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FCA crime chief quits for law firm

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The FCA’s top criminal lawyer is leaving to join Hogan Lovells ahead of a raft of insider dealing cases brought by the regulator.

Claire Lipworth, who has been chief criminal counsel for three years, will become Hogan Lovells financial services team partner in April, according to the Financial Times.

Lipworth has overseen cases including the FCA’s Operation Tabernula, an eight-year insider trading case that cost the regulator £14m and led to five convictions.

The FCA has 54 more live investigations into insider trading.

Hogan Lovells’ equity partners earned an average of £700,000 last year.

Lipworth’s replacement has not been announced.

Her departure echoes that of her predecessor, David Kirk, who left for fellow US law firm McGuire Woods.

The FCA has come under fire before over the loss of its top talent.

Last August Rory Percival, a technical specialist at the FCA, announced he was leaving the regulator after 10 years to become a consultant.

He was previously a training and compliance officer at Fiona Price & Partners, and prior to that was a financial adviser.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. The Advisory Committee on Business Appointments (Acoba), which looks at the position of all ministers who take up jobs after leaving Parliament states that:

    “Under the Ministerial Code former Ministers who want to take up any appointments or employment for two years after leaving office are required to seek advice from the Advisory Committee, and must abide by that advice. Former Ministers are asked to complete an application form”.

    This protocol should apply to ALL those in high profile regulatory positions too. But who regulates the regulator?

    Yep, you are right, in this case the FCA- the Regulator so I guess that unless the Government steps in with the FCA such practices will continue unchecked- how very cosy.

  2. What can you do other than give them 24 months contracts
    What does concern me is the quote that the FCA come under fire losing top people Is this justification to increase salaries?

  3. So they are leaving to go to the law firm the regulator uses to prosecute cases to earn multiple times more. Is this not a massive conflict of interest unless law firms have to tender for each job?

    Yet more incestuousness from within the “public” and private sector “partnerships”.

  4. The FCA is and will continue to be a “career springboard”

    The fact is this (in most cases) a very high paid, minimum input, max output, short term, high profile job…. or should I say secondment ?

    Give Rory his due he was there 10 years, however is it in the best interests of the industry, the FCA, and the public, that people only join with an ulterior motive ? I mean, before they join are they already plotting when they are going to leave and to whom ?

  5. Rules could be put in place to block people from progressing their careers post FCA.

    Not sure that will help Recruitment and Retention.

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