Sarah Clarke#901

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.
Contributed to

6

Carrying on unauthorised business and breaching the general prohibition
Carrying on unauthorised business and breaching the general prohibition
Practice notes

This Practice Note outlines the general approach to financial services businesses which operate without the correct authorisations. The Practice Note introduces the general prohibition in section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), various exemptions and the criminal offences under sections 23–25. It also provides an introduction to the various remedies available when a firm is in breach of the general prohibition. It introduces the concept of regulated activities and the concepts in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO).

Dealing with the FCA—informal requests for information
Dealing with the FCA—informal requests for information
Practice notes

The Financial Conduct Authority (FCA) is likely to prefer to use its formal, statutory information gathering powers to require the production of documents and information, but there are certain situations where informal requests for documents and information are more effective, or necessary, for the overall integrity of an investigation. This Practice Note introduces the scenarios where an informal, voluntary approach tends to be used and the ways in which the FCA is able to request information from firms and individuals on a voluntary basis. This includes the voluntary provision of witness statements and internal investigation reports, as well as voluntary attendance at interview by suspects and non-suspects.

Offences during an FCA investigation
Offences during an FCA investigation
Practice notes

This Practice Note provides information on the various offences that can be committed by a firm or individual during the course of an investigation by the Financial Conduct Authority (FCA). This includes failure to comply with a document or information requirement; destroying, falsifying or concealing documents; providing information which is known to be false or misleading; or obstructing a search warrant.

PRA enforcement action—settlement (up to January 2024) [Archived]
PRA enforcement action—settlement (up to January 2024) [Archived]
Practice notes

In this Practice Note, Sarah Clarke KC, barrister at 3 Serjeant’s Inn, outlines the process for settling enforcement actions taken by the Prudential Regulation Authority (PRA). This is based on PS23/19 which proposes to simplify the PRA’s settlement discount scheme, and further improve the clarity and transparency of the PRA’s settlement procedures. It sets out the PRA’s approach to settlement prior to 30 January 2024.

Unauthorised business and the approach to enforcement—civil proceedings
Unauthorised business and the approach to enforcement—civil proceedings
Practice notes

This Practice Note outlines the regulators’ approach to enforcement in relation to unauthorised business. It discusses section 380 of the Financial Services and Markets Act 2000, as well as areas such as who is pursued when there is a concern around unauthorised business and remedial activity such as freezing or restraining orders as well as orders for administration or winding up. It provides examples of actions and case law as well as links to the relevant provisions of the Enforcement Guide. This Practice Note should be read in conjunction with the Practice Note on the Unauthorised Business and the approach to enforcement —criminal proceedings. This is part of a set of Practice Notes that provide a guide through the aspects of the unauthorised business regime. The series unpicks an area that can be complex and provides easy to understand direction on this increasingly important area of litigation.

Unauthorised business and the approach to enforcement—criminal proceedings
Unauthorised business and the approach to enforcement—criminal proceedings
Practice notes

This Practice Note outlines the regulators’ approach to enforcement through criminal proceedings. It discusses section 380 of the Financial Services and Markets Act 2000, as well as areas such as who is pursued when there is a concern around unauthorised business and remedial activity such as freezing or restraining orders and orders for administration or winding up. It provides examples of actions case law and links to the relevant provisions of the Enforcement Guide. This Practice Note should be read in conjunction with the Practice Note on the Unauthorised Business and the approach to enforcement —civil proceedings. This is part of a set of Practice Notes that provide a guide through the aspects of the unauthorised business regime. The series unpicks an area that can be complex and provides easy to understand direction on this increasingly important area of litigation.

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

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