal professionals.’

Commercially minded and willing to assist with coming up with business solutions.’

Gregg Beechey is always available and gives simple, practical advice that enables the business to move forward and make commercial decisions.’

The team is very practical and pragmatic. They are not there just to tell me the law but to find a solution and are not afraid to use technology to deliver their advice.’

Gregg Beechey and Zac Mellor-Clark work very well together to make sure one of them responds quickly and clearly.’

Strengths: Ability to take a complex element of regulation and explain its relevance to the issue clearly and concisely. Able to apply proportionality to the problem and offer reassurance with regulatory reference to support the thinking.’

Key clients

Accel Partners

Arcmont Asset Management

Bain Capital / Bain Capital Credit

Balderton Capital

BlackRock Investment Management

BlueBay Asset Management

Brookfield Asset Management

Crescent Capital Group

Dyal Capital Partners (a division of Neuberger Berman)

Goldman Sachs

Greencoat Capital

iCON Infrastructure

HPS Investment Partners


Mid Europa Partners

Permira / Permira Debt Managers

Palatine Private Equity

StepStone Group

Work highlights

  • Counsel to Goldman Sachs Merchant Banking Division with regulatory advisory work in connection with the formation of West Street Strategic Solutions I, a fund focused on opportunistic distressed investments.
  • Counsel to BlackRock with regulatory counsel in connection with the formation of GRP III, a fund focused on investments in a diversified portfolio of renewable power assets such as wind and solar energy and energy storage and distribution principally in OECD countries.
  • Counsel to Dyal Capital Partners with complex regulatory advisory work in connection with its definitive business combination agreement with Owl Rock Capital Partners LP and Altimar Acquisition Corp. to form Blue Owl Capital Inc., an alternative asset management firm.

K&L Gates LLP

The financial services regulatory team at K&L Gates LLP is noted for its focus on transatlantic regulatory issues and matters where UK law interfaces with EU law. The group's clients include US-based funds and asset managers. Heading the team in London and acting as global practice group coordinator, Michelle Moran is a seasoned funds regulatory lawyer. Andrew Massey focuses on regulatory issues facing investment managers in the retail and alternative investments space.

Practice head(s):

Michelle Moran

Other key lawyers:

Andrew Massey; Philip Morgan; Kai Zhang; Joanna Treacy


‘I go to K&L Gates for their bespoke, customized legal advice. They truly know the client, and look for credible and creative ways to address their needs.’

‘The team is very responsive and sensitive to business considerations when supplying practical and direct advice.’

‘Responsive, diligent, business focused – ahead of all other firms I have experience with.’

‘The team is very friendly and helpful, willing to respond quickly.’

‘The partners are available, responsive and prepared to give thoughtful, highly tailored advice.’

‘Philip Morgan is exceptionally responsive, more so than partners at similarly-situated firms. This is particularly helpful given the time difference as a US client.’

‘Michelle Moran and team are probably the best I have worked with. Empathy, great detail and super focused on our business. Offering insights and challenge that I feel competitors do not give.’

‘It’s been very useful to have both a partner and a senior counsel at hand should we have immediate questions. Both Joanna Treacy and Michelle are very personable and approachable and a pleasure to deal with.’

Key clients

Daymer Bay Capital

Manulife Investment Management (Europe)

Dimensional Fund Advisors

Nordea Asset Management

Federated Hermes, Inc

Wilmington Trust Corporation

Work highlights

  • Advised Daymer Bay Capital pm the financial services regulatory impacts of Brexit.
  • Appointed by Manulife Investment Management in 2020 as lead European counsel.
  • Advising Dimensional Fund Advisors’ FCA-regulated subsidiary on regulatory matters.

Morgan, Lewis & Bockius UK LLP

Clients praise the team at Morgan, Lewis & Bockius UK LLP for being 'very knowledgeable in investment funds management on a global basis with great experience in cross-border transactions involving Luxembourg funds'. The group as a whole works closely with the firm's experts in investment management, securities and financial crime issues. An area of growing activity for lawyers is the interface between UK and EU financial services regulation. The practice is jointly led by Simon Currie, an expert in asset management regulation, and William Yonge who has growing expertise in the fintech and payments space.

