Guide to conducting internal investigations: immediate priorities

In this, the first of six instalments serialising the ‘Guide to conducting internal investigations’, Charles Hastie and Jake McQuitty provide best practices and guidance for those conducting or overseeing investigations in both the United Kingdom and the United States. This first part comprises an introduction as well as discussion around immediate priorities for an internal investigation.

Charles Hastie leads the regulatory advisory function at Clutch Group. During previous employment at the Financial Conduct Authority, he was responsible for the supervision of a large investment bank and spent several years in the Enforcement Division managing a wide range of regulatory and criminal markets cases. Other experience includes being a senior internal auditor at hedge fund manager Man Group plc and a derivatives broker on a number of trading desks. Jake McQuitty is a partner at TLT Solicitors, where he leads the investigations and enforcement team. Previously, he was in-house legal counsel at a major global bank through most of the financial crisis and oversaw a significant portfolio of global investigations and enforcement matters. Jake originally qualified as a barrister where he honed many of his forensic skills, particularly the handling of difficult witnesses.

1. Introduction

The primary focus of this article (and the Guide) is internal investigations in the financial services sector. However, the principles and approach can and do apply to investigations in any regulated sector – the core elements of a good investigation are transferable and similar issues tend to arise, regardless of subject matter.