Steven Francis

Steven advises banks, asset managers, insurers and other firms on their dealings with regulators and their compliance with regulatory requirements. Formerly with the FCA, and a team leader in its enforcement division, he has particular insight into regulators' mindsets and information needs. Steven also worked in EY, as a partner in its regulatory legal practice. He has deep experience not just in providing legal advice but also in helping clients implement through compliance and regulatory change projects. Steven works very closely with AG's Risk & Compliance team Most of Steven's work takes place against a backdrop of current or anticipated regulatory intervention. He has advised on all the major issues that have faced the industry – mis-selling (of pensions, PPI, interest rate swaps, and insurance products), benchmark rigging (LIBOR, FX and metals), client money failures, AML and financial crime, data loss, product governance failures and failures in leadership and board effectiveness. Steven has both prosecuted and defended those accused of market abuse, bribery and fraud. Much of Steven's work involves internal investigations – identifying for firms what happened, what the consequences are, what corrective measures are needed and what disclosures might be made to authorities. He has been involved in negotiations with the PRA and FCA, European regulators including OLAF, and the US's SEC and DoJ. His current work involves negotiations with the FCA over capital adequacy breaches, unlawful financial promotions, AML failures, failures in the disclosure regime for consumer credit firms and the alleged poor management and oversight of its appointed representatives. One of AG's large bank clients has said: 'He is one of the most exceptional lawyers I have ever come across in my legal career. The level of service he provides is outstanding and the quality of legal advice and practical guidance is of equal measure. He shows boundless energy and focus on getting the right solution for the Bank'