Practice head(s):

Simon Currie; William Yonge

Other key lawyers:

Steven Lightstone


The financial services team is very knowledgeable in investment funds management on a global basis and has great experience with cross border transactions involving Luxembourg funds. They have outstanding technical skills and understand the way of thinking of a Luxembourg regulatory lawyer which makes the cooperation and project management for the client extremely smooth.’

Simon Currie and William Yonge have deep knowledge and technical understanding of EU regulatory matters.’

Key clients

MSP Sports Capital

Digital Colony

Mitsui Fudosan Logistics Park Inc. (MFLP)

Underwriters—led by SMBC Nikko, Morgan Stanley, and Daiwa

Work highlights

  • Advised MSP Sports Capital on its £185 million British pound investment in McLaren Racing. The team provided UK financial services regulatory structuring and financial promotion regulatory advice.
  • Advised Digital Colony, the digital investment management division of Colony Capital, on the sale of a minority stake to Wafra Inc. Advising Digital Colony generally, including its UK based FCA regulated affiliate, Digital Colony UK Advisors 1 LLP, on its UK financial regulatory requirements.
  • Advised Mitsui Fudosan Logistics Park Inc. (MFLP), a Tokyo Stock Exchange-listed real estate investment trust that owns high-tech logistics facilities and data centers, on an approximately $269 million global equity offering. Advised on compliance with the UK AIFMD private placement regime and related UK regulatory issues.

Orrick, Herrington & Sutcliffe (UK) LLP

The team at Orrick, Herrington & Sutcliffe (UK) LLP is most known for its integration with the firm's stand-out technology practice, having made a name for itself in relation to fintech regulations. Led by Jacqui Hatfield, lawyers have expertise in issues such as e-payments and crowd funding, as well as regulatory issues facing wealth management and robo advice platforms. Associate Rebecca James is a core team member and has developed a specialism in cryptocurrency offerings, also an area of specialism for Hatfield. In March 2020, the group was joined by Marco Boldini from PricewaterhouseCoopers LLP, who splits his time between Milan (where he leads the Italian financial services regulatory practice) and London.

Practice head(s):

Jacqui Hatfield

Other key lawyers:

Marco Boldini; Rebecca James


Practical, super-responsive.’

The team is very specialised, extremely good at responding and well prepared. I strongly appreciate the knowledge of regulatory topics within different jurisdictions.’

Marco Boldini, despite his seniority, is always available and committed to ensure the highest quality of services.

Key clients

PNC Bank

Bank of Kuwait


Vitruvian Partners LLP


Microsoft Corporation

MFM Investments Ltd


The Reserve

True Potential

Skew Ltd

Finverity Ltd

BTON Financial Limited

Wirex Limited

Greenspring Associates

Vostok Emerging Finance

Bought By Many

Italian Chamber of Commerce in UK

ETC Management Ltd

NerdWallet, Inc

Oval Money Ltd



Work highlights

  • Advised ETC Management in relation to the first regulated crypto ETF and tokenised bond issuance.
  • Ongoing UK regulatory advice to Revolut, a London-based digital banking alternative that allows users to hold, exchange and transfer currencies without fees.
  • Regularly providing regulatory advice to Microsoft Corporation in relation to commercial transactions for Microsoft’s worldwide Payment Systems Group.  This includes the extent to which it would be classified as consumer credit.

Paul Hastings LLP

At Paul Hastings LLP, practitioners advise financial services providers and fund management groups on innovative products, licensing, international expansion and arrangements with third parties. From London, the group is adept at assisting with fund structuring for European and US fund managers, working closely with the firm's UK tax practice. AIFMD and MiFID II compliance are other areas where the team stands out. Arun Srivastava leads the group, and takes the lead on the regulatory aspects of fintech, finance, payments and funds mandates. Senior associate Nina Moffatt has significant EU law expertise, which she brings to bear on new product launches in the UK and across Europe. Associate Konstantin Burkov focuses on advising asset management and investment services clients on multi-jurisdictional compliance projects.

Practice head(s):

Arun Srivastava 

Other key lawyers:

Nina Moffatt; Konstantin Burkov


Paul Hastings was fully engaged in our work and were fully part of the team, not just legal advisors.’

