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Wendy Saunders

Wendy SaundersLegal Director

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I specialise in financial services and markets law and regulation, both advisory and contentious. I have gained a breadth of experience from different perspectives across the industry – at a regulator, in-house at a UK retail bank and a global investment bank, and in private practice – which enables me to provide informed and strategic advice and guidance to clients.

I advise a wide range of clients. These are mostly financial services firms, but I also advise providers to the financial services sector. The nature of the advice ranges from one-off ad hoc financial services regulatory queries, to reviews of policies and implementation projects, to work on larger contentious matters. Examples from across the broad spectrum of financial services regulatory work I have covered include:

Commercial; technology contracts

  • Providing financial services regulatory advice to financial services firms and technology firms on outsourcing contracts, including expectations in relation to operational resilience
  • Providing advice to fintech clients:
  • advising on e-money and payment services, including perimeter advice and terms and conditions
  • advising on FCA sandbox application, and ongoing advice during sandbox process

I have also written a number of articles for Thomson Reuters on cryptoasset regulation and compliance.


  • Providing transactional financial services regulatory advice

Investigations and regulatory

  • Assisting financial services firms in responding to queries from regulators
  • Advising on larger regulatory investigations
  • Advising on a culture and governance review of a bank

I also co-authored two chapters in the Thomson Reuters Practitioner’s Guide to the Law and Regulation of Market Abuse, 2nd ed.


  • Providing a range of financial services regulatory advice, including on SMCR.

Other ad hoc advice

  • Other areas of advice have included ring-fencing, operational continuity in resolution, MiFID II including investor protection and inducements, and client money queries.

I have a particular interest in the intersection of financial services regulation and digital transformation – with a focus on cryptoassets and the use of blockchain and DLT within the financial services sector. I was a member of the Financial Markets Law Committee working group on initial coin offerings, and a significant contributor to the report published in July 2019: Initial Coin Offerings: Issues of Legal Uncertainty. I also presented to the FMLC Fintech Scoping Forum meeting in June 2020 on the FSB consultation on global stablecoins. I am currently on the steering committee of Global Blockchain Convergence, and was part of the GBC working group that submitted a response to HMT’s consultation and call for evidence on the UK’s regulatory approach to cryptoassets and stablecoins.

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