Will Clayton Will Clayton is a highly regarded employment lawyer, known for his broad range of commercial experience and his calm, practical, solution-focussed legal advice and effective advocacy to businesses, senior executives, and regulated professionals facing complex workplace or career challenges. "Client-focused, combining his legal knowledge with a high level of attentiveness and determination to get the right result for the client as quickly as possible" - Chambers 2026 Position Partner Contact + 44 (0)7563 145 981 will.clayton@constantinelaw.co.uk Will began his career by qualifying as a barrister in 1995, as a solicitor in 1997 quickly establishing a deep specialism in employment law. Since then, he has built a distinguished practice advising organisations on complex issues, often involving senior executives, including internal investigations, dismissals, sex race and disability discrimination,. whistleblowing, High Court injunctions and the enforcement of restrictive covenants, the protection of client confidential information, restructuring advice and general employment law compliance. Will also advises and representing employers in disputes before the Employment Tribunals and the High Court. Will’s advocacy experience is another standout feature of his practice. Will is particularly valued for his calm, practical, strategic and solution-oriented approach, combining legal insight with commercial awareness to help clients manage risk and his ability to achieve effective outcomes. Winner of “The Times Lawyer of the Week” for his successful representation of Adeline Willis in her claims of cancer-related disability discrimination against NatWest Bank Plc, Will also regularly advises directors, partners CEOs and other -C-suite / senior executives whenever they face challenges in their current roles, suffer discrimination or harassment, including sexual harassment at work and represents them in Employment Tribunal and High Court claims and with exit negotiations, settlement agreements, team moves and the enforceability of post termination restrictions. Will has substantial experience advising regulated professionals, especially those working in law and financial services, when they are the subject of internal investigations involving potential breaches of regulatory obligations that could also have career limiting implications and frequently co-counsels with Sarah Wallace and other members of our regulatory team. Will's expertise is recognised by leading legal directories, including his listing in Chambers, Legal 500 and the 2025 Doyle’s Guide: Leading Employment Lawyers (Employer Representation) for London, reflecting peer and market recognition of Will’s depth of experience, achievements and client service. “Will is a skilled lawyer and advocate with a proven ability to deliver practical solutions in complex and fast paced environments. His broad employment law experience means that he is able to balance legal and commercial risk in order to provide pragmatic advice. I will have no hesitation in referring Will to others in need of proficient employment law advice and representation.” —General Counsel "I would say he is particularly client-focused, combining his legal knowledge with a high level of attentiveness and determination to get the right result for the client as quickly as possible." - Chambers 2026 respondent Specialties: Investigations, Dismissals, Discrimination, Whistle blowing, Unfair Dismissal, Wrongful Dismissal, Dispute Resolution; Recruitment; Financial Services; Law Firms; LLP / Partnership Exits and Advice, Advocacy, Senior Executives, Directors; CEOs and CFOs; Restrictive Covenants; Confidential Information, Injunctions, TUPE; Employment Tribunals; Unfair Dismissal, FCA and SRA. Reported cases include: Ms V Singhakowinta v Petroineos Trading Ltd — Case No. 2200468/2024 (successful defence of respondent’s application to strike out or obtain a deposit order due to statutory time limits) Ms A Willis v National Westminster Bank plc — Case No. 2205821/2020 (successful claim of unfair dismissal and discrimination arising from disability (cancer) contrary to s.15 Equality Act 2010) Gosden v Lifeline Project Ltd ET/2802731/2009 (one of the first cases dealing with the extent of right to privacy of electronic communications connected with employment) Arch Initiatives v Greater Manchester West Mental Health NHS Foundation Trust & Others UKEAT/0267/15/RN. (TUPE - when changes to activities carried out before and after a change in service providers can prevent a relevant transfer) When not at work, Will enjoys golf, skiing and keeping fit! HOSPITAL CONSULTANT At a time when I didn't know where to turn, Will Clayton stepped in and swiftly added order to a difficult and complex situation. He was efficient, responsive, effective and, very importantly, kind. I was aware of reviews about his work with large organizations, but he demonstrated to me that he is equally adept at managing cases for vulnerable individuals. At the lowest point in my particular months-long case, he sent me a simple one-line message that allowed me to sleep at night - "Remember that I have your back". Now that it is over, that is what I recall most clearly from his involvement". October 2025 Previous Next