The individuals that we worked with were fully engaged and all communication was truly two way.’

Excellent client communication and understands our needs – both on day-to-day and strategic.’

Financial services team led by Arun Srivastava provide excellent service and are always very pragmatic in their approach when providing advisory service.’

Arun Srivastava and team provide excellent and pragmatic service.’

Key clients

American Express

Bangkok Bank


JP Morgan

Waverton Investment Management

Work highlights

  • Advised a number of non-EEA (predominantly US based) asset and fund managers on Brexit structuring and EU distribution activities across the European Union.
  • Assisted UK Finance with its newly released UK Sanctions Statutory Instruments Review. In order to facilitate a post-Brexit implementation of the UK own sanctions and embargoes programme, a significant body of UK statutory instruments has been created under the Sanctions and Anti-Money Laundering Act 2018.
  • Advised a number of UK investment managers on their Brexit strategy. The work involved an analysis of the clients’ current business models, creation of suitable alternative arrangements to retain their ability to provide services to EU based clients and implementation of the new post-Brexit arrangements for each of the clients, including through setting up offices in the EU and obtaining the required licences.


RPC's financial services regulatory team is most known for its expertise in the insurance sector, but it also has a thriving payments and consumer credit practice. The group is led by Matthew Griffith, an expert in both insurance sector and financial services-related regulation. Griffith is supported by senior associates Whitney Simpson and Jonathan Charwat, who specialise in payment services and consumer credit, and insurance regulation respectively.

Practice head(s):

Matthew Griffith

Other key lawyers:

Whitney Simpson; Jonathan Charwat


The team is always approachable and makes itself available. They take a brief and have a good understanding of our business so can deliver to that brief in a way that will suit the way we operate. ‘

Whitney Simpson and Jonathan Charwat are both great individuals to work with, dedicated and focused on the deliverables. They making talking about difficult and technical subjects easier.’

The RPC team offers insightful advice on insurance regulatory issues, and really understands how our company works. Webinars on a very interesting range of topics (including Women in Insurance) are very interesting and attract a high calibre of speaker.

In my view what makes this practice unique is that it has a practical approach to regulatory compliance (i.e. beyond the theoretical application of legislation, statutory instruments and FCA rules and guidance). This makes this practice stand out to other firms in the area of regulatory compliance. ‘

Jonathan Charwat has spent time within our company and as a result offers tailored advice that cuts straight to the point. This saves our time and the business owners are able to have strong direct relationships in some instances. He really knows how our business works and this is reflected in the high standard of advice. ‘

Key clients


LINK Scheme

Ebury Partners

Frasers Group / SportsDirect

Direct Line Group

Hiscox Syndicates

TigerRisk Partners (UK) Ltd

TigerRisk Capital Markets & Advisory (UK) Ltd

Sompo International



RSA Insurance Group

Work highlights

  • Advising Ebury, a global fintech payment solutions company offering a global currency platform, on general corporate and regulatory advisory and insurance matters including its £350m investment by Santander.
  • Advising a global risk and capital management advisory firm on the impact and application of the Senior Managers & Certification Regime as well as conduct rule training for Senior Managers and Certification Staff.
  • Advising a global social media company on the rules and requirements of the financial promotion regime surrounding regulated and non-regulated financial services products.

Taylor Wessing LLP

Taylor Wessing LLP has carved out a focus on fintech and consumer lending, as well as regulatory issues relating to wealth management, funds and private banking. The fintech regulatory practice is particularly well-developed, and lawyers are often instructed to advise on projects related to bank capital structuring, securitisation, consumer authorisation issues and the impacts of Brexit. Charlotte Hill leads the department and is an expert in English and EU financial regulatory law. Associate Katie Fry-Paul is increasingly known for advising private banking clients.

Practice head(s):

Charlotte Hill

Other key lawyers:

Laurence Leiberman; Katie Fry-Paul; Julia Steinhardt


Deep financial services/regulatory expertise and knowledge. Great client service. Response is extremely clear and timely. They provide very thoughtful advice and invaluable guidance and insights on regulatory developments.’

Dependable, expert support from a team who understands how our technology works.’

The team’s knowledge has proved to be excellent, whilst discussing the issues on various calls they instinctively know the answers to problems. They then prompt provide opinions which have been used to support key business decisions.’

