Hogan Lovells Financial Services Regulatory Consulting arm anniversary: one year in and going strong

London, 4 July 2018 – On 4 July 2017 Hogan Lovells launched the first UK legal industry in-house Financial Services Regulatory Consulting practice, with the hire of Senior Director Steve Murphy. Today the firm celebrates the practice’s first full year of operation, having quadrupled in size and taken on several complex projects for major clients.

In launching the practice, the firm sought to expand its portfolio of non-legal advisory services by becoming the first global law firm to offer a combination of legal and consulting services. The practice allows the firm’s financial services clients the opportunity to better and more cost-efficiently manage legal regulatory strategy and compliance needs. 

Over the last 12 months the practice has achieved considerable growth, and met the ambitious goals set by practice Head Steve Murphy, whom the firm hired from PricewaterhouseCoopers where he had served as a Director in its regulatory consulting practice since 2008. 

The Hogan Lovells Financial Services Regulatory Consulting team has quadrupled in size since launch, working alongside Steve Murphy are: Director Jennifer Steven; Principal Business Consultant Caroline Walters; Senior Business Consultants Lisa Davey, Hannah Vickers and Ben Goodman; Business Consultant Mary Ogunniya; and Business Analyst Sasha Jones.

Over the first 12 months of the practice’s operations they have tackled a broad breadth of work driven by a diverse array of regulation including Brexit, FCA/PRA authorisations of all types and support to firms in building new compliant financial service offerings. Other work commissioned includes PSD2 implementation  reviews, Senior Managers and Certification Regime implementation support, and complaint handling strategy reviews.

The practice has built up an impressive range of clients spanning the financial services spectrum, including large multinational banks, insurers and corporates, challenger banks, and FinTech startups; as well as working closely with trade bodies such as the Consumer Finance Association, which the team is supporting with training and webinars.

Speaking about the success of the practice in its first year of operation, Head Steve Murphy commented:

We are in a period of considerable flux in global financial services, brought about by huge technological advances, entrepreneurial opportunity, and rapid changes in the regulatory environment.  Hogan Lovells Financial Services Regulatory Consulting has made solid progress, working closely with our legal colleagues. We expect to see even greater demand from clients in the coming months, not just in areas where we are already assisting but also those like remediation and complaint volume management. We have positioned ourselves to challenge the old guard of regulatory consulting, and our first year of progress has provided great encouragement for the future.

Further details about Hogan Lovells Financial Services Regulatory Consulting can be found here.

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