Constantine Law offers direct advice from experienced lawyers on employment, business immigration, regulatory and business crime. Employment and Regulatory solutions at work Constantine Law is the UK’s leading employment boutique which acts for both employers and senior executives and is highly ranked in the Legal 500 and Chambers. We strive to protect people’s life’s work – their businesses, their ideas, their jobs and their futures. Contact us Our team consists of employment, business immigration, regulatory and business crime specialists. If you’re interested in discussing your case with us or learning more about our unique approach to law then please contact us for an initial conversation or reach out directly to one of our team. Contact us Meet the team Join us Our core values Clarity Direct, solutions-orientated advice from experienced lawyers. Modernity A modern law firm deploying modern solutions to meet the needs of our clients in changing times. Value Lower overheads and a leaner business model results in a more cost effective price for our clients than rival firms. Collaboration Active engagement with both our clients and each other respecting the time, autonomy and experience of all who work with us. Our agile model breaks the mould of traditional law firms Managing director, national construction and demolition company Constantine Law gives no nonsense, commercially savvy advice. They understand the industry. Credentials

Case Studies UK immigration programme management Relocation to the UK of HNWI establishing UK presence Opposing injunctive relief proceedings Whistleblowing – Exposing the inconvenient truth Protecting your business and injunctive relief Establishing a UK presence and relocation to the UK Constantine law achieves excellent settlement for high profile journalist (falsely accused) Guiding employees through whistleblowing and discrimination claims Guiding employers through whistleblowing challenges Navigating complex TUPE matters Advising private equity group on purchase of care home division Guiding employees through disability discrimination Confidentiality dispute Confidential Information: protecting what makes your business unique Worker or self-employed contractor: recent case in the Court of Appeal

Constantine Law — Price Transparency in Unfair Dismissal and Wrongful Dismissal Cases The Price Transparency Rules We are required by the Solicitors Regulation Authority (SRA) to provide transparency in relation to the prices we charge individuals and employers in respect of Employment Tribunal claims for unfair dismissal and wrongful dismissal. The costs information below is provided in accordance with the SRA Transparency Rules and the Law Society’s guidance on Price and Service Transparency. Our Team We are employment law (and regulatory law) specialists in advising individual and corporate clients with high value and/or complex employment disputes in the Employment Tribunal and High Court. We are a partner led team, with 18 employment lawyers and 12 Partners (as at 1 July 2025 and this is subject to change). We have over 150 years of experience between us. We provide a personalised and tailored service to all of our clients and each matter is typically led and supervised by a Partner or Senior Associate, supported by at least one Associate or Solicitor. Our priority is to offer clients a high standard of service in accordance with our core values of clarity, modernity, value and collaboration. Further details of our highly experienced team of solicitors are available here . Claims for Unfair Dismissal and Wrongful Dismissal We act for both employers and employees. For individuals/employees, we act on matters where claims for unfair dismissal and wrongful dismissal are being brought as standalone claims. We carefully assess the merits of bringing a claim and whether it is justified on a cost/benefit analysis. The reason for this is to seek to ensure that the legal costs associated with bringing claims are justified by the likely outcome: Unfair dismissal claims attract the statutory cap on compensatory awards (or awards are capped at one year’s salary, if lower). Contractual claims for wrongful dismissal in the Employment Tribunal have a limit of £25,000 on compensation. Higher value wrongful dismissal claims are generally brought in the High Court or County Court, where there is no monetary cap on the claim brought. It is therefore important to assess whether the likely outcome will justify the legal costs involved in bringing a claim. For the reasons