2011 Joined 3 Serjeants' Inn Chambers
2011 Appointed to the Bar Standards Board
2005 FSA In House Counsel
1994 Called to the Bar
1993 University of Durham

Email: Sclarke@3serjeantsinn.com

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.

Sarah has featured in a number of publications:

Financial Times- The merits of regulatory lawyers moving between the regulator and private practice

Legal Week - Law, order and motherhood

The Telegraph - Sarah Clarke is instructed in one of the Lawyer’s Top 20 cases for 2012 - Sanders Case

"With the [FSA] enforcement division's recent successes built at least in part on an ability to attract experienced people - including stars like [Margaret] Cole and in-house barrister Sarah Clarke" Legal Week

 
“The bar’s rising stars are cutting their teeth on what will be the defining cases of the recession, a situation that will produce a new generation of star barristers.”  The Lawyer “Top 20 Cases for 2012:

“FSA v (1) James Sanders; (2) Miranda Sanders; (3) Christopher Hossain; (4) James Swallow, (5) Adam Buck
This is the first cross-jurisdiction prosecution of insider dealing by the FSA and one that will be followed closely by the City. Claimants: 18 Red Lion Court’s Peter Carter QC leading 3 Serjeants’ Inn’s Sarah Clarke”

Professional Discipline and Regulatory

Financial Crime 

Financial Services and Markets Tribunal / Upper Tribunal (“the Tribunal”)

Conducted many of the early cases arising out of the FSA commencing regulation of
mortgage and general insurance firms including:

Rajah v FSA (2005): First case on effect of judgement debts and non disclosure on fitness and propriety.

Prominence Technology Ltd (Sonibare) v FSA (2005): First case on effect of previous investigations on fitness and propriety.

Eversure v FSA (2006): Leading case on correct approach to non disclosure.

Massey v FSA (2010): Market Abuse. One of the few market abuse cases to be heard in the Tribunal.

B-Assured v FSA (2011): Leading case on correct application of FSA policy regarding minimum financial penalties for allegations of mortgage fraud.

D v FSA (2012): First case arising out of multi-million pound collapse of Arch Cru Investment Funds.

Insider Dealing and Market Abuse.

Advising on and conducting many of the FSA’s insider dealing prosecutions and market
abuse civil and regulatory proceedings in particular:

Shevlin v FSA(2008): One of the FSA’s earliest market abuse Tribunal references.

R v Neel and Matthew Uberoi (2009) (Reported at [2008] EWHC 3191 (Admin):
One of the FSA’s first Insider Dealing Prosecutions.  Judicial Review of FSA’s power to prosecute insider dealing.

R v Malcolm Calvert (2010): Insider Dealing Prosecution of former Cazenove Partner. Sent shock waves round the City.  First case in which the FSA entered into a co-operation agreement with a participating witness. Associated regulatory proceedings.  Successful hearsay application to read statement of cooperating witness on grounds of witness’s ill health. Sole conduct of contested confiscation proceedings.

R v McFall, Rimmington & King (2010) (Reported at [2010] Crim.L.R. 749):
 Insider Dealing Prosecution.  Conducted ground breaking successful appeal against trial judge’s terminating ruling. 

R v Anjam Ahmad (2010): Insider Dealing Prosecution and regulatory proceedings.
Instructed as sole counsel.  First case in which the FSA entered into a SOCPA 2005 cooperation agreement.  Advised on the SOCPA process and represented the FSA in the Crown Court proceedings.

R v Rupinder Sidhu (2011): Insider Dealing Prosecution involving spread betting on the basis of inside information originating from a Hedge Fund .

Regulatory Decisions Committee

Regularly advises on and conducts Regulatory Proceedings before the RDC including allegations of market abuse, cancellations, prohibitions and financial penalties against individuals and authorised firms, refusal to authorise and change in control cases.

Unauthorised Investment Business and Fraud

Advises on and conducts restraint and summary judgement proceedings in the Chancery Division of the High Court and restraint and confiscation proceedings in the Crown Court.
 
R v Radclyffe (2008): Leading Junior in the first major FSA prosecution relating to unlawful investment business and misleading statements.

Other

BSB Appeal (2010): Successfully represented a pupil barrister pro bono in respect of her appeal to the BSB against her pupil supervisor’s refusal to sign her practising certificate.
• Full oral hearing.
• First case of its kind.
• Determined novel points of regulatory law and procedure.

Regularly invited to give lectures and seminars on a range of regulatory and legal topics both within the FSA and for external bodies including:

Financial Services Lawyers Association
Lexis Nexis
Compliance Consultants
Serious Fraud Office
Commercial and Regulatory Solicitors Firms
Young Fraud Lawyers Association
Young Bar Association
Fraud Solicitors Group
Inner Temple
Money Laundering Reporting Officers Forum
BPP Law School

Topics include:

The future of Legal Services Regulation
Regulatory Litigation
Enforcement Law and Practice

Insider Dealing and Market Abuse
Money Laundering
Bribery Act 2010
RDC advocacy
Enforcement themes
Expert Witness handling
Enforcement Law and Practice
Handling of Medical and Accountancy experts
Criminal Litigation.
  

Jan 2011 – Appointed to the Bar Standards Board (“BSB”)
Jan 2011 – Appointed to the BSB Professional Standards Committee
Member of the Advocacy Training Council
Member of the Inner Temple Advocacy Training Committee

Crown Prosecution Service Advocacy Assessor
Association of Regulatory and Disciplinary Lawyers Committee
Contributing author to LexisNexis and sits on the Editorial Board of LexisNexisPSL.