Financial Services Regulatory Investigations

We lead the market in advising on the full range of regulatory investigations and enforcement matters, including administrative sanction procedures, fitness and probity, insider dealing and market abuse investigations.

We guide clients with their AML / CFT compliance, corporate governance issues, consumer protection and remediation processes, as well as regulatory reporting obligations. Our clients include funds, fintechs, digital asset firms, virtual asset providers, insurers, payment and e-money institutions as well as senior individuals.

We have acted in the most complex and sensitive regulatory matters in Ireland involving the Central Bank of Ireland (Central Bank) and the Financial Services and Pensions Ombudsman (FSPO), as well as in appeals to the Irish Financial Services Appeals Tribunal (IFSAT) and the Superior Courts.

We are the first law firm in Ireland to have acted for a regulated financial services provider in an investigation by the Central Bank under the revised administrative sanctions procedure introduced by the Central Bank (Individual Accountability Framework) Act 2023, a clear reflection of our market leading role in this ever evolving regulatory space.

We are also the first law firm to have acted for a regulated financial services provider on two successful High Court challenges of FSPO legally binding decisions under the Financial Services and Pensions Ombudsman Act, 2017 and a subsequent successful defence of Court of Appeal challenge brought by the FSPO.

When the regulator is either in enforcement mode or considering it, particular care needs to be taken. The interests of the firm, which has a right to defend its position, needs to be balanced against the regulatory expectation of openness and honesty, and the obligation to act in the best interests of consumers. Difficult situations need experienced lawyers with the right skill sets and industry knowledge.

We offer a unique, multi-disciplinary model that combines deep regulatory expertise with specialists in insurance, fintech, retail banking, funds to name a few, with seasoned litigators experienced in managing contentious proceedings, reputation risk, and regulatory strategy.

The former know the rules, industry norms and practice, the latter understand the contentious process, right to fair procedures and help provide effective strategies to navigate the investigative and enforcement processes. We have consistently found that our multi-disciplinary approach leads to better outcomes for our clients, including early resolution, avoidance of enforcement, and mitigation of sanctions. In every case, a critical objective is to maintain a good working relationship with the regulator, which will remain regardless of the outcome of any investigative or enforcement process.

Our Expertise Includes:

Guiding clients through the Central Bank’s administrative sanctions procedure.
Establishing and navigating internal investigations and contentious regulatory processes.
Crisis, risk and reputation management.
Handling information requests, including statutory requests for information.
Advising on fair procedures, statutory and judicial appeal mechanisms.
Assisting with large scale remediation projects and risk mitigation plans.

Experience Highlights

First firm in Ireland to advise an alternative investment fund management company in an investigation and subsequent High Court confirmation process following revisions made to the Central Bank’s administrative sanction procedure under the Central Bank (Individual Accountability Framework) Act 2023.

The team has also recently advised:

an individual formerly concerned in the management of a regulated financial services provider in the context of an investigation and subsequent inquiry pursuant to the Central Bank’s administrative sanctions procedure.
a number of insurance companies in relation to business interruption claims, internal investigations and related regulatory and reporting obligations.
domestic and international regulated financial services firms in the context of the Central Bank’s administrative sanctions procedure, including in relation to alleged contraventions of outsourcing regulations; AML legislation; Solvency II; corporate governance and conduct matters.

an entity regulated under the Central Bank Act in relation to a large scale remediation project and Central Bank investigation and enforcement action.
credit servicing firms and investment funds in relation to interest overcharging issues affecting acquired loan portfolios and associated remediation projects.
a financial institution in relation to the design and implementation of a remediation scheme for customers arising out of mis-selling claims relating to certain investment products and assisting on their dealings with the Central Bank and the FSPO.

senior executives and financial services firms in connection with issues and investigations arising from the Central Bank’s Fitness and Probity Regime.
a public limited company before the Irish Financial Services Appeals Tribunal in successfully challenging the Central Bank of Ireland’s decision to oppose an acquisition.
for a fund administrator in relation to matters arising from a themed inspection.
for an insurer providing advice on significant and material regulatory issues arising in its capital requirement and helping the client manage reputation management and a remediation project.