set out above, it is often the case that we are only instructed to act for individuals bringing claims for unfair dismissal or wrongful dismissal in the Employment Tribunal in combination with other claims such as discrimination, harassment or whistleblowing detriment claims, and where the sums in dispute exceed six figures. Our view, based on experience, is that it is generally better and more cost-effective for our clients to resolve contentious matters amicably than ending up in the courts or in the Employment Tribunal. Therefore, the majority of the matters we work on do not proceed all the way to a final hearing. However, our advice is tailored and strategic. We recognise that for employer clients, on occasion there may be the need to take a stand against individuals bringing nuisance claims by robustly defending such claims. Fee Arrangements We provide flexible pricing structures which can be discussed in advance of us commencing work on a client’s matter, however we charge primarily on a time-spent, hourly rate basis. Time is recorded in six-minute units and the time spent is then multiplied by our charge-out rates. Our hourly charge-out rates vary depending on the seniority of the Solicitor(s) engaged, and the complexity and value of the matter. We set out our specific hourly rates in our firm's Terms of Business which are sent to each of our clients at the beginning of each matter/case, and which are agreed with our clients. We also provide an indicative fee quote and scope of work. Further details surrounding our hourly rates are set out below. Our rates are typically lower than those of rival firms because we have eliminated many of the fixed overheads associated with running traditional law firms and we believe in access to justice for all of our clients. Our charge-out rates are reviewed periodically and may be subject to change. Please note that where VAT is charged it will be charged at the rate of 20%, though this may be subject to change. We notify clients in advance of any changes to our charge out rates. We provide updated costs estimates as the matter progresses. Costs for Unfair Dismissal and Wrongful Dismissal Claims The prices set out below are intended to give a guide to the average cost of bringing or defending unfair dismissal and wrongful dismissal claims. They are for indicative purposes and are not intended to be a fixed fee or a final quotation. We charge primarily on a time-spent, hourly rate, basis and our hourly rates are reviewed periodically. As of 1 July 2025, our hourly rates are as follows: Solicitor - £250-£325 plus VAT Associate - £350 plus VAT Senior Associate - £375-£395 plus VAT Partner - £525 plus VAT Each matter is typically led and supervised by a Partner or Senior Associate, supported by at least one Solicitor or Associate. Each matter will need to be assessed individually, as we need to fully understand the situation and your objectives before a more comprehensive estimate can be provided. Once instructed, we will be able to provide a more precise costs estimate, broken down on a stage-by-stage basis. Bringing a claim for an individual client for unfair dismissal in the Employment Tribunal with a final hearing length of 1 to 3 days may cost in the region of £25,000 to £80,000 plus VAT, including disbursements (see more information on disbursements below). Defending an employer client against a claim for unfair dismissal in the Employment Tribunal with a final hearing length of 1 to 3 days may cost in the region of £65,000 to £95,000 plus VAT, including disbursements. For the reasons set out above, we are unlikely to bring a standalone claim for wrongful dismissal in the Employment Tribunal. Were we to bring a standalone claim with a hearing length of 1 day, this may cost in the region of £20,000 to £25,000 plus VAT, including disbursements. Defending a standalone wrongful dismissal claim with a hearing length of 1 day may cost in the region of £25,000 to £35,000 plus VAT, including disbursements. All of our costs estimates are clearly set out in our Terms of Business which would be sent to you upon you instructing us and/or in regular email updates, which may stand as a variation to our Terms of Business and/or the provision of regular Work In Progress (WIP) guides which would be provided to you on request at any time. Where possible, we would seek to agree our costs with you and we have very few bad debts and/or fee disputes when compared to the UK legal market as a whole. Our “lock-up” is less than 50% of the UK legal average (“lock-up” being the combined total of WIP + unpaid invoices). For the avoidance of doubt, the above estimates do not include costs for other claims which are usually brought alongside unfair dismissal or wrongful dismissal claims, such as discrimination, harassment or whistleblowing detriment claims. Litigation is a reactive process and there are many factors which