Duty of disclosure meaning

THIS CHECKLIST APPLIES TO OCCUPATIONAL PENSION SCHEMES ON AND FROM 6 APRIL 2014 For guidance on the duty to issue basic scheme information before 6 April 2014, see Practice Note: Occupational pension schemes—disclosure requirements before 6 April 2014—Basic scheme information (ARCHIVED) and Checklist: Basic scheme information before 6 April 2014—checklist [Archived]. Basic scheme information requirement Under the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734 (the 2013 Disclosure Regulations), trustees of occupational pension schemes must supply basic scheme information to: prospective members; and members who have not already been sent that information, within one month of the scheme receiving their jobholder information or, if no jobholder information has been received, within two months of their joining the scheme...

This checklist sets out the requirements for the content of schemes’ annual reports and accounts under the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734. For fuller guidance on the duty on occupational pension schemes to produce annual reports and accounts, see Practice Note: Pension scheme annual reports and accounts. Requirement to prepare and disclose a pension scheme annual report Trustees of an occupational pension scheme meeting the conditions in the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734, Sch 1, Para 1 must produce an annual report no later than seven months following the close of each scheme year. For further details, see: Disclosure requirements for occupational and personal pension schemes—the 2013 disclosure regulations—Scope of the 2013 Disclosure Regulations. The annual report must be provided to any relevant person (that is, a member, prospective member, their spouse or civil partner, a beneficiary or a recognised trade union) who: requests the document within five years...

This Checklist applies to a property disposal and considers what must be revealed to a purchaser and the manner of disclosure by deducing title, preparing the contract and answering preliminary enquiries. It addresses both the content of disclosure and the way it is provided. What must the seller disclose? Nature of seller’s title Unless agreed otherwise, a purchaser may proceed on the basis that the property is freehold and free from encumbrances. In practice, that presumption is seldom relied upon, as title will be deduced to the buyer and the contract will set out the property particulars together with any incumbrances (see Drafting the contract below). However, this starting point is rarely relied upon in practice. Rather, evidence of title is produced and the paperwork captures relevant particulars and burdens. Latent defects Treating the property as freehold and unburdened by incumbrances places the seller under a duty to disclose latent defects in the title to the buyer. A latent defect is one that would not...

What is the US Foreign Extortion Prevention Act (or FEPA) and when did it come into force? On 22 December 2023, President Biden enacted the FEPA, after its approval by the US Congress as part of the Fiscal Year 2024 national defence authorisation legislation. The law reflects the President’s sustained commitment to confronting global corruption as a national security priority. It requires the US Attorney General to deliver an annual, publicly accessible report to Congress summarising major Department of Justice (DOJ) actions under FEPA, enabling Congress (and the public) to assess the effectiveness of the DOJ’s enforcement efforts year on year. That disclosure duty is expected to heighten pressure on the DOJ to bring cases in practice. FEPA widens the scope and reach of US anti‑bribery and corruption laws by expanding bribery offences to capture the ‘demand side’—including requests or solicitations—and by covering individuals acting in an unofficial capacity for relevant agencies and entities. It offers another tool for US regulators to initiate enforcement proceedings involving US interests and...

Lonham Group Ltd v Scotbeef Ltd & another [2025] EWCA Civ 203 Traditionally, English insurance law placed onerous burdens on insured parties: they were required to reveal every material circumstance capable of affecting the judgment of a prudent insurer when setting the premium or determining whether to accept the risk. If they did not, the insurer could treat the policy as though it never existed. Likewise, any failure to comply with a warranty discharged the insurer from liability under the policy, regardless of the warranty’s relevance to the risk and irrespective of whether the breach was later remedied. In the early development of insurance, these severe rules were arguably justified by the informational imbalance between insured and insurer. By the twenty-first century, however, a more sophisticated market generated pressure for reform. For non-consumer insurance, the result was IA 2015, which marked a substantial change in approach. The previous duty of disclosure was replaced by a duty of fair presentation, and only in defined circumstances could an...

MTA Personal Injury Solicitors LLP (in administration) (acting by its joint administrators Andrew Lawrence Hosking and Sean Bucknall) v Wiseglass [2024] EWHC 2208 (Ch) What are the practical implications of this case? The burden rests on the administrator, as an office-holder owing fiduciary duties, to substantiate any request for remuneration by being candid with the court and providing information that is adequate, coherent and sufficient. The administrator must justify fees with proper evidence and open disclosure. Statement of Insolvency Practice (SIP) 2 is pivotal in underscoring the duty to identify assets, including prospective claims against third parties such as directors, and to determine what recoveries may realistically be achieved. Paras 9–11 require an initial assessment: this includes making enquiries and/or interviewing directors and senior staff where appropriate, forming a preliminary view on potential recovery routes, and deciding what further investigation is warranted. Paras 4 and 18 emphasise clear reporting of actions taken and outcomes, together with thorough documentation of initial assessments, investigations and conclusions....

The public sector equality duty (PSED) Set out in Part 11 of the Equality Act 2010 (ss 149–159), the public sector equality duty (PSED) comprises a general equality duty applying UK-wide to public bodies listed in Schedule 19 of the EqA 2010, alongside specific duties intended to support delivery of the general duty and enhance transparency. Although the general duty is identical across England, Wales and Scotland, the specific duties made under EqA 2010, s 153 vary. In Wales, listed public bodies must meet particular specific duties that sit alongside the UK-wide general duty. These specific duties bind listed Welsh bodies only. They do not extend to non-devolved public authorities operating in Wales. Under EqA 2010, s 149, the general duty requires public authorities and those exercising public functions to have 'due regard' to the need to: eliminate discrimination, harassment, victimisation, and any other behaviour prohibited by or under the EqA 2010 advance equality of opportunity between people who share a relevant protected characteristic and...

