Rachel Hillier (Capital Law)

Rachel Hillier

Financial Services Regulation

Rachel is an experienced regulatory lawyer and leads our Financial Services team.

Rachel specialises in the financial services and technology sectors, particularly Fintech and Insurtech. She works with some of the most innovative financial services companies in the UK and internationally, alongside more traditional financial services businesses.

With 21 years’ experience in tech and commercial law, Rachel leads a well-respected team of lawyers who are focused on giving non-contentious regulatory advice to the financial services sector.

Rachel is a founding advisory board member of Fintech Wales and is a “Recognised Practitioner” in the Chambers & Partners Fintech Legal Guide for the South West 2021. Her team is ranked Band 1 in the same guide.

Rachel advises on a broad range of regulatory and insurance issues in the financial services, insurance and technology sectors, with a particular interest and expertise in advising Fintech businesses.

Her clients are Fintechs and Insurtechs, crypto-asset businesses, wealth management firms, IFAs, banks, mortgage providers, loan and consumer credit providers, financial services comparators, placement agents, insurers, insurance brokers and SIPP operators.

Her work includes financial services regulatory advice, FCA/PRA authorisation and change of control, regulatory advice relating to the launch of new products and services, changes to FCA rules, compliance with PRA and FCA rules and EU regulations, contingency planning for Brexit, drafting and negotiating customer terms of business, KYC and IPID documents, appointed representative agreements, distribution and outsourcing agreements. She has advised on the sale and purchase of various financial services businesses.

Rachel advises Fintech businesses developing innovative new products, including strategic and product structure, drafting policy wording, terms of business agreements and advising on UK regulation of financial products.

Rachel is one of a limited number of UK lawyers with experience of advising on the commercial and regulatory aspects of cryptoassets, blockchain and token sales.

She is a member of the Fintech Wales advisory board and of the Crypto Assets Professional Advisory Group (CAPAG).

Many thanks for this succinct summary of the regulatory status of our various activities. I think this is an exceptional body of work.

Ian Pettifor, Co-Founder and CFO, Azur Group


  • Advising SIPP operator Hartley Pension Ltd in setting up a new regulated SIPP scheme and in the acquisition of various SIPP assets. Providing on-going corporate, commercial, trust and regulatory advice.
  • Regulatory advice to various start-ups seeking to raise funds via ICOs.  Verifying white papers, giving written advice on the regulatory position of proposed crypto-currencies, drafting pre-seed, pre-sale and sale documentation for the ICO.
  • Acting for a telematic API motor insurance intermediary offering “pay-per-mile” motor insurance using a telematic advice. Giving written advice on FCA regulation, policy wording, customer terms and conditions, privacy policy and website terms. Reviewing contracts with underwriters.
  • Advising on the effects and implementation of MiFID II and IDD.  Reviewing existing agreements to ensure compliance with regulatory requirements.
  • Providing regulatory advice and guidance to an Insurtech in the motor sector with a next-generation telematics advice. Assisting with an application for authorisation as a “hybrid firm” being both an insurance intermediary and a regulated claims management service.
  • Supporting a Fintech business developing a digital-first app enabling access to individual pensions. Providing product, regulatory and commercial advice on the set up of the business.
  • Advising a regulated venture capital fund manager on its regulated activities in and the application of CASS to its business.
  • Supporting a Fintech business developing a digital-first app enabling access to individual pensions. Providing product, regulatory and commercial advice on the set up of the business.
  • Reviewing and advising on customer facing terms for a SIPP and ISA provider.
  • Advising Cover Genius on its launch, in partnership with Skyscanner, of a new Covid 19 travel insurance package. Including regulatory advice, policy wording, IPIDs, terms of business and associated commercial documents.
  • Supporting Azur Underwriting Limited with regulatory advisory and drafting services in connection with its European expansion into Ireland and intra-group services, in compliance with both the Irish and UK regulators.
  • Advising German Insurtech Getsafe on its expansion into the UK, assisting in the negotiation and drafting of insurance distribution commercial agreements and policy wording for its UK home insurance product.
  • Assisting an EU authorised insurer in preparing and submitting to the PRA a third country branch application to carry on insurance business in the UK.
  • Regulatory advice for financial services and ICO businesses
  • Regulatory advice relating to the launch of new products and services
  • Contingency planning for Brexit
  • FCA authorisation and change of control applications
  • Advising on the interpretation and implementation of FCA, PRA and EU regulations
  • Trust law, governance and regulatory advice relating to SIPP and SAS pension schemes.
  • Corporate restructuring of financial services businesses
  • Advising on, drafting and negotiating commercial contracts
  • Transactional work for regulated and technology firms
  • Joint ventures
  • Drafting and negotiating customer terms of business
  • KYC and IPID documents
  • Appointed representative agreements
  • Distribution and outsourcing agreements
  • Perimeter guidance and advice on the interpretation of consumer credit regulation and the application of CONC
  • Written and verbal advice on the application of CASS on the holding of client money and safe custody assets
  • Drafting and negotiating commercial contracts for regulated firms.





  • Partner, Capital Law Limited (May 2020 – present)
  • Senior Associate, Capital Law Limited (Apr 2019 – Apr 2020)
  • Associate, Capital Law Limited (2017 – Apr 2019)
  • Solicitor, Capital Law LLP (2015 – 2017)
  • Consultant Solicitor, David Prosser & Co. (2008 – 2015)
  • Managing Partner, Le Brasseurs (2005 – 2008)
  • Solicitor, Le Brasseurs (2003 – 2005)
  • Solicitor, Caporn Campbell (2000 – 2003)
  • Solicitor, Hardmans (1999 – 2000)
  • Trainee Solicitor, Hardmans (1997 – 1999)


  • University of the West of England: LPC (1996 – 1997)
  • University of the West of England: Post Graduate Diploma in Law (1995 – 1996)
  • Canterbury Christ Church University: Bachelor of Arts: History (1992 – 1995)

Memberships / Trustee Positions

  • The Law Society of England and Wales
  • School Governor at Ysgol y Ddraig
  • Advisory board member of Fintech Wales
  • Crypto Assets Professional Advisory Group (CAPAG)
  • Member of Instrech UK’s Insights and Initiatives Committee