can affect the overall costs involved in bringing or defending claims for unfair dismissal and wrongful dismissal. Factors that could make such a case more complex and as a result, increase the total cost for you include the following: the factual and legal complexity. the value of the case. the amount of documentation. the strategy adopted by you and the other party/parties. the approach to settlement, including whether a mediation is held, whether there are protracted settlement discussions and detailed negotiation of settlement terms and how far into the proceedings any settlement is reached. the level of support you require throughout. making or defending applications (including applications for specific disclosure and costs applications). the number of witnesses called. defending claims that are brought by litigants in person. whether there are multiple claimants and/or respondents. whether territorial jurisdiction issues are involved. whether there is a foreign element to the claim. the length of the hearing. the cost of counsel’s fees. whether an appeal is brought. the seniority of the lawyers engaged (including counsel). The pricing set out above is intended to cover the following key stages and services: taking initial client instructions. reviewing key documents. advising on merits and the likely value of the claims (which will be kept under review and are subject to change). the ACAS early conciliation process. drafting the claim or defence (often with the input of counsel). reviewing the other side’s claim or defence. preparing for and attending a preliminary hearing. disclosure of documents and reviewing disclosure documents. preparing witness statements and reviewing the other side’s witness statements. preparing a schedule of loss or counter schedule of loss. preparing a bundle of documents (usually prepared by the employer). preparation for and attendance at the final hearing, including instructing counsel. The pricing set out above does not cover unexpected and/or protracted inter-party correspondence (which we would seek to avoid) or other additional work such as preparing applications, for example for specific disclosure. Disbursements Disbursements are costs associated with a client’s matter that are payable to third parties. This includes disbursements in connection with volume photocopying, printing, courier fees, travel expenses, counsel’s fees, expert’s fees and foreign lawyers’ fees. The cost of any likely disbursements will vary depending on a number of factors. For example, counsel’s fees for a hearing will vary depending on the length of time the hearing is listed for and based on counsel’s experience. As a very rough estimate, counsel's fees for a two day unfair and/or wrongful dismissal hearing are in the region of: £5,000-£10,000 for a junior barrister (up to 5 years’ experience as a qualified barrister); £10,000-£20,000 for a more experienced barrister (5-10 years’ experience as a qualified barrister); and £15,000-£25,000 for a highly experienced barrister (over 10 years’ experience as a qualified barrister). Please note that where VAT is charged it will be charged at the rate of 20%, though this may be subject to change. For ease, we typically incur disbursements on our client’s behalf. We seek to agree with the client in advance before disbursements are incurred. Timeframes Employment Tribunal proceedings for unfair dismissal and wrongful dismissal generally last, in our experience, between 12 and 24 months. This is for the time between issuing the initial claim and the parties receiving the Employment Tribunal’s judgment, albeit the case can be resolved at any time in between by way of a mutually agreed settlement. Claims can be settled in pre-claim ACAS Early Conciliation. If both the employee and the employer agree to engage in ACAS early conciliation, an appointed ACAS Early Conciliator will have a period of 6 weeks to help the parties reach a settlement. During this period, the time limit for the employee to bring a Tribunal claim is put on hold. The above is an indicative guide only. The actual timeframes involved will vary subject to the directions set by the Employment Tribunal, Employment Tribunal availability, in addition to the availability of the parties and their respective counsel to attend a hearing. We provide clients with more accurate timeframes once we have additional information and as the matter progresses. Instructing Us and Complaints We are committed to providing a high quality of service and client care. We sincerely hope that our clients are happy with the service we provide and will recommend Constantine Law to their contacts. If a client is unhappy about any aspect of the service they receive or about our fees, we operate a formal complaints procedure which can be viewed here . If you are interested in instructing Constantine Law, please contact us using the details set out here.

