Legal Business Blogs

Adviser review: Clifford Chance, Hogan Lovells and Ashurst lose out on FCA panel

RPC, Norton Rose Fulbright (NRF) and Squire Patton Boggs have won panel spots at the expense of rival City outfits with places on the Financial Conduct Authority’s (FCA) roster of skilled advisers.

Clifford Chance (CC), Hogan Lovells and Ashurst all lost out on the panel, which was finalised on 1 April.

NRF won places on three lots to advise on client assets, business conduct and financial crime. Squires won a place for advice on financial crime and RPC won a role to act on business conduct matters.

CC had previously held positions in four lots on the panel, for client assets, governance controls and risk frameworks, financial crime and deposit takers.

A total of six law firms were appointed to the panel which includes accountants, financial and public relations advisers. DLA Piper, Eversheds Sutherland, and Macfarlanes all retained places, while RPC, Squires and NRF were the new additions.

One City partner at a panel firm said: ‘The FCA looks at quality and quantity, experience, pricing and project management capabilities. It’s a quite a competitive process.’

The FCA’s last panel was revamped in 2013, with the current roster set to until 2021.

CC has recently acted against the FCA in the so-called ‘London Whale’ case advising executive Achilles Marcis in a recent Supreme Court hearing.

Other recent adviser reviews have seen the Crown Commercial Services legal panel trimmed back, with its roster cut from 40 firms to 18. Meanwhile, the government has launched a tender process for a £90m finance panel.