Clare Baker

Clare is highly experienced in financial services regulatory law, possessing a comprehensive grasp of both UK and EU financial regulations.

Clare’s experience includes secondments to the FCA during which she contributed to the development of FCA rules, specifically related to consumer credit and claims management. She has also played a role in post-Brexit regulatory reform, including in relation to the Designated Activities Regime. Her expertise encompasses various facets of UK and European financial services regulation, including IBOR transition, benchmarks, ESG and advice in relation to crypto assets and AI.

Clare has co-authored Butterworths Financial Regulations Service and is a member of the Chancery Bar Association, Commercial Law Bar Association and the Financial Services Lawyers Association.

Notable Financial Services & Banking cases

• Advised a provider of ATMs and smart safes on Payment Services Regulations 2017 implications [2023].
• Guided a Dutch bank through the intricacies of setting up a UK branch, considering PRA/FCA rules [2023].
• Represented a financial advisory firm in a claim to the Financial Ombudsman [2023].
• Drafted a complaint to the Financial Ombudsman concerning an insurer’s refusal to accept a claim under a group income protection policy [2022].
• Provided strategic advice on pursuing claims against financial advisors [2022].
• Advised an overseas insurance business on operating in the UK and Overseas Persons Exemption [2022].
• Offered expertise to a bank on non-payment insurance policies [2022].
• Advised HM Treasury on post-Brexit regulatory reform and the Designated Activities Regime [2022].
• Represented a finance consultancy business facing alleged breaches of the Financial Services and Markets Act (FSMA). Responded to a letter from the FCA’s unauthorised business department, outlining the client’s defence and mitigation strategies [2021].
• 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].
• Advised the Independent Third Party in appeals arising from complaints against NatWest GRG [2018 – [2020].
• 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].
• Represented an investment company in claims against a broker/investment manager, stemming from losses related to a .£1 million private equity investment. Explored potential civil and regulatory claims, including initiating a Financial Ombudsman complaint. Provided guidance on private equity firm duties, including FCA compliance obligations [2019].
• Advised on matters arising from the client’s application for authorisation with the FCA [2019].