Rebecca Tester Rebecca is a highly experienced immigration solicitor, offering clients clear and practical advice on all aspects of UK immigration law. “Rebecca’s can-do attitude and passion for immigration law shines through” Business Immigration Partner at West End law firm Position Partner Contact + 44 (0)7939 495475 rebecca.tester@constantinelaw.co.uk Rebecca qualified as a solicitor in 2011 and has particular expertise in business immigration. During her career, Rebecca has provided strategic immigration advice to global organisations, SME clients and high-net-worth private individuals, offering her clients support on a full range of applications covered by immigration rules, including; Skilled Worker, Global Business Mobility, permanent settlement, naturalisation and investment-led applications. She also provides advice to businesses on right-to-work requirements, how to secure and maintain a UK sponsor licence, and the immigration implications of corporate restructuring. Rebecca’s focus is to understand the personal and business aims of each client to allow her to actively support individuals to reach their career goals and help businesses to access key talent from across the world to achieve their commercial aims. Rebecca operates in all sectors, providing support to clients across a range of industries, particularly the financial and professional services, as well as retail, technology and manufacturing sectors. Recent work includes: Securing a sponsor licence and subsequent Skilled Worker applications for SME client establishing a UK presence for the first time. Advising on Overseas Domestic Worker application for high-net worth individual. Providing HR Teams with guidance and training on topics such as Right to Work and Sponsor Licence compliance. Rebecca is a member of the Immigration Law Practitioners’ Association and International Bar Association. Outside of work, Rebecca is married with two young children and enjoys the balance of family life alongside her legal career. She enjoys cooking, going to the gym and travelling. HR BUSINESS PARTNER Rebecca has been a great partner to our HR team, helping us with both reactive problem solving and pro-active risk management Previous Next

Regulatory & Crime Expert advice when it matters most Our partner led, seven strong team are experts in defending individuals and firms dealing with criminal, regulatory, or internal investigations. Our focus is on simplifying complex, high-stakes situations and delivering calm, strategic defence advice. Working with our colleagues in the employment team, we are experienced in advising professionals facing dual or tripartite issues in employment, regulatory and/or criminal law. Regulatory and Disciplinary Business Crime and Fraud Information requests & compelled interviews Professional Discipline Investigations General and Serious Crime HMRC Investigations Our experts Sarah Wallace Partner Emmeline Coerkamp Partner Jemma Sherwood-Roberts Partner John Milner Partner Tina Lakhani Partner Vivien Cochrane Partner Rachel Quickenden Senior Consultant Funding We can discuss the funding options, the proposed scope of work and budget with you. Depending on the situation, you should check whether you have any legal expenses insurance (for example under professional indemnity, Directors' & Officers' or household insurance policies) or consider whether a third party, such as an employer, will contribute to your legal fees (eg under an indemnity). Contact It's important to get specialist advice as early as possible. Get in touch with our crime and regulatory teams using the contact details below and find out how we can help you. Contact the regulatory team Contact the crime team

Money Laundering Whether you are an individual or corporate, operating in the money laundering regulated sector or not, we can guide you through the money laundering regime from an AML compliance perspective or advise if you are concerned you may be in breach of the offences or regulations. We also advise if your regulator has commenced an enquiry and requests information from you or if you are under investigation for money laundering offences. We deal regularly with regulators and law enforcement. From a compliance perspective, we advise on all aspects – such as drafting internal policies or if you need to design, review or improve your internal AML and financial crime systems and controls, as well as training programs or assisting with customer due diligence. Finally if you suspect money laundering, we can advise you on your reporting obligations and how manage the risk of ‘tipping off’. Our Experience Advised former investment banker prosecuted for money laundering in Germany and successfully arguing charges to be discontinued on jurisdictional grounds. Acted for a senior executive under investigation by SOIK (Danish Prosecutor) into allegations of money laundering against Danske Bank, and in relation to investigations by US authorities. Acted for a former senior executive of medical device manufacturer under investigation by the Greek authorities in relation to allegations of fraud and money laundering. Advised a number of non-executive directors of a money transfer business in connection with an investigation into suspected money laundering. Advised a UK regulated solicitors firm as to potential criminal offences committed by the firm and taking steps towards remediation, including the filing of a SAR. Contact It’s important to get specialist advice as early as possible. Get in touch and find out how we can help you: Contact the team