Katie Fry-Paul is one to watch. She has huge experience of financial regulatory matters and can bring incredible valuable insights on new regulatory developments and industry best practices and emerging trends. Her advice is always extremely clear, concise and to the point. She is very proactive and efficient at client management. She takes the time to learn about our business and strategy and fully understand our key drivers and goals. We have worked with her for almost 2 years and have been always impressed by her high quality service and work.’

Key clients



Interactive investor (ii)

Triple Point Social Housing REIT plc

OMERS Ventures



Digital Moneybox

Direct Link Technologies

Work highlights

  • Advised EPIC on the sale of its portfolio of eight UK logistics investment properties to real estate funds managed by Blackstone offering over 2.74 million square feet of distribution facilities with a portfolio WAULT averaging nine years.
  • Advised Laybuy on the regulatory aspects of projects arising from its IPO on the Australian Securities Exchange.
  • Advised Triple Point Social Housing REIT plc, a London-based listed real estate investment trust in the supported living sector, on its £55 million fundraising comprising an open offer, an offer for subscription and placing, and a further 12-month placing programme.

Blake Morgan LLP

Blake Morgan LLP's financial services compliance team works closely with the firm's corporate and banking departments to advise on new financial products, as well as applications and registrations with the FSMA, PRA and FCA. The group is led from Oxford by Richard Humphreys, who specialises in regulations pertaining to equipment finance leases and motor vehicle finance. Legal director Felicity Rowan, who draws on experience in the FCA's enforcement division, regularly advises clients on their interactions with the regulators, as well as on new financial legislation.

Practice head(s):

Richard Humphreys

Other key lawyers:

Felicity Rowan


Ex-regulator Felicity Rowan, is insightful, proactive and trusted by the regulator.’

Key clients

Investec Asset Finance Ltd (IAF)

Metro Bank Plc

Hitachi Capital UK Plc

Virtual Lease Services Limited

Burges Salmon LLP

The Bristol-based team at Burges Salmon LLP has a strong fintech focus, advising investment platform providers on day-to-day regulatory issues, and matters arising from blockchain and distributed ledger technology. Insurance regulation is another core area of expertise, and lawyers are often called upon to advise on the creation and distribution of insurance products to retail customers. The group also has expertise in pensions regulation. Taking the lead is Tom Dunn, who focuses on regulation in financial services and products for the retail market. Chris Godfrey is a funds expert who has expertise in FCA-regulated LLP structures.

Practice head(s):

Tom Dunn

Other key lawyers:

Chris Godfrey; Jeremy Bell; Martin Cook


The team continues to offer speedy robust and accurate legal advice in every legal transaction they undertake for us.’

The team has specialists who are very knowledgeable in our area of the industry which means they quickly know what we are looking to achieve and will also highlight other areas which may be of concern or should be considered. In the majority of cases they have already carried out previous work on the items needed, meaning that timeframes are quick and it has always been one of the same two people I deal with which is great for continuity.’

Key clients

St. James’s Place

FundRock Partners Ltd

Rathbone Investment Management Limited

Financial Services & Compensation Scheme (FSCS)

Marlborough Fund Managers

City of London Group plc

The Royal London Group (including The Royal London Mutual Insurance Society Limited, Royal London Asset Management and Ascentric)

Embark Group

Ecclesiastical Insurance Group

Premier Asset Management Group plc

Work highlights

  • Acting for Embark Group, in two separate transactions, each with a connected fundraising – namely the asset purchase of Alliance Trust Savings (with core capital supplied by BlackRock and Legg Mason) and the share purchase of platform provider Sterling ISA Managers Ltd and fund manager Zurich Investment Services (UK) Ltd, from the Zurich Group. These deals involved raised considerable financial services regulatory challenges.
  • Assisted Recognise Financial Services with the launch of a neo-bank, a new digital bank for businesses.
  • Assisting St James’s Place, with several changes to its fund range, including the high-profile launch of its new InRetirement fund range, as well a number of unit-holder EGMs, which were the first to be held on a virtual basis in the context of the Covid-19 restrictions.

