Clare Baker

Clare is a financial services regulatory law specialist. She has extensive experience in this area and advises clients on both compliance and regulatory matters. She has worked in-house at UBS (structured products and prime brokerage); at the FCA (GCD); and at Dentons (as part of their financial services regulation practice).

Clare has drafted FCA rules, including in relation to the consumer credit regime and the claims management. She has also advised HM Treasury on the implementation of post-Brexit regulatory reform, including in relation to the designated activities regime and the consumer duty.

Clare regularly advises on all aspects of UK and European financial services regulation including IBOR transition, benchmarks, ESG, disclosure and transparency rules, short-selling regulations, payment services regulations, FCA/PRA perimeter queries and the regulation of crypto assets and AI.

Notable Financial Services & Banking cases

• Advised a firm regarding the impact of the FCA’s regulation of case management companies and potential lead generation activities and the regulatory perimeter [2025].
• Advised a firm regarding the launch of a new product on its website and potential FCA regulatory issues [2025].
• Advised a financial advisory firm on structuring options to generate income from its assets under management and in particular, on FCA inducement rules, client asset rules and capital adequacy requirements [2025].
• Advised on laws/regulations applying to entities wishing to act as lenders in securities lending transactions [2024].
• Advised a firm on whether intragroup liquidity services would require it to hold Part 4A permissions under FSMA [2024].
• Advised a provider of ATMs and smart safes on Payment Services Regulations 2017 implications [2023].
• Acted for an overseas bank wishing to set up a branch in the UK. Advised on the applicable areas of the PRA/FCA regulatory framework [2023].
• Advised an overseas insurance business on operating in the UK and Overseas Persons Exemption [2022].
• Advised a bank on non-payment insurance policies [2022].
• Advised HM Treasury on post-Brexit regulatory reform and the Designated Activities Regime [2022].
• Reviewed and provided advice concerning the regulatory requirements for operating a proposed online platform facilitating borrowing and lending between third parties [2021].
• Advised a claims management service provider on the feasibility of pursuing claims on behalf of its clients. The claims were related to fees deducted by investment platforms for services that had not been provided [2021].
• Advised a community of developers regarding whether their activities related to certain crypto assets fell within the regulatory perimeter [2021].
• Provided guidance to a credit broker concerning potential violations of its FCA permissions and whether it had operated outside the scope of those permissions [2021].
• Advised the Claims Regulation Authority (CRA) on the FCA’s statutory obligations, assisting in shaping the CRA’s response to the FCA’s Consultation Paper 21/1.  Also provided advice on the potential merits of pursuing a judicial review in case the rules in the Consultation Paper were published without amendment [2021].
• Seconded to Dentons, advising on various aspects of UK and European financial services regulation [2021-2022].
• Provided guidance to a client on whether an entity established to leverage an artificial intelligence (AI) data service required FCA authorisation for its proposed activities. Also assessed whether the AI data service provider needed FCA authorisation [2020].
• Advised an investment company in relation to claims against a peer-to-peer asset-based lender. Assisted with potential regulatory and civil claims, including detailed consideration of peer-to-peer and business-to-business lender responsibilities. Drafted a letter before action that led to a successful settlement negotiation with the defendant [2019] – [2020].
• Advised a company regarding its bridging loan broking business and whether it operated as a collective investment scheme. Conducted a detailed examination of collective investment scheme rules, FCA Perimeter, and recommended business restructuring for FCA rule compliance [2019].
• Advised a lender on whether loans, secured with a legal charge, fell within the FCA’s regulatory scope. Evaluated the enforceability of loan documentation and the potential for a successful judgment claim against the defendants [2019].