Felicity understands the regulator’s mindset and is exceptionally strong in the current FCA hot topic of retail, conduct, consumer credit regulation and culture.
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.
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.
- Financial Services Lawyers Association
- Association of Regulatory and Disciplinary Lawyers
- Finance and Leasing Association
Approachable and knowledgeable senior associate Felicity Rowan is highly competent at work in the financial services arena.
Former FSA alumnus Felicity Rowan has significant expertise within the retail sector.
Insights by Felicity
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...Read More
On 29 July 2015, the Financial Conduct Authority (FCA) released its Policy Statement (PS15/19) detailing final rules to improve the complaints handling landscape for consumers and FCA authorised firms. PS15/19...Read More
The High Court (slightly) demystifies one of the many vague provisions of the Consumer Credit Act (CCA) in Barclays Bank plc v L. Londell McMillan  EWHC 1596 (Comm) (the Case). In...Read More