Debevoise & Plimpton LLP

The team at Debevoise & Plimpton LLP is focused on advising investment managers and insurers based in the UK, US and EU on regulatory issues. The group is most known for its insurance industry work, where it handles transactions, regulatory approvals and licensing. For funds and investment managers, the group has significant expertise in the EU's alternative investment fund managers directive (AIFMD). The group is co-headed by insurance department co-leader Clare Swirski and French- and German-qualified Patricia Volhard, who splits her time between Frankfurt and London, focusing on advising private funds on their regulatory requirements. Benjamin Lyon is dual-English and -New Zealand qualified, and is regularly instructed by insurers and financial institutions on corporate governance issues. In August 2020, Simon Witney departed for Travers Smith LLP as a special counsel.

Practice head(s):

Patricia Volhard; Clare Swirski

Other key lawyers:

Benjamin Lyon; John Young; Philip Orange


Global coverage is good. Technical update and discussion webinars are very good, regular and wide-ranging. Good coverage of insurance and financial services issues.’

I have known Clare Swirski professionally for around 18 years and she is a highly approachable professional, an expert in technical insurance regulation and is a delight to work with. Clare’s technical and practical knowledge of UK insurance business transfers is superb. She has a very detailed grasp of all of the relevant legislation and provides sharp insights into its ramifications and application combined with a practical and commercial approach. Whenever I need technical input on a difficult new issue, I often turn to Clare for advice and I can guarantee she can help – she is my “go-to” insurance business transfer lawyer.’

Key clients

FitzWalter Capital Partners

Covéa Mutual Insurance Group

GreyCastle Holdings Ltd.

Helios Investment Partners

Elliott UK Advisors

Third Point Re


Compre Services (UK) Limited


American International Group (“AIG”)


Assured Guaranty

Hamilton Underwriting

Swiss Re

Work highlights

  • Advice on all regulatory aspects of establishing a UK FCA authorised manager, established in the context of an offshore fund structure and separate U.S. investment adviser. Including preparation of application and regulatory business plan, advising on applicable regulation and tailoring all compliance policies to business lines.
  • Providing regulatory and international transactional advice to Covéa Group in its proposed acquisition of the PartnerRe global reinsurance group (later terminated). Had the deal gone ahead, it would have been by value one of the largest (re)insurance M&A deals in recent years, and would have been a key part of Covéa’s growth and diversification strategy.
  • Advising GreyCastle in its sale to Monument Re. Debevoise also advised on the original establishment of GreyCastle and the complex offshore UK / Bermuda life insurance structure. The transaction brings to an end of GreyCastle’s standalone business as a significant reinsurance provider to the UK and Irish life insurance market following its establishment out of the XL Life Insurance Group.

Deloitte Legal

In February 2021, Kemp Little was acquired by Deloitte Legal, which took on the legacy firm's financial services regulatory lawyers. The team has a particular specialism in fintech, as well as advising unregulated corporates on their interface with the financial sector, with the ability to draw on the consultancy firm's outsourcing and data licensing experts. The group is led by Jacob Ghanty, who has recent experience in matters involving SMCR, payments and e-money, as well as crypto-asset regulation. Chris Hill leads the fintech team, and has an impressive pedigree in payments and regtech. Paul Hinton has developed a solid niche in the regulatory aspects of market data licensing.

Practice head(s):

Jacob Ghanty

Other key lawyers:

Chris Hill; Paul Hinton; Rich Folsom

Key clients

Big Issue Invest Fund Management Ltd

Monese Ltd


Allstar Business Solutions Ltd

Nesta Enterprises

GP Bullhound Asset Management Ltd

Pictet Global Markets

Dozens PLC/Project Imagine Ltd

Splitpay Limited

Chip Financial Ltd

Work highlights

  • Advised Big Issue Invest on the implementation of the SMCR and on ongoing regulatory matters.
  • Advised Chip Financial on extending the range of savings and investment products available via its savings app.
  • Advised Monese on a range of regulatory matters including financial promotions.

Farrer & Co

Farrer & Co's financial services team is known for its work for private banks, wealth and fund managers and investment management companies. Key areas of expertise include financial promotion rules, Brexit-related regulatory advice, SMCR issues and consumer regulation. Grania Baird leads the practice, with substantial expertise in the private banking and wealth management sectors. Andy Peterkin has an growing reputation in the fintech space, with experience in the regulatory aspects of corporate transactions and closed-ended financial services issues.

