Sarah Clarke , KC

Sarah spent the first ten years of her career at the self-employed Bar where she had a successful and advocacy heavy practice in general crime, fraud and confiscation.

In 2005, Sarah joined the Enforcement Division of the Financial Services Authority ('FSA') initially on secondment and thereafter as a Technical Specialist and In-House Counsel in the newly formed Litigation Department.

During her time at the FSA, Sarah advised on and conducted many of the FSA's high profile insider dealing prosecutions as well as regulatory and disciplinary proceedings before the Regulatory Decisions Committee ('RDC') and the Upper Tribunal. She conducted many of the FSA's early cases before the Financial Services and Markets Tribunal and advised on and conducted the FSA's first ever prosecution for misleading statements and breaches of the general prohibition.

In October 2011, Sarah returned to private practice where she continues to be instructed by the FSA in its more high profile and difficult insider dealing and regulatory cases. In addition Sarah is instructed in the full range of other regulatory and disciplinary proceedings and related criminal matters.

Sarah's experience of FSA litigation is arguably unique at the Bar. In addition she has considerable experience of advising on and shaping complex and difficult litigation from an early stage and working with large case teams and different stakeholders. She also has the advantage of having had considerable advocacy experience throughout her career which means that she is as comfortable cross-examining in a Crown Court or Tribunal as she is making submissions on difficult legal issues to the Court of Appeal.

Sarah was appointed as a Board Member of the Bar Standards Board ('BSB') in January 2011 and also sits on the BSB's Professional Standards Committee. She therefore has the advantage of understanding another regulator from the inside and is comfortable making difficult decisions on matters of policy and practice.
Sarah is a leading advocacy trainer at the Inner Temple and for the South Eastern Circuit. She is regularly asked to train practitioners in courtroom advocacy both nationally and internationally, including at the South Eastern Circuit Advanced International Advocacy Course, the International Criminal Tribunal for the Former Yugoslavia, the International Criminal Court, the Special Court for Sierra Leone, the Bosnia and Herzegovina Supreme Court and the Academy of European Law in Trier. Sarah also conducts advocacy training for Crown Prosecution Service Higher Court Advocates and has been appointed as a CPS external advocacy assessor.

Practice Area

Panel

  • Contributing Author

Qualified Year

  • 1994

Membership

  • Barristers' Complaints Advisory Service. Advising and representing Barristers in respect of Bar Standards Board Disciplinary Pr, South Eastern Circ

Education

  • University of Durham, B.A. Hons (Law) - Class 2(i), 1993, Inns of Court School of Law, Bar Vocatio

4 Contributions by Sarah Clarke

Bank of England PRA enforcement settlements pre-30 January 2024: procedure, 30% discount stage, DMC approvals, and policy history [Archived]
PRACTICE NOTES
Bank of England PRA enforcement settlements pre-30 January 2024: procedure, 30% discount stage, DMC approvals, and policy history [Archived]
ARCHIVED: In light of the January 2024 revision to the Statement of policy—The Bank of England’s approach to enforcement: statements of policy and procedure, which encompasses the PRA’s Settlement Policy, this Practice Note is now archived and no longer updated. It continues to apply to enforcement matters arising from conduct before 30 January 2024. If a breach (for example, misconduct, contravention or failure) starts prior to 30 January 2024—the date the revised policy takes effect—and persists beyond it, two regimes will govern. For the PRA’s updated Settlement Policy, see Practice Note: PRA enforcement essentials—settlement. This Practice Note explains the settlement process for enforcement actions by the Prudential Regulation Authority (PRA) in relation to breaches before 30 January 2024, and draws on the policies and procedures in: Statement of Policy—The Prudential Regulation Authority's approach to enforcement: statutory statements of policy and procedure. A table at the end of this Practice Note outlines how the PRA’s Statements of Policy have developed and the dates from which they apply...
Financial Services
Carrying on Unauthorised Business under FSMA 2000: General Prohibition, Exemptions, Offences, Enforcement and Regulated Activities (including the Designated Activities Regime) (UK)
PRACTICE NOTES
Carrying on Unauthorised Business under FSMA 2000: General Prohibition, Exemptions, Offences, Enforcement and Regulated Activities (including the Designated Activities Regime) (UK)
This Practice Note summarises the statutory provisions that prescribe the requirement to be authorised to provide financial services in the UK. The regulators may take action against persons and businesses that operate without the proper authorisations. It introduces and explains the general prohibition in section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), highlights the various exemptions, and notes the related criminal offences under FSMA 2000, ss 23–25. The general prohibition under FSMA 2000 Consistent with section 19 of FSMA 2000, a person must not carry on a regulated activity in the UK, nor hold themselves out as doing so, unless they are either: authorised (by the Prudential Regulation Authority (PRA) or Financial Conduct Authority (FCA)), or exempt The inclusion of the phrase ‘or purport to do so’ means the general prohibition is breached even where no regulated activity is actually undertaken but the person represents that they do, or attempts to carry it on. The regulatory system requires firms to evaluate, in practice, whether authorisation is required by either the PRA or the FCA, as applicable, and encompasses the concept of PRA-regulated activity...
Financial Services
Civil enforcement of unauthorised regulated activities in the UK: FCA/PRA powers for injunctions (s 380), restitution (s 382), asset freezes and insolvency petitions under FSMA 2000
PRACTICE NOTES
Civil enforcement of unauthorised regulated activities in the UK: FCA/PRA powers for injunctions (s 380), restitution (s 382), asset freezes and insolvency petitions under FSMA 2000
The Financial Conduct Authority (FCA), the Bank of England (BoE) — which includes the Prudential Regulation Authority (PRA) — (together, the regulators) can take steps against individuals and companies that carry on activities without proper authorisations. This Practice Note outlines the regulators’ approach to enforcement in respect of unauthorised business matters. The general prohibition The general prohibition lies at the core of the UK regulatory regime. In essence, any person providing financial services must hold the requisite authorisations and permissions to act lawfully. Since 2013, with the introduction of a UK regulatory structure covering the Bank of England (e.g. for recognised clearing houses), the PRA (which forms part of the BoE), and the FCA, firms are expected to consider whether authorisation is needed from multiple bodies. In theory, there remains substantial scope for firms to breach the requirement to be authorised unintentionally and to be without the correct Part 4A permissions. Accordingly, there is scope for inadvertent contravention by firms...
Financial Services
Criminal enforcement of unauthorised financial services activities: FCA/PRA powers, offences and prosecution approach under FSMA 2000 and the Financial Services Act 2012 (UK)
PRACTICE NOTES
Criminal enforcement of unauthorised financial services activities: FCA/PRA powers, offences and prosecution approach under FSMA 2000 and the Financial Services Act 2012 (UK)
The general prohibition under FSMA 2000 The general prohibition sits at the centre of the UK regulatory framework, anchoring the regime. In essence, anyone delivering financial services must hold the appropriate authorisations and permissions to conduct business lawfully, before continuing such activities. Under the UK financial services regime, firms must assess whether approval is required from various authorities and recognise the notion of PRA-regulated activity as part of that assessment. In principle, this creates wider room for firms to inadvertently breach the need to be authorised and to lack the requisite Part 4A permissions in place. In practice, though, a large share of enforcement targets firms and individuals who likely never intended to seek authorisation, eg boiler rooms, share scams, deposit frauds, and ponzi schemes (all variants of fraud in different forms). For further details, see What are regulated activities?, Regulated activities—specified activities and investments—overview, PRA-regulated activities and the scope of PRA regulation, Boiler room fraud, FCA and PRA authorisation under Part 4A of FSMA 2000 and FCA—corporate governance...
Financial Services
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