Herbert Smith Freehills
Authors
Articles by company
SMF7 extension: from conduct to control
In this In Practice article the authors consider the practical implications of extending the SMF7 role to controllers.
26 JUL 2026Referral to the Upper Tribunal: worth the risk?
The authors consider recent decisions in which the Upper Tribunal has closely scrutinised FCA penalty calculations and reduced fines. They consider the implications for firms and the regulator.
4 MAY 2026The shifting focus of regulatory intervention: from enforcement to assertive supervision
We examine the Financial Conduct Authority’s evolving approach, with an apparent shift from the widespread use of enforcement investigations to the increasingly interventionist use of various supervisory tools.
8 FEB 2026Strong and simple: a new capital regime for small UK banks and building societies
The UK has almost finalised its new so-called “strong and simple” capital regime for small UK banks and building societies (small domestic deposit takers (SDDTs)). The premise is to provide a regime that is more proportionate for their size and scale of operations, whilst maintaining resilience. In this In Practice article the author sets out the core elements of the near-final SDDT capital regime.
10 JAN 2026Motor finance: the FCA’s powers, and what the future might hold
The recent redress reforms from HM Treasury, the Financial Conduct Authority (FCA), and the Financial Ombudsman Service (FOS) were first raised in a Call for Input in November 2024, followed by consultations on specific proposals in July 2025. These reforms aim to bring greater consistency to the redress system, including enabling earlier intervention by the FCA and closer alignment to its rules. Both of the Chancellor’s Mansion House speeches to date highlight the uncertainty the current redress framework creates which poses a risk to economic growth. An acute live example of this is motor finance commission. This article examines how the FCA has used its statutory powers under the Financial Services and Markets Act 2000 (FSMA) in its proposed motor finance redress scheme, published in October 2025, and considers how these powers might be affected by the proposed reforms to the redress framework.
22 NOV 2025When “simplification” is anything but simple: a slimmer FCA Handbook but the website continues to grow
A common observation about the FCA Handbook is that, with over 13,000 pages across more than 3,000 chapters, it is enormous.1 For comparison, that’s more pages than ten copies of War and Peace. This In Practice article considers the impact of the FCA’s shift towards an “outcomes focus” on the content of the Handbook and how material is shifting to the FCA’s website.
28 JUL 2025Money laundering through the markets: enhancing financial crime systems and controls for wholesale firms and trading venues
In this In Practice article the authors consider the Financial Conduct Authority’s 2025 review of money laundering through the markets.
6 MAY 2025Modernising the redress system: exploring the need for alternative processes
Following the announcement in the Chancellor’s Mansion House speech, the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) on 15 November 2024 published a joint Call for Input (CFI) seeking views from stakeholders on “how to modernise the redress framework, so it better serves consumers and provides greater stability for firms to invest and innovate”. With the CFI response deadline having just passed and the FCA and FOS now reviewing responses, we outline the key issues to be addressed.
6 FEB 2025The auditor’s duty to report to the FCA when it suspects fraudulent activity
While there is some guidance on the requirement for an auditor who is performing an audit to notify the Financial Conduct Authority under certain circumstances, there remains a great deal of uncertainty as to when the threshold for reporting will be met. This In Practice article explains the key points of uncertainty and asserts the urgent need for further guidance.
22 NOV 2024Beware of regulators bearing gifts
Offering credit for co-operation in enforcement is a consistent message on both sides of the Atlantic. But as regulators dangle the co-operation carrot of speedier resolution, reduced fines, and public statements of commendation, are there pitfalls for firms?
31 JUL 2024
