FCA Investigation Solicitor Birmingham – Market Abuse & Financial Crime Defence

Market manipulation: LIBOR, FX, and benchmark cases

The FCA has pursued significant enforcement action in relation to manipulation of benchmark rates including LIBOR and foreign exchange (FX) rates. These cases involve complex evidence of trading patterns, communications analysis, and expert financial evidence. David advises individuals and firms in market manipulation investigations.

Why FCA interviews are high risk

FCA investigators can compel you to attend an interview and answer questions. Refusal is a criminal offence. However, you can still exercise legal privilege and receive advice before and during the interview. David Roy ensures you understand the scope of the investigation, what documents to provide, and how to avoid self‑incrimination while complying with your legal duties.

Experience in FCA and financial crime cases

David has acted in cases involving alleged market abuse, offshore investment fraud, and complex financial structures. He works with forensic accountants and financial experts to build a defence that addresses both criminal allegations and regulatory consequences (such as prohibition orders).

Economic Crime legislation and the FCA

Two significant pieces of legislation have extended the reach of financial crime enforcement. The Economic Crime (Transparency and Enforcement) Act 2022 introduced reforms to unexplained wealth orders, strengthened the sanctions regime, and expanded the register of overseas entities owning UK property. The Economic Crime and Corporate Transparency Act 2023 introduced a new corporate offence of failure to prevent fraud (applicable to large organisations), strengthened Companies House powers, and expanded crypto-asset seizure powers. Both Acts have implications for businesses and individuals under FCA investigation, particularly those involved in complex financial structures or with overseas connections. David Roy advises on investigations that engage these provisions alongside the FCA’s core powers under FSMA.

Dawn raids and FCA search warrants

The FCA has the power to execute search warrants under section 176 FSMA at business premises and private addresses. These dawn raids can occur without warning. If the FCA executes a warrant at your premises or home, you should request that all activity ceases while you obtain legal advice. Do not hand over documents, passwords, or devices before speaking to a solicitor. David Roy advises on FCA search warrant situations at any hour.

The FCA process

1. Notification: The FCA may send a notice, execute a warrant, or request an interview. David advises immediately on strategy.
2. Interview & disclosure: David attends compelled interviews and handles production orders.
3. Representations: Arguing that enforcement action is disproportionate or that the evidence does not meet the threshold.
4. Criminal prosecution or regulatory action: David represents you in court or before the Regulatory Decisions Committee (RDC).