Sarah Wallace Sarah is a leading corporate crime, professional discipline and financial services investigations lawyer with over 20 years’ experience. She represents clients under or at risk of criminal or regulatory investigation or prosecution. “An impeccable eye for detail allowing her to see strategic moves that outsmart her opponents— Legal 500, 2025 Position Contact Partner + 44 (0)7808 899 657 sarahwallace@constantinelaw.co.uk She gives expert legal, personal and practical advice to senior executives and corporates and specialises in FCA, SFO, CMA, CPS, ICO, HMRC, DOJ, SEC, police and professional discipline investigations eg the SRA, ICAEW, IFoA and FRC. Sarah represents senior executives and firms through the stressful, uneasy and challenging time when faced with a criminal, regulatory or internal investigation or regulatory problems that can impact on careers, reputation, health, wealth and business performance. Her aim is to protect reputations and extricate a client from their involvement with an investigation or solve the regulatory concerns as quickly as possible. Her clients can be a suspect, under or at risk of investigation or prosecution, whistle-blower, witness or victim and cases often have a cross-border element. Sarah advises on internal investigations, responding to information requests, interview advice, self-reporting, regulatory breaches, compliance monitoring, training and M&A due diligence. She has extensive experience defending complex FCA civil, criminal and regulatory cases for senior executives and firms. High profile FCA cases include LIBOR, Newton Investment Management, and insider dealing cases eg Neutec Pharma, Operation Tabernula, Operation Saturn, Oce/Mizuho. She helps firms with systems and controls improvement, compliance monitoring, mis-selling, remediation and customer contact exercises. The high profile SFO investigations Sarah has been involved in recently include ENRC, GSK, LIBOR (Barclays, Lloyds), BAT, Rolls-Royce, Autonomy, Quindell, Unaoil and overseas bribery matters. Clients are from the financial services, pharmaceutical, energy, engineering, professional services and aerospace sectors. Sarah is quoted in the FT, Guardian, Daily Telegraph, Evening Standard, New York Times, Bloomberg, Reuters, PA and is an expert commentator for BBC News. She speaks regularly at industry events. She is interested in work culture and writes about diversity, inclusion and well-being in workplaces in national press and social media. She has been a 'CityInfluencer' to encourage cultural change in the City, and speaks at events roundtables for employers to share best practice. Sarah has expertise across a range of contentious regulatory and financial crime matters. She is especially noted for her handling of FCA investigations. "The incredibly innovative team provides a bespoke client service to individuals, in particular, subject to internal investigations and enforcement actions." Financial Services, Legal 500, 2025 "Sarah is absolutely brilliant at finding new defences, she is dogged in her pursuit and stands out for that reason." Financial Crime, Chambers 2026 “She is technically very brilliant and takes a very reasoned approach to matters". Professional Discipline, Chambers 2025 "WIthout doubt, one of the best regulatory lawyers in the country" Professional Discipline, Legal 500 2025 Noted for her technical expertise in fraud and insider dealing investigations. Prior to joining Constantine Law, Sarah was a partner and led the Regulatory & Criminal Investigations Group in a large national law firm. SENIOR CIVIL SERVANT Sarah Wallace at Constantine Law was recommended to me by another Barrister. I was a Respondent in a high-profile high value civil case. When I first met her, I was struck by her professionalism and her grasp of the case. Sarah immediately put my mind at rest. Over the course of our relationship, she laid out all my options, and took on board my own suggestions. As a result of her work the Plaintiffs removed my name from the case. I would happily recommend her to anyone. Previous Next

