Richard Clark

His banking practice focusses on developing and reviewing regulated and unregulated products, specialising in mortgages and loan and security suites.  He regularly works with lender and industry bodies (including UK Finance and the Building Societies Association) in responding to market, legal and regulatory change. Recent developments he has spearheaded include LIBOR cessation, the Pension Schemes Act 2021, the Corporate Insolvency and Governance Act 2020, the corporate transparency legislation, the National Security and Investment Act, the Consumer Duty, and the government-guaranteed loans introduced in response to the Covid pandemic.

His corporate insolvency experience sits in complex situations, particularly formal and consensual debt restructurings, pensions funding issues, and distressed FCA regulated entities. He also undertakes formal corporate insolvency work, particularly in real estate, retail and financial services.  He is a former council member of R3, the insolvency trade body. 

Jurisdiction: England & Wales

• Advising an FCA regulated financial services firm on its proposed administration and sale of its portfolio, including engaging with the FCA on continuity of service provision and consumer transparency.
• Acting for a number of banks and lenders in reviewing their regulated mortgage loan suites for Consumer Duty compliance purposes, including updating terms and conditions to make them more comprehensible.
• Advising a secured lender on the realisation of a significant real estate holding owned by a borrower in liquidation, which had been disclaimed and passed to the Crown by escheat. 
• Acting for two separate mortgage lenders on innovative products involving a fixed rate-only product with a ratcheted margin based on diminishing LTV over time, and a buy-to-let product involving a interest offset account which can also be used to redraw funds.