Financial Regulation Partner, London
Solicitor of the Senior Courts of England and Wales
Nik is a partner in the Financial Regulation Group in London. He has extensive experience of advising banks, broker-dealers, insurers, asset managers, wealth management firms and listed companies on regulatory and compliance matters, with a particular focus on contentious regulatory and compliance risk management issues.
Nik’s contentious regulatory experience includes conducting internal investigations and reviews following the discovery of suspected compliance failures; assisting clients in managing section 166 skilled persons’ reviews; advising clients in relation to managing communications with regulators; representing clients in FSA/FCA investigations and enforcement proceedings (including representing clients before the Regulatory Decisions Committee, in the Upper Tribunal and in the higher courts); advising clients in relation to the development and implementation of past business reviews and redress/remediation programmes; and assisting clients in managing civil litigation risks arising out of regulatory failings.
Nik also regularly advises clients on compliance risk management issues, including advice on the practical implications of regulation for their business practices and governance arrangements, and strategies for mitigating and managing regulatory and conduct risks. Nik’s work in this area covers a diverse range of topics, from senior management responsibility, governance and risk management frameworks to conflicts of interest, insider dealing, market abuse, client money, fair treatment of customers, complaint handling and other conduct of business issues. Nik also regularly advises listed companies, corporate brokers and sponsors in relation to the disclosure and control of inside information, the LR8 sponsor regime and other Listing Rule/DTR compliance matters.
Nik’s recent significant experience includes advising and representing:
- CPPGroup plc and its subsidiary Card Protection Plan Limited in relation to an FSA/FCA investigation into sales of two general insurance products, resulting in settlement of the FCA investigation and the use of a solvent scheme of arrangement as an innovative means of delivering redress to consumers affected by the failings identified. The FCA has bound the Financial Ombudsman Service to the scheme by using its single firm redress power under section 404F(7) FSMA 2000;
- UBS AG as an interested party in the FSA's unsuccessful enforcement proceedings against John Pottage, former CEO of UBS's UK wealth management business. The Upper Tribunal proceedings were widely seen as a test case in relation to the regulatory responsibilities of senior managers in large financial institutions;
- a wealth management firm in relation to an FSA investigation and related litigation proceedings arising out of alleged mis-selling of a life assurance bond, including development and implementation of a customer contact and redress programme;
- an investment bank in relation to a skilled person's review and related FSA investigation into alleged breaches of the Listing Rules; and
- a listed company in relation to an FSA investigation in relation to failures to take steps to ensure compliance by the company's PDMRs with the Model Codes.
Nik “is commended for his excellent understanding of how banks operate, as he has seen life from the inside of banks as well as outside”. (Chambers 2012)
2013 to date Partner, Linklaters London
2010 - 2013 Partner, Herbert Smith Freehills London
2007 - 2010 Senior Associate, Herbert Smith Freehills London
2003 - 2007 Associate, Herbert Smith Freehills London
2001 - 2003 Trainee solicitor, Herbert Smith Freehills London
2000 - 2001 Nottingham Law School, Legal Practice Court (Distinction)
1997-2000 Gonville & Caius College, University of Cambridge, BA Hons (Law) (Double First)
A Practitioner's Guide to the Law and Regulation of Market Abuse (2013) – Chapter 8 “Practical application: primary markets”