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Finance Law for Banking, Investments, Insurance, Pensions & Tax.

When you think of the term finance law or financial law; the first thing that springs to most people’s minds is banking.

Financial law incorporates numerous industries as well as banking which include those detailed below;

Banking law – The banking industry is heavily regulated in the UK by the Financial Services Authority (FSA) to ensure that consumers receive a fair deal from their banks as well as helping fight financial crime.

Banking regulations can affect your business in many ways especially if you’re involved in international purchasing or lending. Banking law will often vary between countries so before transferring money or purchasing assets abroad, it’s wise to get professional legal advice from one of the UK solicitors in our network.

Financial and investment services

Investment companies as well as banks are well regulated in the UK to protect the general public.

Investing life savings or spare money in stock, shares or other types of investments is a big decision for most people and the financial services laws are there to make sure the company they entrust their funds to will invest them in a legal and appropriate manner in line with the customer’s wishes.

Breaching the FSAs regulations can result in heavy fines for financial institutions so it’s critical that your solicitor or in-house legal team are up-to-date with all changes to legislation, particularly when it comes to foreign investments.

Fraud comes in many guises and if you discover someone has been trying to de-fraud you, a good solicitor will be crucial in trying to recover the money or items you’ve lost as well as bringing the person involved to justice.

Financial fraud in particular is big business for organised criminal gangs who target online and offline methods of obtaining money by illegal means.

Insolvency and bankruptcy laws encompass an array of different methods of dealing with personal and business finances when things go wrong.

From government introduced schemes such as Individual Voluntary Arrangements (IVAs) to administration laws for companies, insolvency and bankruptcy laws are there to ensure a fair deal for creditors and debtors alike.

IVAs are a legally binding agreement between you and your creditors to allow you to pay back what you’re due via one affordable monthly payment over a period of five years. These arrangements are overseen by qualified professionals who are known as Insolvency Practitioners to ensure you and your creditors comply with the legal terms of your IVA.

Insurance Law – there are many laws concerning the selling of insurance products and if you’re setting up a business offering this service, you need to consult a solicitor who will be able to help you keep on the right side of the law when offering products and drawing up suitable terms and conditions for them.

Mergers & acquisitions can be incredibly complex legal processes. There are many solicitors in our UK network who specialise in this area.

Whether your company is the subject of a hostile takeover bid or you’re worried if merging with another company will breach any competition or price fixing laws, then getting the right advice from a legal professional before the process begins is critical if you want to stay in control.

Pensions law is another complicated legal area and can involve an employer, the trustees of the pension scheme and the employees.

There are two separate bodies that can help if you have a complaint about a pension scheme you’re involved in; these are the Pensions Advisory Service and The Pensions Ombudsman.

The Pensions Act 1995 is the statute which is concerned with pension schemes in the UK and using a solicitor to help draw up your scheme if you’re an employer will help prevent any recriminations in the future.

Business taxation

If you’re running your own company then there are certain business taxation issues that you’ll need to comply with in order to avoid being penalised financially.

Certain types of company are legally obliged to submit their annual return to Companies House by a specific date each year so that their tax liabilities can be accurately calculated.

Over the years there have been many high profile cases of business who have tried to avoid paying the taxes they were due and the law in this area is very clear and can result in custodial prison sentences or very large fines.

Personal taxation matters will usually be dealt with by your employer or accountant if you’re self-employed.

If you fail to meet your obligations in relation to your personal tax affairs then you will find yourself having to seek the advice of a lawyer or solicitor to help your defence.

As an employer, you will be expected to keep up-to-date with all your employee’s national insurance contributions and income tax as it’s a legal requirement.

Search our online network of UK solicitors now to find one that specialises in financial law.