The firm has hired a former PwC employee to head the new consulting operation.

UK-headquartered legal services provider Hogan Lovells has appointed Steve Murphy as director to head up a new consulting business for its financial services clients, either based or operating in the UK.

The practice, called Hogan Lovells Financial Services Regulatory Consulting, offers legal and consulting services to clients, specifically in regulatory strategy and compliance, the firm said in a statement.

Murphy will join from accountancy firm PricewaterhouseCoopers, where he was a director in the firm’s regulatory consulting practice from 2008 until this year.

His new role will include managing large-scale due diligence for transactions, preparation for regulatory visits and risk reviews.

“We are not aware of any other law firm in the UK offering this combination of legal and consulting capabilities for financial services companies," said Emily Reid, financial services partner, who will work closely with Murphy. "The launch of the practice and arrival of Steve are well timed. With the uncertainty caused by Brexit, the next few years are likely to see significant upheaval and change for the sector."

Hogan Lovells currently offers project management support to a range of financial services clients, including asset managers and wealth management firms.