Nick is a partner in our Financial Regulation Group and a member of our Financial Institutions Group. He has a broad financial institutions practice, with extensive experience advising insurers, banks and asset managers on a range of stand-alone advisory and transactional projects. Nick also supports financial services clients on supervisory and contentious regulatory matters concerning UK and overseas regulators.
He is regularly called upon to advise on complex prudential regulatory matters, and has a keen interest in and understanding of the EU / UK regulatory regimes for solvency/own funds and governance, and also on transactions designed to create capital efficiency or otherwise be accretive to solvency / capital ratios.
Nick frequently advises on financial institution reorganisations and portfolio acquisitions/disposals, including by way of the UK Part VII process. As part of this work, he advised one of the largest UK retail banks throughout its preparation for and implementation of measures to comply with the UK retail banking ring-fencing regime.
Nick is a member of Slaughter and May’s Brexit Committee and sits on the Financial Markets Law Committee’s scoping group for insurance. He is the co-author of the UK chapter of The Banking Regulation Review and the author of the EU chapter of The Asset Management Review (both published by Law Business Research).
Recent highlights include advising:
- RSA Insurance Group on its disposal of £834 million of UK Legacy liabilities to the Enstar Group (‘Enstar’). The transaction took the form of a reinsurance arrangement, followed by a subsequent legal transfer of the business by way of the UK Part VII process
- Santander on various regulatory matters, including its preparation for and implementation of the UK bank ring-fencing regime
- Aquis Exchange plc on its acquisition of NEX Exchange Limited from CME Group
- Various insurers and banks in connection with reorganisations and transfers of business for Brexit-related purposes
- Various (re)insurance groups on longevity derisking transactions.