Felicity Rowan Legal Director

Photograph of Felicity Rowan

Contact Details

“Felicity understands the regulator’s mindset and is exceptionally strong in the current FCA hot topic of retail, conduct, consumer credit regulation and culture.”

Legal 500 2017
Specialising in financial services regulation, Felicity advises regulated firms and Approved Persons, private individuals and businesses on financial services issues.

Main areas of practice

She has a detailed, practical understanding of financial services legislation and the FCA Handbook, including perimeter guidance, systems and controls, conduct of business issues and financial promotions. Also retail banking, mortgage and insurance products, commercial distribution arrangements and the structuring and promotion of unregulated collective investment schemes and retail funds.

Felicity also undertakes pre-enforcement and enforcement-related investigatory and defensive work.

She advises on all matters relating to the regulation of financial services, including:

  • perimeter enquiries 
  • FCA authorisation and variation of permission processes
  • the FCA's Approved Persons regime including advising on how to manage adverse disclosures
  • preparation for risk assessments by the FCA
  • assessments of systems and controls against FCA regulatory requirements
  • financial promotions reviews and assessments
  • assessing compliance with the FCA's Conduct of Business requirements
  • early defensive work and advice when regulatory or criminal issues are identified by firms
  • representing firms and individuals in regulatory supervision and enforcement investigations undertaken by the FCA and in subsequent proceedings of the Regulatory Decisions Committee;
  • complaints and litigation brought by clients and assisting clients to bring complaints against FCA authorised firms
  • advising current CCA licence holders on the transfer of the regulation of consumer credit to the FCA, including on the process for interim and full authorisation and compliance with the FCA's senior management, systems and controls and Consumer Credit Handbook requirements
  • providing support to the Corporate team on transactions involving FCA authorised entities.


Current clients span retail banks, major insurance companies, a large IFA network, numerous other smaller investment firms and insurance intermediaries and individuals.

Significant experience

Felicity gained considerable experience working for the former Financial Services Authority in the Enforcement Division, where she was involved in investigations relating to systems and controls issues and breaches of the FSA's Conduct of Business Rules. She was also involved in the FSA's Treating Customers Fairly and Client Money project boards.

Since returning to private practice over five years ago, Felicity has used her knowledge and understanding of the workings of the regulator to bring invaluable insight to her clients.

Felicity recently presented at two well attended seminars run for consumer credit brokers on the implications of financial services regulation when the regulation of consumer credit is transferred to the FCA next year.

“Approachable and knowledgeable senior associate Felicity Rowan is highly competent at work in the financial services arena. ”

The Legal 500 UK 2015

“Former FSA alumnus Felicity Rowan has significant expertise within the retail sector.”

The Legal 500 UK 2014


Felicity’s Blog

Senior Managers Regime: FCA Publishes Final Guidance

The deadline for the extended SM&CR regime is fast approaching! All firms will be required to have fully implemented the new regime by 9 December 2019.

FOS: Changes to Limits and Eligibility – Are you Ready?

The Financial Conduct Authority (FCA) has confirmed that it intends to go ahead with its proposals to increase the Financial Ombudsman Service (FOS) award limit and extend the definition of an eligible complainant to include larger SMEs.

The FCA's Interim Permission Regime has been launched this week

We highlight the FCA's recently launched Interim Permission Regime.

Articles by Felicity

PSD2 – Are you Ready?


With the clock ticking, and just over a month until the changes to the regulation of payment services and e-money come into force, the revised regime will see a significant change to the way in which payment services and e-money are regulated.

Senior Managers and Certification Regime – Extension Update


The long awaited FCA consultation on the extension of the SM&CR to non-banking authorised firms is finally here; so how does it look?

HMT Announces Changes to the Senior Managers Regime – Holding Individuals to Account


The Senior Managers Regime ("SMR") will replace the Approved Persons Regime for all UK incorporated banks; building societies; credit unions and PRA designated investment firms.

Related Knowledge & Resources

FCA Motor Finance Report - Final Findings

The long awaited final part of the FCA's review of the motor finance sector has arrived; are there any nasty surprises lurking for the industry to be worried about?

Criminal Finances Act 2017 - what organisations need to do now to manage risk

Our expert explains the changes to the Criminal Offences Act and what you need to to to reduce the risk to your business.

Fourth Money Laundering Regulations

On 26 June 2017, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ("the New Regulations") came into force. Read an overview here.

PSD2 – Are you Ready?

With the clock ticking, and just over a month until the changes to the regulation of payment services and e-money come into force, the revised regime will see a significant change to the way in which payment services and e-money are regulated.