Hogan Lovells is set to offer advice to through a new financial services regulatory consulting practice, hiring former PwC regulatory consulting practice director Steve Murphy to lead the business.
Aimed at dealing with regulatory finance issues arising in relation to Brexit, the practice, launched today (4 July), will provide financial services companies with comprehensive legal, regulatory strategy and compliance consultancy.
The firm said the practice is a new business model aligned with Hogan Lovells’ consultative approach, combining legal and non-legal capabilities in the cybersecurity, transfer pricing and strategic communications sectors. It will gear its advice towards asset managers, banks, building societies, wealth management firms, payment services providers and insurance companies.
Murphy has led PwC’s regulatory consulting practice since 2008 and has 25 years of experience in financial regulation and compliance.
On the timing of the launch, in relation to financial market uncertainty resulting from the 2016 EU referendum, Hogan Lovells partner Emily Reid said that Britain’s proposed exit from the European Union in March 2019, was likely to bring significant change for the sector.
The ability to provide a more complete range of services than those already provided by the firm would be crucial for clients to ‘successfully navigate the challenges ahead’.
Emily Reid, a Hogan Lovells financial services partner in London, will work closely with Murphy on the consultancy arm.