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Anthony Williams

Anthony Williams

Senior Associate

London

T: +44 (0) 20 3400 3156

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Biography

Anthony Williams is a financial services regulatory lawyer with experience acting for global banks, investment managers, insurers, market infrastructure providers and senior individuals in the financial services industry.

REGULATORY ADVISORY

Anthony advises clients on compliance with UK financial regulatory requirements, including in relation to establishing new businesses and market structures, expanding operations and managing regulatory change. His advisory practice spans a broad range of regulatory issues, including:

  • Licensing and perimeter analysis
  • Conduct of business requirements
  • AML and financial crime
  • SMCR and governance
  • Market structures

Recent work includes advising a major market infrastructure provider on the development of a first‑of‑its‑kind private securities market under the UK’s PISCES framework.

REGULATORY ENFORCEMENT 

Anthony represents firms and individuals in FCA and PRA enforcement investigations, including both regulatory and criminal matters. He assists clients from the earliest stages of regulatory scrutiny through to the resolution of enforcement action. His experience includes investigations concerning:

  • Market abuse
  • Financial crime systems and controls
  • Charging and disclosure requirements
  • Compliance with the Listing Rules
  • Client money rules

INTERNAL INVESTIGATIONS

Anthony regularly conducts internal investigations for financial services firms, including those prompted by whistle‑blower reports. These matters frequently involve cross-border issues, engagement with regulators, and close collaboration with forensic experts. Anthony’s experience includes investigations into:

  • Foreign exchange sales and trading
  • Derivative mis-marking
  • Fund valuation issues
  • Employee fraud
  • Non-financial misconduct

LITIGATION AND DISPUTES

Alongside his regulatory practice, Anthony advises on complex litigation and contentious matters across both financial services and other sectors. His experience includes acting in high‑value, multi‑party disputes, such as the Russian aircraft insurance claims and follow‑on damages claims in respect of the high‑voltage power cables cartel.

Admissions

  • England and Wales

Related Capabilities

  • Business & Commercial Disputes

  • Intellectual Property & Technology Disputes

  • Litigation & Dispute Resolution

  • Class Actions & Mass Torts

  • Anti-Bribery & Corruption

  • Financial Regulation Compliance & Investigations

  • Investigations

  • Anti-Money Laundering Compliance

  • Regulation, Compliance & Advisory

Experience

REGULATORY ADVISORY

  • Advising a major market infrastructure provider on the development of a first-of-its-kind private securities market under the UK’s PISCES framework.
  • Advising UK branches of international banks on the impact of CRD VI on their cross‑border lending activities into the EU.
  • Advising corporate clients on implementing policies and procedures relating to the “failure to prevent fraud” offence introduced under the Economic Crime and Corporate Transparency Act 2023.
  • Advising a UK bank on an internal review of its implementation and operation of the Senior Managers and Certification Regime.
  • Advising multiple UK branches of international banks on their MiFID II implementation programmes.

REGULATORY ENFORCEMENT

  • Acting for a former Chief Investment Officer of a hedge fund in an FCA enforcement investigation concerning alleged market manipulation.
  • Acting for a former director of an asset management firm in a dual‑track (civil and criminal) FCA investigation into alleged financial crime control failings.
  • Acting for a former chairman of a UK bank in a joint PRA/FCA investigation into alleged failings relating to regulatory disclosures.
  • Acting for a former finance director at a listed company in relation to an FCA investigation into potential breaches of the Listing Rules and the Market Abuse Regulation by the company.
  • Acting for a retail investment advice firm in an FCA investigation into alleged breaches of adviser charging and disclosure requirements.

INTERNAL INVESTIGATIONS

  • Conducting an internal investigation into cross-border issues in a global investment bank’s FX sales and trading business.
  • Conducting an internal investigation into whistle-blower allegations of financial irregularities at an asset-management firm.
  • Conducting an internal investigation for a leading international bank into whistle-blower allegations of non-financial misconduct.
  • Conducting an internal investigation for a leading international bank in relation to allegations of employee fraud within its technology function.

LITIGATION AND DISPUTES

  • Acting for a multinational energy company in relation to its follow-on cartel damages claims against suppliers of high-voltage power cables.
  • (At a previous firm) Acting for a leading aviation leasing company in relation to insurance claims relating to aircraft stranded in Russia following the invasion of Ukraine.
  • Advising a witness in relation to giving evidence in litigation relating to alleged manipulation of USD LIBOR.
  • Advising on professional negligence claims in the financial services sector.
  • Advising a public body in the financial services sector in relation to threatened judicial review proceedings.