Practice head(s):

Grania Baird

Other key lawyers:

Andy Peterkin; Marc Glancy; Jessica Reed


‘The team are very client focused, ensuring that they understand the objectives of the business and giving practical advice.’

‘I have used Grania Baird and her team for many years. First focusing on the asset management business and then in latter years the wealth management business. High technical knowledge, good practical knowledge, delivers using language which is easily understandable. Nice people to work with.’

‘The team at Farrer & Co are a client-centric team; ever professional, personable and focused on providing clear, comprehensive and pragmatic advice, which is always of a high quality. We are particularly pleased with the gender balance within the senior members of the team at Farrer & Co.’

‘Farrer are very focused and do high quality work within tight deadlines.’

‘Grania Baird is extremely knowledgeable and is able to provide clear and concise explanations which can be easily understood by individuals without a legal background.’

‘Farrer & Co should be commended for their client service. Grania Baird is a font of knowledge on financial regulatory matters; she has a great breadth to her practice and is able to advise on both the black letter law but also market practice and give an insight as to where we stand on particular issues.’

‘We are particularly pleased to have seen Jessica Reed promoted to partner as she has always provided us with extremely sound regulatory legal advice.’

‘Grania Baird is an excellent lawyer, very pragmatic and precise.’

Key clients

Brown Shipley

Close Brothers

Cynergy Bank Limited

Veritas Investment Partners



The Analyst

Handelsbanken ACD Limited

Cazenove Capital

Tribe Impact Capital

Svenska Handelsbanken (Luxembourg branch)

Olympia Wealth Management Limited

Work highlights

  • Advising Hambro Perks on all regulatory and structuring aspects of the two offshore fund acquisition vehicles established to raise funds for the acquisition of the Ombu portfolio.
  • Acted for a private bank on its LIBOR transition project.
  • Instructed by a national wealth management firm to advise on its Brexit project included collating and analysing overseas counsel advice and applying the advice to the firm’s business model.

Gowling WLG

Gowling WLG's financial regulatory group has experience in advising on regulatory compliance issues relating to market abuse, conflicts of interest and agency relationships, as well as FCA consumer protection regulations and matters arising from consumer credit and payment services. Lawyers are increasingly active in the fintech space, with an expanding client roster of technology-based financial services, blockchain and crypt-asset companies. Ian Mason leads the team, with contentious and non-contentious experience. Principal associate Sushil Kuner has a growing reputation in the fintech arena.

Practice head(s):

Ian Mason

Other key lawyers:

Sushil Kuner; Kam Dhillon


Gowling WLG shows the type of commitment and engagement that we want from our external counsels. They are highly responsive, provide high-quality pragmatic advice, and are our ‘go-to advisors’ for UK financial services and advertising issues. They really understand our business and commercial objectives on the detailed level that we need and actively try to find solutions rather than just identify problems.’

Sushil Kuner is our ‘go-to person’ at Gowling WLG and not only is she incredibly responsive, but her deep-seated regulatory knowledge and first-hand FCA experience really shine through. She is an expert on the UK’s Consumer Credit regime and has helped us navigate the complexities of the regime in the context of our technological advancements. We have great confidence in Sushil’s technical and legal nous, as a result of which she is currently working on some of our highest profile workstreams.’

Key clients

Klarna Bank AB

Draper Esprit Plc

H&T Group Plc

Expertus Technologies, Inc.

Birmingham 2022 Commonwealth Games (B2022)

W H Ireland

Work highlights

  • Advising Klarna on financial promotions across all media streams and preparing a Financial Promotions Guide for distribution to Klarna’s entire network of UK-based merchants which currently total more than 5,000.
  • Draper Esprit is a leading tech-focused venture capital firm; advised on its $50m Series B fundraise for the London based FinTech company, PrimaryBid Limited.
  • Regularly advises H&T on matters including changes to its consumer credit agreements, consumer credit issues generally and financial promotions. We advised H&T, in conjunction with our ASA Advertising specialists, in respect of its 2020 TV marketing campaign which reached millions of UK consumers.


