Profile: Banking and Financial Services
Experience and Expertise
In 2015 Henry undertook a secondment to Eversheds’ Financial Services Disputes and Investigations department in London. Much of his time there was spent working on the defence, which ultimately proved successful, of an FCA Enforcement Investigation, including advising on the scope of the Financial Services and Markets Act 2000 (FSMA) s.66, the FCA’s Principles for Businesses and issues of privilege and assisting with document review.
In 2013 he also undertook a nine-month secondment at the Financial Conduct Authority, during which he advised the FCA’s Policy and Supervision divisions on a wide range of issues arising from recent amendments to and the operation of FSMA, related statutory instruments and the FCA Handbook.
Particular matters on which Henry provided advice while at the FCA included:
- the liabilities of mortgage lenders and third party administrators under FSMA, the Regulated Activities Order 2001, the Appointed Representatives Regulations 2001 and the FCA Handbook;
- access to the Financial Ombudsman Scheme for clients of an offshore scheme and compliance of the offshore scheme with the provisions of the FCA Handbook;
- the validity and effect under the Unfair Terms in Consumer Contracts Regulations 1999 and under the provisions of the FCA Handbook of proposed variations to a contract between group entities and gone-away clients;
- the implementation of a card insurance mis-selling redress exercise;
- the closure of an insurance company providing a pension scheme product in the absence of consent from gone-away clients, and on mechanisms by which redress could, if necessary, be obtained;
- the validity and effect of a trust set up to fund the costs of an orderly wind-down of an authorised firm’s regulated activities;
- the priority of distribution of assets in the event of the insolvency of an insurance company; and
- the development of the FCA’s pensions strategy, with particular regard to pension liberation, scheme charge capping and the introduction of independent governance committees for contract-based schemes.
Henry also advised the FCA on a range of matters relating to small regulated firms, including:
- voluntary variations of permission by authorised persons under FSMA Part 4A;
- the interrelation between the FCA’s rules on firm trading names and appointed representatives, and the circumstances in which a person must be authorised by the FCA or claim exempt status, under FSMA Part III;
- interpretation of the FCA Handbook’s rules governing approved persons;
- commissioning of a skilled person report under FSMA s.166;
- provision of financial services by members of the professions under FSMA Part XX;
- disclosure of confidential information by the FCA to firms and other regulators and authorities under FSMA Part XXIII and the Disclosure of Confidential Information Regulations 2001;
- statutory immunity of the FCA from liability under FSMA Sch. 1ZA;
- phoenix companies; and
- unregulated collective investment schemes.
In addition, Henry assisted in the drafting of notices under FSMA s.165, notices of variation of permission under FSMA Part 4A, attestations and deed polls.
Henry is a member of the Financial Services Lawyers Association.
Henry is an editor of Wurtzburg & Mills on Building Society Law, which he co-edits with Malcolm Waters QC, Elizabeth Ovey and Mark Fell.