Rapidly changing customer expectations, growing regulatory compliance and the impact of digital technology have created a dynamic backdrop for businesses in this sector. Shoosmiths has powerful legal tools to help you navigate these challenges.
Our team advises a diverse range of financial services businesses. We lead in areas including consumer finance, motor finance, point-of-sale finance, payment services, insurance, leasing, stocking facilities and supporting security; FCA authorisations, variation of permissions, change of control applications, notification and reporting obligations; joint ventures and material outsourcings of core commercial operations; and transactions and compliance strategies.
We also have a leading reputation in helping authorised businesses deal with notification and remediation strategies following rule breaches and compliance issues.
Our experienced and pragmatic Financial Services team can help you:
- be optimised - we work closely with you to find the optimum path between regulatory and enforcement risks and your commercial reality
- be ahead of the game - we advise on new financial products, using our detailed knowledge of the regulatory framework to provide a clear and practical steer on how you can optimise opportunities. We make the complex straightforward. And talk in a business-friendly way
- be ready - we give you the key insights you need to prepare and deal with the unexpected: from a dawn raid to a data breach
- be creative - we think creatively and provide sure and proven solutions to help you manage the cost of compliance
- be fully supported:
- we work closely with our tech, corporate, employment and litigation teams to provide wraparound advice to businesses in the sector - whether emerging or long-standing - helping you to navigate all aspects of financial services regulation including FCA compliance, consumer finance, motor finance, point of sale finance, mortgage regulation, payment services and insurance regulation
- many of our client relationships stretch back for decades, evidencing the strong partnering approach we take with our clients. Shoosmiths is well known in the sector for its personable teams, innovation and excellence
- We have an encyclopaedic knowledge of TCF
- we have one of the most experienced retail financial services teams in the UK, covering all UK jurisdictions
- be an industry leader - our clients include high street retail banks and intermediaries, asset managers, investors, fintech businesses and the finance arms of major corporates. We are unafraid to innovate and set new standards, so you can do the same.
Above all, what sets us apart is our client-centred approach and highly commercial and collaborative working style. Many of our team have worked in house in the sector, giving us an edge when it comes to anticipating issues and identifying solutions for our clients.
Specific areas of experience include:
We regularly advise industry-leading clients on the full range of retail finance regulatory matters, from authorisations, through the end-to-end customer journey, regulatory notifications and remediation exercises. We cover a wide product mix including consumer finance, motor finance, point-of-sale finance, credit cards, insurance, mortgages, and leasing for clients ranging from high street banks to niche financial services providers and new market entrants.
Our team provides support to in-house teams through drafting of provision of strategic advice to clients’ board of directors through to drafting of product and policy documentation. We also provide advice and support in relation to complaints handling as well as training to in-house and operational teams on a range of consumer issues.
We are without question the leading motor finance specialists in the UK with teams specialising in financial promotions, product design and manufacturer JV arrangements, as well as advising industry leading clients on small to medium ticket hire purchase transactions and vehicle leasing transactions.
Our lawyers are alive to changes in regulatory landscape and can provide long-term asset finance assistance to lenders by drafting precedent standard form documentation, and through in-house training on best practice.
An additional area of focus is in asset finance litigation, where we have extensive experience at every part of the spectrum, from routine undefended matters to large complex cases.
The size and strength of the UK financial services sector and its regulatory framework makes it a perfect arena for innovation and new entrants. Shoosmiths has worked successfully with a number of challenger banks and other disruptors, for whom Shoosmiths’ wealth of experience and willingness to share knowhow is an obvious plus. This includes UK based businesses and (often) US based businesses looking to move into the UK market.
Our teams working closely with our colleagues in our technology sector and venture capital teams, providing important areas of linked expertise.
Recent experience includes:
- Major international bank in relation to a UK joint venture with a global motor brand, allowing the retail and wholesale financing of motor vehicles through a network of over 120 dealers.
- A major international credit card provider in relation to the enhancement of its credit card programme, involving technical advice, drafting of revised credit agreements and advising on broader FCA compliance.
- UK Bank in relation to a new employee car scheme, the first of its kind in the UK.
- Major Irish bank in relation to the application of certain financial services regulations on a cross border basis with the Republic of Ireland.
- Supporting several of the leading UK mobile phone network providers in relation to the implementation of new mobile handset finance propositions.
- International bank in relation to agreeing a suitable remediation and compensation programme following significant inadvertent FCA rule breaches.
- UK based holiday business in relation to its tie-up with a major international finance house, allowing customer enhanced payment options when acquiring holiday services.
- UK based, privately-owned bank, in relation to the sale of a high value credit card book of debts.