Three major City firms have lost places on the Financial Conduct Authority (FCA)’s supervisory panel of advisers in favour of RPC and Norton Rose Fulbright.
Ashurst, Clifford Chance and Hogan Lovells have all lost places on the FCA’s “skilled person panel” of firms that advise on concerns raised by the regulator.
The roster is reviewed by the FCA every four years and was last assessed by the regulator in 2013.
In the most recent review, Ashurst, Clifford Chance and Hogan Lovells have all lost places having been appointed three years ago to work on issues such as client assets, governance controls, financial crime and conduct of business.
Norton Rose Fulbright has instead won a place to advise on three specific lots – client assets issues, conduct of business and financial crime.
RPC and Squire Patton Boggs are two additional new advisers, tasked with providing conduct of business and financial crime advice respectively.
Compared to the last review in 2013, the number of law firms on the roster has decreased. Other advisers include auditors and accountants.
Macfarlanes continues to advise the FCA, but has moved onto different areas of expertise. It used to be a panel firm for conduct of business, but is now just an adviser on client assets issues.
Eversheds Sutherland is another key law firm adviser and advises on four key specialisms.
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