Katten's financial markets and funds practice has a strong transatlantic focus, advising exchanges, clearing houses, broker dealers, funds and asset managers on regulatory issues arising from their operations in the UK, as part of its wider cross-border offering. Key figures in the team include English- and New York-qualified Carolyn Jackson, who is a derivatives regulatory expert;  Nathaniel Lalone, also dual qualified in England and New York, who specialises in derivatives and securities regulation in the US, UK and EU; and David Brennand, an expert in the creation of structures for collective investment across a variety of asset classes.

Practice head(s):

Carolyn Jackson; Nathaniel Lalone; Neil Robson

Other key lawyers:

David Brennand; Edward Tran; Christopher Collins


Katten delivers in a number of core areas which are of the utmost important to in-house counsel: (1) they deliver on time; (2) they deliver on budget; and (3) their work is of an excellent standard. Nate Lalone has the ability to break down complex legal issues whilst engaging in good humour. He is an industry expert.’

Responsive. Deliver on time and to budget.’

I have been instructed by Katten on a long-running and sensitive regulatory matter. I am struck by the high level of the firm’s abilities and its handling of the client.’

I have worked most closely with Carolyn Jackson. I have found her very easy to work with, knowledgeable, committed and flexible.’

David Brennand is an exceptional commercially driven solicitor who is an absolute pleasure and delight to work with.’

Advice is sound, well-researched and delivered in a manner that clients/individuals without legal training can understand.’

Responsive, effective, quick to understand/appreciate client’s business.

King & Spalding LLP

At King & Spalding LLP, regulatory lawyer sit within the special matters and government investigations practice. The group is predominantly focused on criminal regulatory compliance, often from a transatlantic perspective. The group in London is co-led by Robert Dedman, former head of enforcement at the Bank of England, and Aaron Stephens.

Practice head(s):

Aaron Stephens; Robert Dedman

Other key lawyers:

Joanna Harris

Key clients

Stripe, Inc.

Work highlights

  • Advised Stripe, Inc. on the anti-financial crime due diligence aspects of its $200 million acquisition of Nigerian payments company, Paystack.

Ropes & Gray LLP

Impressing clients with its 'knowledge and commercial sense', the group at Ropes & Gray LLP services the firm's funds and asset management clients in relation to their UK regulatory issues. The team works closely with colleagues in the US and Asia, providing advice on a multitude of cross-border regulatory issues arising from transactions and fund formation. The practice is jointly led by asset management regulation expert Eve Ellis and Anna Lawry, who focuses on derivatives regulation. In March 2021, the group was joined by Vanessa Walters from Charles Russell Speechlys LLP, adding additional expertise in the UK and EU regulatory requirements of investment services for the UK market.

Practice head(s):

Eve Ellis; Anna Lawry

Other key lawyers:

Dorota Maj; Vanessa Walters


Eve Ellis is personable, accessible, very knowledgeable and commercially-focussed.

I am always impressed by their knowledge and commercial sense.’

I have worked frequently with Eve Ellis over the years on a wide range of matters. I found her very easy to work with and I am impressed by her knowledge and commitment.’

Schulte Roth & Zabel International LLP

Schulte Roth & Zabel International LLP's London investment management regulatory and compliance group works closely with colleagues in Washington DC and New York, co-ordinating cross-border regulatory mandates for a range of US buy-side clients. Practitioners have knowledge in financial crime prevention, time-critical trading compliance and disclosure issues, fund structuring and financial promotion. Non-financial issues such as data compliance are also areas of specialism. Anna Maleva-Otto leads the practice, and has developed a specialism in the impact of EU directives and regulations on UK financial services. Co-head of the London office Josh Dambacher handles regulatory issues arising from fund structures.

Practice head(s):

Anna Maleva-Otto

Other key lawyers:

Josh Dambacher; Christopher Hilditch; Jim McNally; Polly O’Brien


‘Responsive, focused, commercial, always thoughtful and helpful.’

‘Josh Dambacher is incredibly helpful on finding solutions to complex structuring issues. Anna Maleva-Otto is always pragmatic on regulatory points. And often they combine for an even more comprehensive solution.’