Expertise: For Employers What we offer CLEAR: Constantine Law Employment Annual Retainer Contracts and Handbooks Discipline, Grievances & Investigations Diversity & Equality Employment Litigation Equal Pay Executive Negotiations & Settlement Agreements GDPR and Data Protection IR35 In-house & Special Projects Outsourcing, Transactions & TUPE Recruitment Businesses Restructuring & Redundancies Training Whistleblowing Restrictive Covenants We provide direct, solutions-oriented advice across the full spectrum of employment matters, including: Whether you need day-to-day HR support or strategic advice on high stakes matters, our team is here to help. Contact Us A Modern Approach to Legal Advice We are a modern law firm built for modern times. By eliminating the fixed overheads of traditional firms, we offer competitive rates without compromising on quality. Our agile structure allows us to respond quickly, work flexibly, and deliver practical solutions that align with your business goals. Why work with us? Experienced Team: Our lawyers are recognised experts in employment, business immigration and regulatory law. Client-Focused: We tailor our advice to your business, not the other way around. Cost-Effective: Our lean model means better value for you. Responsive: We act quickly and decisively when you need us most. Get in touch To find out how we can support your business, contact one of our team members today. We’d be happy to discuss your needs and how we can help. Email

Executive Negotiations & Settlement Agreements Appointing or removing senior executives can be complex and fraught with difficulty. Getting it wrong can prove very costly, particularly where the executive also has rights as a shareholder or regulatory obligations, such as those in the financial services sector. Main contact Caroline Glacken Number +44 (0) 20 3696 8230 We can assist you through: Drafting and negotiating the terms of service agreements and non-executive director appointment letters. Preparing bonus and commission schemes as well as long-term incentive plans for incoming executives. Advising on employee shareholder arrangements, which can yield valuable capital gains tax relief. Providing strategic advice on the exit of a senior executive, taking into account shareholder issues and regulatory issues. Drafting and negotiating settlement agreements for corporate and individual clients. Case study Advising a private-equity firm on appointing a new Chief Executive to run one of their portfolio companies. Drafting the directors’ service agreement and negotiating detailed restrictive covenants and bonus provisions. Advising a leading insurance broker on the terms of his settlement agreement and successfully negotiating favourable amendments to his restrictive covenants. Achieving a creative solution for a senior female executive to include a high ex gratia payment and an agreed reference and leaving announcement. Working in conjunction with accountants and tax specialists to structure the settlement in the most tax efficient manner.

FCA Investigations, Insider Dealing & Market Abuse "Sarah Wallace has deep knowledge of FCA regulations and is recognised as a tough and respected opponent" — Chambers 2025 The Financial Conduct Authority (FCA) can bring criminal prosecutions to tackle financial crime, such as insider dealing, unauthorised business, misleading statements and false claims to be FCA authorised. Our team of expert solicitors are well known and highly regarded for defending FCA criminal investigations having developed this true specialism within the financial services space. Our team members have the expertise of advising in-house at global financial institutions, the Financial Conduct Authority and holding a Chief Risk Officer position. Our clients are senior executives, employees and firms. We have advised senior officials from Government, the police and public bodies. We have advised in numerous criminal FCA investigations and extricated traders and City professionals from tricky investigations. We understand the FCA’s agenda and priorities and have unique insights. We provide cost effective, tactical and realistic advice to anyone currently under prosecution, being investigated, or worried about an investigation. We acted in one of the first FCA criminal cases which resulted in the first acquittal for insider dealing and have acted in many others resulting in discontinuance. Our expert team of solicitors advise on how to avoid the risk of a criminal or regulatory sanction. At the outset it is not always clear what direction a FCA investigation will take – whether regulatory, civil or criminal – but we advise on all types of investigation and enforcement action. Our case outcomes include no further action, the FCA pursuing regulatory rather than criminal proceedings and mitigation of penalties such as private warnings, fines, censure and prohibition. We understand that your reputation and business may be impacted, as well as having to deal with the stress of being under investigation. Our team also has access to expert forensic accountants, as well as forensic investigators and technology experts