People with significant control (PSC) regime The architecture of the people with significant control (PSC) regime, which first commenced on 6 April 2016, is contained in Part 21A of the Companies Act 2006 (CA 2006). Its purpose is to tackle worries about the lack of transparency in corporate ownership, where historically the register captured only the legal holder of shares, not always the beneficial owner. By requiring a PSC register, more precise and up‑to‑date details are available about who ultimately owns and directs companies and other bodies, and this information is made public via the central register at Companies House and remains accessible to the public. It assists prospective investors in their decision‑making. It likewise aids law enforcement bodies with money laundering enquiries. LLPs formed under the Limited Liability Partnerships Act 2000 must keep a record of persons with significant control over the LLP under the Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016, SI 2016/340 (the LLP Regulations), as amended by the Information about People...

This Practice Note examines enquiries before contract—also referred to as pre-contract enquiries, preliminary enquiries or standard enquiries—within residential conveyancing transactions. It proceeds on the basis that the parties have adopted the Law Society Conveyancing Protocol (2019) (the Protocol) and that the buyer’s conveyancer is additionally acting for a lender in line with the UK Finance Mortgage Lenders’ Handbook (the UKFML Handbook) or the Building Societies Association Mortgage Instructions (the BSA Instructions). See Practice Notes: The Law Society’s Conveyancing Protocol and Lenders' instructions—the UK Finance Mortgage Lenders' Handbook and the Building Societies Association Mortgage Instructions. Why raise enquiries? At common law, the guiding doctrine is ‘caveat emptor’—‘let the buyer beware’—so a seller has only a limited duty to disclose information about the property. It is principally for the buyer to ensure they understand what they are purchasing, including the nature of the property and any rights or liabilities that may attach to it. Accordingly, a buyer’s conveyancer raises enquiries before contract to secure information about the property...

Memorandum prepared by [ Name of Firm ] For the directors of [ insert company name ] (the Company) advising on annual environmental reporting 1 Scope This memorandum outlines the principal environmental disclosures the Company must include within its annual report and accounts. It addresses the UK Listing Rule and Companies Act 2006 ( CA 2006 ) obligations to present climate-related information consistent with the recommendations of the Task Force on Climate-related Financial Disclosures ( TCFD ). It also covers the duty to disclose greenhouse gas ( GHG ) emissions, energy consumption and measures to improve energy efficiency under the Streamlined Energy and Carbon Reporting ( SECR ) framework, together with other environmental legislation [ , and relevant principles and provisions from the UK Corporate Governance Code ( UKCG Code ) ] . In addition, it provides practical guidance to assist companies in compiling robust environmental disclosures. As a listed entity, the Company is further subject to continuing disclosure duties under the UK Listing Rules, the Disclosure Guidance...

PRIVATE & CONFIDENTIAL [ insert name and address of client ][ insert date ] Dear [ insert name ] The court has issued directions to both sides, outlining the actions required as your claim advances. The initial step is the exchange of relevant documents through disclosure. I am to prepare, using the prescribed format, a schedule of every document you hold, or have previously held, within your control that relates to any of the issues in your claim. This signed list must be lodged with the court and served on the defendant by [ insert date ]. By the same deadline, the defendant must likewise file with the court and serve upon us a list of all documents the defendant has, or once had, that are pertinent to any issue in your claim. This letter sets out what disclosure entails, the stages involved, and your continuing disclosure duties throughout the litigation. Disclosure—meaning and purpose Disclosure is the procedural stage in civil litigation, including personal injury...

1 Directors’ conflicts of interest 1.1 Subject to the Companies Act 2006 and once they have revealed to the directors the nature and breadth of any material interest, a director may, despite their office or the fact that, absent the authority given by this article 1.1, they would or could breach their duty under the Companies Act 2006 to avoid conflicts of interest, serve as a director or other officer of, be employed by, be a party to any transaction or arrangement with, or otherwise hold an interest in, any undertaking within the company’s group, or any undertaking promoted by the company or by any undertaking within the company’s group, or any undertaking in which the company or any undertaking within the company’s group otherwise has an interest, and undertakings in which the group is interested...

A well-known problem amongst procurement professionals A widely recognised headache for procurement practitioners arises from the duty in regulation 53 of the Public Contracts Regulations 2015 (PCR 2015), SI 2015/102 (PCR 2015, SI 2015/102, reg 53). It requires the ‘procurement documents’ to be accessible at the time a public contract is advertised in the Official Journal of the European Union (the Official Journal, or OJEU). In essence, contracting authorities must use the internet to provide unrestricted, complete and immediate access, at no cost, to those documents from the day a notice, issued under regulation 51, appears in the Official Journal, or from the day an invitation to confirm interest is dispatched. The issue most often raised, particularly for public procurements run under the restricted procedure (and comparable routes that involve a pre-qualification phase ahead of the award stage), is whether the invitation to tender and the specification must already be available when the contract notice is published in the OJEU. Timing this disclosure often proves challenging for contracting authorities...

SRA standards and regulations Where an individual represents a client in a matter, they must ensure the client is notified of all information material to that matter that they possess, except where exceptions are applicable...