Work highlights

  • Advised a global private wealth management group in connection with the establishment of a UK office and offers of fund products and services to family offices in Europe.
  • Advised a hedge fund manager group in connection with a restructuring of its operations to proprietary trading activities.
  • Advised a hedge fund manager in connection with an FCA investigation into market manipulation.


TLT's team has recent experience advising trade associations on a range of issues including LIBOR transition arrangements and issues arising from Covid-19 payment deferrals and forbearance issues. Other key areas of specialism for lawyers include the regulatory aspects of green financial products, market abuse regulation and SMCR issues. Noline Matemera leads the group with a strong track-record in assisting with tactical engagement with the FCA. Robin Penfold focuses on mortgage market regulations and LIBOR transition issues. Angela Hayes is a contentious financial services specialist, but is often called upon to advise on market abuse regulatory compliance.

Practice head(s):

Noline Matemera

Other key lawyers:

Robin Penfold; Angela Hayes; Russell Kelsall; Theresa Eakins


TLT continues to work closely with us as if the firm was a part of our team. A number of partners and associates from a number disciplines have assisted us throughout the year with complex regulatory matters and a financial services business acquisition providing a comprehensive and coherent service.’

Noline Matemera has been our main point of contact since we first engaged with TLT and has continued to build a relationship of trust between us and the firm by being approachable, knowledgeable and insightful. Noline provides clear and straight forward advice despite the complexities of some of the issues she has advised us on. Noline is also an excellent speaker at the events that TLT have run, notably the SIPP & SSAS Winter Festival in November 2020 which was particularly valuable.’

Key clients

Sky UK Limited (Sky)

Raisin Platforms Limited

Bank of Ireland

Coventry Building Society (CBS)

International Payment Systems Limited

Augusta & Co Limited (Augusta)

Hartley Pensions Limited

Shawbrook Bank

PSG SIPP Limited

Work highlights

  • Advised Raisin Platforms Ltd (Raisin) on a significant shift in its operations. Raisin wished to replace its existing service bank either with another bank or with an e-money issuer. In light of Raisin’s existing operations, its agreements with the current service bank, regulatory considerations and broader law, the team advised the client on the pros and cons of the two options it was contemplating and how they might be put into practice.
  • Instructed by Bank of Ireland UK to advise on issues relating to LIBOR discontinuance.
  • Assisted Coventry Building Society with reviewing the terms and conditions for accounts held through the Hargreaves Lansdown (HL) online platform, Active Savings.

Womble Bond Dickinson (UK) LLP

The financial services team at Womble Bond Dickinson (UK) LLP is split between the London and Edinburgh offices, providing regulatory support to the firm's insurance and banking sector clients. Areas of expertise include governance issues such as SMRC, consumer finance regulation and financial crime prevention. Based in Edinburgh, Jonny Williams leads the national financial services group, drawing on experience in various in-house positions for financial institutions. Legal director Emma Radmore in London takes the lead on financial crime prevention advice. Associate Natasha Brownlee is a retail banking expert with experience in drafting consumer-facing documentation for retail products.

Practice head(s):

Jonny Williams

Other key lawyers:

Emma Radmore; Natasha Brownlee; Angie Bamboulis


Their approach to financial services is very positive with nothing being too much trouble and with a reassuring breadth of relevant experience. I have yet to call them with a question or situation that they haven’t dealt with before. A very positive approach.’

I feel that the individuals that I deal with are personable, reassuringly knowledgeable and human. Discussions are dealt with at the correct level presenting understandable solutions. Jonny Williams in particular is top of my call list when I need to consider a regulatory matter.’

The firm’s retail banking team is excellent, very experienced and great at co-sourcing and acting as an extension to our team, having a number of ex in-house lawyers in their team.’

Jonny Williams is brilliant, very commercial and gives us concise advice on just what we are asking.’

We have benefited greatly from Emma Radmore’s expertise, the efficiency of delivery on the intended outcomes as well as from her excellent project management skills when coordinating the deliverables from the other practice areas at Womble Bond Dickinson UK.’

Key clients

Post Office Limited

Quilter PLC (Old Mutual Group)

Lloyds Banking Group


Atom Bank plc

American International Group UK Limited


Vertu Motors PLC

B&Q plc

Stewart Title Ltd

The National Trust

Arch Insurance (UK) Limited