Related Insights

Insights
May 22, 2025

Proposed Reform of UK Regime for Alternative Investment Fund Managers

The Treasury (HMT) launched a consultation and the Financial Conduct Authority (FCA) published a call for input in April 2025 kick-starting a review of the UK’s regulatory regime for Alternative Investment Fund Managers (AIFMs). The reforms seek to streamline the regulatory framework for AIFMs to reduce burdens and boost growth, whilst maintaining core protections for consumers and markets.
Insights
Apr 16, 2025

AIFMD II Leverage Limits and Single Borrower Exposure Restriction

AIFMD II[1]introduces substantial changes to the EU-wide regulatory framework for alternative investment fund managers (“AIFMs”) that was established under AIFMD. The changes cover a wide range of areas but will have a particularly significant impact on funds that originate loans. Among the new rules on loan origination activities are leverage limits and single borrower exposure limits which are particularly relevant for the use of back-leverage by private credit funds operating in the EU. These new rules will also be relevant for AIFMs in the UK managing credit funds located in the EU.
Insights
Apr 07, 2021

6 technological solutions to tough challenges; Identifying and managing regulatory and litigation risk

When it comes to complex trading investigations, there is no magic bullet. Our experience acting for both institutions and individuals when conducting investigations in this area and in dealing with criminal charges has revealed recurring themes to keep front of mind.
Insights
Feb 22, 2021

Operational Resilience in the Time of Covid: A New Regulatory Framework for Firms

Covid-19 posed an unprecedented challenge to the operational resilience of the financial services sector in 2020. But despite a generally positive response to the crisis, with a major new regulatory framework for operational resilience on the horizon, firms still have plenty of work to do.
Insights
Apr 14, 2020

OFSI: The UK’s hitherto slumbering regulator finally bares its teeth

In its most significant enforcement action to date, HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) has imposed a £20.47 million penalty on Standard Chartered Bank (“SCB”) for breaching a prohibition imposed by EU financial sanctions legislation. This penalty, the fourth since OFSI’s establishment, is of an entirely different magnitude to the three penalties previously imposed and which totalled just over £160,000.  The published decision from OFSI is regrettably opaque in identifying the precise considerations that resulted in that unprecedented penalty, provides little positive guidance to financial institutions as to how that penalty for a ‘very serious’ case has been calculated and how such firms might expect penalties to be calculated in relation to breaches that come to light.

Related Insights

Insights
Jan 27, 2026
Rebalancing risk to unlock growth: How financial services regulation will shape the economy in 2026
Insights
May 22, 2025
Proposed Reform of UK Regime for Alternative Investment Fund Managers
The Treasury (HMT) launched a consultation and the Financial Conduct Authority (FCA) published a call for input in April 2025 kick-starting a review of the UK’s regulatory regime for Alternative Investment Fund Managers (AIFMs). The reforms seek to streamline the regulatory framework for AIFMs to reduce burdens and boost growth, whilst maintaining core protections for consumers and markets.
Insights
Apr 16, 2025
AIFMD II Leverage Limits and Single Borrower Exposure Restriction
AIFMD II[1]introduces substantial changes to the EU-wide regulatory framework for alternative investment fund managers (“AIFMs”) that was established under AIFMD. The changes cover a wide range of areas but will have a particularly significant impact on funds that originate loans. Among the new rules on loan origination activities are leverage limits and single borrower exposure limits which are particularly relevant for the use of back-leverage by private credit funds operating in the EU. These new rules will also be relevant for AIFMs in the UK managing credit funds located in the EU.
Insights
Apr 07, 2021
6 technological solutions to tough challenges; Identifying and managing regulatory and litigation risk
When it comes to complex trading investigations, there is no magic bullet. Our experience acting for both institutions and individuals when conducting investigations in this area and in dealing with criminal charges has revealed recurring themes to keep front of mind.
Insights
Feb 22, 2021
Operational Resilience in the Time of Covid: A New Regulatory Framework for Firms
Covid-19 posed an unprecedented challenge to the operational resilience of the financial services sector in 2020. But despite a generally positive response to the crisis, with a major new regulatory framework for operational resilience on the horizon, firms still have plenty of work to do.
Insights
Apr 14, 2020
OFSI: The UK’s hitherto slumbering regulator finally bares its teeth
In its most significant enforcement action to date, HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) has imposed a £20.47 million penalty on Standard Chartered Bank (“SCB”) for breaching a prohibition imposed by EU financial sanctions legislation. This penalty, the fourth since OFSI’s establishment, is of an entirely different magnitude to the three penalties previously imposed and which totalled just over £160,000.  The published decision from OFSI is regrettably opaque in identifying the precise considerations that resulted in that unprecedented penalty, provides little positive guidance to financial institutions as to how that penalty for a ‘very serious’ case has been calculated and how such firms might expect penalties to be calculated in relation to breaches that come to light.