Financial Services and Markets Disputes and Investigations

Macfarlanes is at the forefront of international financial services and markets dispute resolution and investigations.

We represent financial institutions and individuals, both domestically and transnationally, in: complex, high value disputes involving reputational and risk management issues; internal and regulatory investigations; enforcement or follow-on proceedings; and investigations and defence strategy in financial crime matters.

Our contentious team works closely with our non-contentious specialists in financial services and markets, banking and finance, corporate, investment funds, derivatives and trading and competition enabling us to provide a deep understanding of our clients' financial business and the relevant markets.

The services that our team provides include:

Litigation: advice and representation in relation to a wide range of issues and disputes involving wholesale and retail business, asset and fund management, transaction finance, lending and security, trade finance, commodities, on and off-exchange trading, trusts, restructuring and insolvency.
Arbitration: we are a leading firm in the field of international arbitration involving financial disputes, with highly skilled senior in-house advocacy capability.
Investigations: we regularly advise on investigations which include: reporting to our client alone or to both our client and a UK regulatory or governmental agency on a "voluntary" basis; acting as a Skilled Person including as a FCA panel firm under Section 166 FSMA 2000; or cross-border matters involving overseas regulators and government agencies.
Enforcement and disciplinary proceedings: under the FSMA 2000.
Financial crime: including fraud, money laundering, bribery and corruption, and sanctions.
Senior individuals: advising through regulatory investigations or proceeding, and as witnesses in criminal proceedings.

Recent work

Global investigations

Overseeing and advising a global investment bank in relation to a number of critical cross-border regulatory and criminal investigations concerning benchmark manipulation and other misconduct.

Landmark swaps dispute

Successful representation of the Firth Rixson group in a $100m dispute concerning interest rate swaps following the collapse of its swap counterparty, Lehman Brothers International (Europe), which went to trial and to the Court of Appeal.

International arbitration - multi-billion bond issues

Representing a sovereign state in regard to a multi-billion dollar dispute involving the financing of its capital markets debt obligations.

FCA Competition investigation

Advising a leading investment bank in the first ever competition investigation by the FCA under its new powers, and two leading investment banks in relation to pre-investigation enquiries.

FX Remediation Programme

Advising a leading financial institution on its work in relation to the FCA’s FX Remediation Programme, including a past business review of the firm’s Spot FX business.

Landmark mis-selling dispute

Successful representation of Roskilde Bank A/S in its defence of a claim of alleged mis-selling of its subordinated debt. The case involved two trials, before going to the Court of Appeal on both the law of misrepresentation in the context of sales in the secondary financial markets, and contractual disclaimers.

Skilled Person assignments under Section 166 FSMA 2000

We are one of very few firms of lawyers appointed to the FCA's panel of Skilled Persons for investigations and reviews under FSMA. Our recent experience includes: a review of sales of interest rate hedging products by two of the UK clearing banks to SMEs in the period 2000 to date. Our reports have been praised by the FCA for their rigour, clarity and practical recommendations.

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