Three law firms among winners on revamped Financial Conduct Authority panel

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The Financial Conduct Authority (FCA) has cut Ashurst, Clifford Chance and Hogan Lovells from its ‘skilled person’ panel, following a review that has seen three new law firm appointments.

RPC, Squire Patton Boggs and Norton Rose Fulbright have been added to the panel, alongside reappointments for DLA Piper, Eversheds and Macfarlanes.

The panel, which also features a raft of accountancy, risk management and consultancy firms, gives the FCA the power to obtain a view from a third party about activities that have raised concerns. It is reviewed every four years, and is split into 10 different lots.

Norton Rose Fulbright has been appointed to three lots – financial crime, client assets and business conduct – while RPC will provide advice relating to conduct of business, with Squire Patton Boggs added to the financial crime lot.

Of the reappointed firms, Eversheds Sutherland has secured places on four lots – client assets, governance and individual accountability, conduct of business and financial crime. DLA Piper and Macfarlanes both feature on the client assets lot.

The last review in 2013 saw seven law firms appointed – Ashurst, Clifford Chance, DLA Piper, Eversheds, Hogan Lovells, Macfarlanes and Pannone.

That review came after the Financial Services Authority was broken up in favour of a new ‘twin peaks’ operating structure, comprising the Prudential Regulation Authority and the FCA.