Guide to conducting internal investigations: disclosure and regulatory liaison

The six-part ‘Guide to conducting internal investigations’ outlines best practices and guidance for those conducting or overseeing investigations in both the United Kingdom and the United States. In this fifth of six instalments, Charles Hastie and Jake McQuitty discuss some of the considerations associated with reporting potential issues of concern and interacting with the regulators.

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 law firm Eversheds Sutherland. 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.

Initial disclosure of concerns to the regulator

In our experience, a proactive approach to reporting concerns to regulators has significant benefits.