Breach of the FCA’s general prohibition and acting without permissions:  What are the consequences?

19/01/2023 | On-line Zoom Conferencing

The session will walk through what it means for a firm to breach the general prohibition and how this differs from the position where a firm is authorised but acting beyond the scope of its permissions.
Depending on the regulatory status of the MGA, and the risks posed by each issue, the session will then go on to consider the key considerations and practical steps to take.

By the end of the session, delegates will be able to:

  • Describe what it means to breach the general prohibition and the consequences of doing so
  • Outline how a breach this differs from being authorised but acting without permission
  • Summarise what to do if a breach is identified
  • List what specific considerations there must be for MGAs

Rachel McDonnell, Regulatory disputes specialist 
Rachel is a specialist dispute resolution lawyer and has been helping clients to resolve their disputes for over 15 years. She has extensive experience in high value corporate and commercial litigation, banking and financial services litigation, alternative dispute resolution (including mediation), and financial services contentious regulatory matters including enforcement proceedings and internal investigations. Rachel supports clients in resolving complex commercial and corporate disputes, including unfair prejudice petitions, breach of warranty and indemnity claims, joint venture and shareholder disputes and various other high value contractual claims. Examples of Rachel’s recent financial services experience include:

                                          i.    representing a company defending a claim for USD300 million brought in the Commercial Court under several guarantees

                                         ii.    acting for the former Chief Executive of an IFA network before the Upper Tribunal in defence of Financial Conduct Authority enforcement proceedings

                                        iii.    representing various firms in defence of enforcement proceedings. Rachel also advises on wider remedial actions, including customer redress exercises.

Rachel is described in Legal 500 as “an excellent associate – she is technically very capable and also has lots of commercial common sense.” You can connect with Rachel on LinkedIn here and you can view Rachel’s Mills & Reeve profile here.

Rachel McDonnell, Regulatory disputes specialist