to support you in a criminal investigation. If your case goes to tribunal or Court, we will also instruct expert barristers to assist you with the preparation and defence of the case. Early advice from our expert team can help you to avoid large fines, disruption to your business and personal life or at worst criminal prosecution. If you receive a visit, letter or call from the FCA – whether from FCA Supervision or Enforcement – contact us as soon as possible. Our Experience Acted for C-suite official of pharmaceutical company under insider dealing investigation and securing no further action outcome. Acted for CEO of AIM listed technology company in internal investigation for misleading statements to market in terms of financial information in annual accounts. Acted for non-executive director of FTSE digital technology company under investigation for insider dealing – selling shares shortly before announcement. Securing case discontinuance for client. Acted for partner of investment banker both under FCA investigation for insider dealing in relation to personal share portfolio. Case discontinued for client. Acted for bank trader in internal investigation and FCA investigation into Bank of England Special Liquidity Scheme through alleged manipulation of Repo Rate. Avoided formal disciplinary action. Acted for several traders from different banks in relation to investigations into allegations of LIBOR fixing conducted by the FCA, SFO and DOJ. Acted for two individuals in the insider dealing case involving the £1.6bn takeover of Logica by CGI. Successfully mitigated for a suspended sentence of imprisonment following guilty plea. Acted for former futures trader prosecuted for insider dealing provided with confidential and price-sensitive information from two investment banks concerning proposed or forthcoming takeover bids. Acted for former Mizuho investment banker prosecuted for insider dealing and money laundering relating to trading in Canon-owned Dutch printer maker Oce BV. Acted for finance director in NeuTec Pharma insider dealing prosecution against him and two solicitors – securing acquittal. Acted for stockbroker under FSA investigation for paying alleged kickbacks after agreeing to receive inflated commission from hedge fund trader. Funding We can discuss the funding options, the proposed scope of work and budget with you. Depending on the situation, you should check whether you have any legal expenses insurance (for example under professional indemnity, Directors’ & Officers’ or household insurance policies) or consider whether a third party, such as an employer, will contribute to your legal fees (eg under an indemnity). Contact Whether you are whistle-blower, suspect, witness, investigator or in-house lawyer, it’s important to get specialist advice as early as possible. Get in touch and find out how we can help you: Contact the team

John Milner John Milner is a highly experienced litigator, he specialises in representing individuals in white collar criminal investigations, principally in relation to business crime matters; financial crime, fraud, tax evasion, bribery and corruption, insider dealing and money laundering. "John Milner is great. Decades of guiding individuals through the most complex white collar cases. Unflappable." - Legal 500, 2025 Position Partner Contact +44 (0)7514 010761 john.milner@constantinelaw.co.uk John has a wealth of experience acting for individuals under investigation for financial crime. He has represented defendants in some of the most significant criminal trials of the last decade including: A New York based derivatives trader in the SFO Barclays USD Libor trial. A Danish UK based trader acquitted in the SFO Barclays/Deutsche Bank EURIBOR trial. An Italian company director in the SFO Bertling trial. An Italian banker acquitted of all charges in a fraud on a Russian investment bank and UK Asset Management company. A former UBS compliance officer in an FCA insider dealing conspiracy. A French banker in the NCA trial of a £multi-million fraud against the Libyan sovereign wealth fund. The first defendant in the SFO Unaoil trial. John is regularly instructed to advise witnesses and potential witnesses in compelled s2 Interviews conducted by the SFO including their investigations into Glencore, Raedex Consortium, Tesco and Serco. Current instructions include advising a client in the Post Office Inquiry and ongoing MPS investigation and advising a company director in an ongoing high profile NCA investigation. John is recognised as a "Star Individual" in Financial Crime in Chambers & Partners 2025 and is listed as a Band 1 lawyer in the 2026 directory for London. John is also listed in Who's Who Legal: Business Crime Defence. John was admitted as a solicitor in 2000. Chambers & Partners 2025 "John Milner is one of the principal players in the white-collar community. He's hugely experienced and can always be relied upon" Previous Next