23rd May 2018
Catherine Richmond of Worden Richmond and Caroline Stroud and Holly Insley of Freshfields Bruckhaus Deringer spoke today at the Employment Lawyers Association annual conference on the topic of dismissing regulated employees working in the financial services sector. Their talk outlined some of the key practical considerations for employment lawyers advising on allegations of misconduct against regulated employees, including investigations, disciplinary procedures, warnings, sanctions and dismissal. Caroline and Holly provided the perspective of the lawyer to the employer, whilst Catherine provided that of the lawyer to the employee. Having cut her 'financial services' teeth advising regulated firms with Caroline whilst at Freshfields, Catherine enjoyed sharing her more recent experiences on the other side.
For FCA- and PRA-regulated employees who find themselves facing investigations or disciplinary proceedings, the introduction of the Senior Managers and Certification Regime has significantly altered the landscape (or will shortly alter it, for those employees to whom the SMCR will extend later this year or in 2019) . The greater burden placed by the regulators on firms assessing fitness and propriety and providing regulatory references means that the strategic decisions we help our clients to make in pursuit of the best long-term outcome have become even more finely balanced.
For members of ELA, the slides and handout will shortly be accessible here: