essential services meaning

This Checklist sets out core topics for firms entering consumer credit, addressing essential management and compliance matters within the Financial Conduct Authority (FCA) framework. It organises themes such as authorisation, threshold conditions, the Senior Managers and Certification Regime (SM&CR), systems and controls, business planning, FCA Principles, the Consumer Duty and continuing regulatory duties, including adherence to the Consumer Credit sourcebook (CONC) and the Consumer Credit Act 1974 (CCA 1974). For fuller guidance, including how the application process works, see Practice Note: FCA authorisation of consumer credit firms. Scope and regulatory status Do the firm’s activities amount to regulated consumer credit activities under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), and the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO)? See Practice Notes: The general prohibition and implications of its breach and Regulated activities relating to consumer credit Does the firm offer (or plan to offer) buy now pay later (BNPL)/deferred payment credit (DPC) style products?...

ARCHIVED: This Practice Note has been archived and is no longer being maintained. Structural banking reform and ring-fencing The global financial crisis underscored the necessity for international structural reform of banking. In the UK, the Government brought forward a suite of measures to bolster the resilience of the UK financial system and to avoid taxpayers carrying the burden when banks fail. The Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013) inserted fresh measures into the Financial Services and Markets Act 2000 (FSMA 2000), obliging the largest UK banks to segregate, within their groups, essential retail banking services from other activities, such as investment and international banking. This separation is termed ring-fencing. Its objective is to shield UK retail banking from shocks arising elsewhere in a banking group, which could otherwise adversely affect global financial markets. Ring-fencing legislation applies only to UK banks with a three-year average of more than £25bn in ‘core deposits’—broadly from individuals and small to medium-sized businesses...

Physical extent, boundaries, rights, etc Does the sale plan align with: the material set out in the title deeds, and the on-the-ground boundaries indicated by fences, walls, ditches, rivers, streams, etc, or as revealed by the seller in replies to enquiries? See Practice Note: Property boundaries for further guidance. Will a new boundary arise from the sale? Has it been clearly set out on site, and do the plans show its position accurately? Who must put it in place and/or look after it thereafter? Is indemnity insurance for defective title necessary? If so, who will arrange it and meet the cost? See: Defective title insurance—checklist for further guidance. Do mines and minerals form part of what is being sold? See Practice Note: Manorial rights for further guidance. Are sporting rights included in the transaction? See Practice Notes: Profits a prendre and Riparian owners and fishing rights for further...

In this issue: Autumn Budget 2024—key local government announcements Public procurement Governance Social housing Education Children’s social care Social care Healthcare Planning Daily and weekly news alerts New and updated content New Q&A Autumn Budget 2024—key local government announcements On 30 October 2024, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, unveiled a range of measures significant to local government practitioners, spanning public procurement, governance, healthcare, social housing, education, children’s social care, social care, planning and local government finance. The government emphasised that ‘local government is essential to the running of the country’ and to delivering vital services. Commentary on the announcements and their implications for practitioners has been provided by Andrea Squires of Winckworth Sherwood and Amardip Healy of Blake Morgan LLP. See: LNB News 30/10/2024 59. Public procurement Limitation periods in public procurement challenges (Oracle Security v Barts NHS Trust) In Oracle Security Services...

In its 25 March draft regulatory technical standards, ESMA set out essential guidance on the data that must be submitted to national competent authorities (NCAs), which will oversee the vetting of proposed acquisitions of a qualifying holding in relevant CASPs. By way of context, MiCA establishes a harmonised authorisation regime for running a CASP across the European Union and for accessing the EU passport. The overarching aim is to foster fair competition among CASPs and a more secure landscape for crypto-asset investors by verifying the robustness and reliability of authorised service providers, together with their leadership and shareholders, regardless of the member state that granted authorisation. Thereafter, any subsequent alteration to the governance or ownership of an authorised CASP stemming from a merger or acquisition must undergo prior scrutiny by the NCA supervising the target. This review is poised to materially influence how future M&A deals involving a CASP are structured, turning sound foresight and comprehension of the assessment criteria into a central task. Against this backdrop, a close examination...

In this issue Trade marks/passing off Copyright and related rights Patents General intellectual property News alerts, daily and weekly Fresh and revised content Key dates for your diary Trackers Latest Q and A Useful information Trade marks/passing off Supreme Court finds directors need not account for profits following trade mark infringement (Lifestyle Equities v Ahmed) In Lifestyle Equities v Ahmed [2024] UKSC 17, the Supreme Court unanimously dismissed Lifestyle Equities’ appeal. It decided the defendant company directors, the Ahmeds, were not liable for procuring Lifestyle’s trade mark infringements, nor under a common design, because they lacked knowledge of the essential facts that made the use of the signs in question, by the company of which they were directors, wrongful. The Court further held the Ahmeds could not be ordered to account for profits made by the company and, on the facts found, had not personally gained from the infringements. Commentary is provided by...

This FLASHCARD is designed to help you take in and retrieve the essential points on the recognition of UK central counterparties (CCPs) under Regulation (EU) 648/2012 (EU EMIR). How did Brexit affect the EU market for clearing services? Before Brexit, three UK CCPs—London Clearing House (LCH), LME Clear and ICE Clear Europe—held a dominant role in the EU market for derivatives clearing. As at June 2017, it was estimated that UK CCPs cleared roughly 90% of euro-denominated interest rate swaps for euro area counterparties, and 40% of their euro-denominated credit default swaps. When the implementation period ended on 31 December 2020, UK CCPs were no longer under EU supervision and became third country CCPs for the purposes of EU EMIR. Article 25(1) of EU EMIR provides that a...

Margin squeeze Margin squeeze is a form of exclusionary behaviour aimed at rivals, intended to remove them or undermine their viability—either by driving them from the market or by deterring entry at the outset. Where a vertically integrated firm holds a dominant position in an upstream market for a vital input and also supplies that input to wholesale customers who compete at retail, it can have both the means and the incentive to exclude those competitors from the downstream market. The dominant firm compresses retail rivals’ margins by setting a high wholesale charge, a low retail price, or a mix of the two, thereby narrowing the gap between the cost of essential inputs and the price attainable in the retail market. Consequently, the spread between the dominant undertaking’s retail price for the product or service and the wholesale price it levies on its rivals is insufficient to allow an efficient retail rival to compete effectively. This weakening of effective competition downstream can, in turn, result in higher prices, diminished...

Protection of critical infrastructure and cybersecurity—EU strategy In October 2016, the European Parliament’s Committee on Industry, Research and Energy (ITRE) issued a Cybersecurity Strategy for the Energy Sector. The paper reviewed prevailing policies and legislation, and considered routes for developing energy‑specific cyber security solutions and protective practices. It found that the continued rollout of smart energy systems, coupled with growing interconnection and interdependence across Member State borders, has produced rapid expansion of networked intelligence throughout energy grids and into consumers’ premises via smart devices. This enlarged attack surface, together with the fact that the energy system is inherently linked to every other critical infrastructure network, renders the sector especially susceptible to cyber attacks. That exposure has only grown since the 2016 strategy was released. On 16 December 2020, the European Commission and the High Representative of the Union for Foreign Affairs and Security Policy presented a new EU Cybersecurity Strategy. The 2020 plan encompasses the security of essential EU services (for example energy grids, railways and hospitals) and also...

Financial sanctions Financial sanctions are controls that limit transactions involving money and the delivery of financial services; they may, for example, bar the transfer of funds to particular countries, individuals or entities. The Sanctions and Anti-Money Laundering Act 2018 (SAMLA 2018) is the UK’s principal sanctions law. It outlines the sanctions that can be introduced and the aims they may serve, empowers ministers to set detailed rules, and places obligations to ensure robust scrutiny and the safeguarding of the rights of those affected. Regulations made under SAMLA 2018 can create a wide range of measures—covering financial, trade, immigration, transport, etc. Financial sanctions typically prohibit dealing with assets, or making funds or economic resources available to, or for the benefit of, designated persons. There are also sectoral sanctions that forbid or restrict specified financial and investment activities. For our business, adherence to this framework is essential: non-compliance could lead to significant penalties for the organisation and for the individuals involved. Compliance requires several steps, including: ...

General Meeting date [ Insert date ]Chair or lead [ Insert name ]People present [ Insert names of persons attending ] Objectives Meeting aims: determine every document and piece of essential information required for the project outline and prepare an initial procurement project plan decide which legal services providers to contact...

Acceptable Use Policy Together with our website terms and conditions of use, [ and add any additional terms, eg privacy policy, here, ] this acceptable use policy explains how we permit you to access and use our website, and standards of behaviour we expect from you while doing so. When we refer to all of these documents collectively, we call them our 'Terms of Service'. When we mention only this acceptable use policy, we refer to it as 'this Policy'. It is essential that you read the Terms of Service so you fully and clearly understand what we expect from you, and what you are entitled to expect from us, whenever you use the website. [ You must be at least [ 13 ] years old and resident in the UK to access and use the website. ] This Policy sets out what is permitted and what is not permitted when you are using the website. If you engage in anything that is not permitted, we may remove your...

Service charges Service charges are imposed by landlords to recoup the expenditure they incur in delivering services to a building. The precise manner in which the service charge is organised and administered is defined in the tenant’s lease or tenancy agreement. Usually, the charge meets the expense of matters such as general maintenance and repairs, insurance of the building and, where services are supplied, central heating, lifts, porters, lighting, and cleaning of common areas. The charges may additionally cover management costs borne by the landlord or a professional managing agent, together with contributions made to a reserve fund. Relationship of landlord and tenant The landlord and tenant relationship stems from medieval land law and was at first a matter solely of contract in form. Nevertheless, from very early on, the agreement conferred on the tenant an estate or proprietary interest in the land whilst retaining, and not discarding, any of its essential contractual attributes as such...

Key legal issues for guarantees Guarantees constitute contracts and must accordingly meet the four essential elements of a contract, namely: offer acceptance consideration the intention to create legal relations As a rule in law, consideration given in the past is ordinarily insufficient. A firm ought not to take a guarantee once it has already agreed to supply services to a client in question. The guarantee must also comply fully with s.4 of the Statute of Frauds 1677. It must thus be recorded in writing and properly signed by the guarantor as required. The Firm should also be alert to potential claims of misrepresentation, duress, and undue influence. It is sound practice to see that the guarantor receives independent legal advice on the implications of giving the guarantee. Is the guarantee a regulated credit agreement? Where undertaken by way of business in the United Kingdom, entering into a regulated credit agreement may potentially amount to a regulated activity under...