Style 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?...

This checklist is intended to flag recurring issues that arise during the negotiation and preparation of a settlement agreement in the context of a Scottish civil dispute. For an illustrative settlement agreement, refer to Precedent: Style—Settlement agreement—Scottish civil dispute... Issue Key considerations Timing of settlement?...

This checklist highlights matters a Scottish commercial lease tenant (assignor) in Scotland ought to review. It explains when the landlord’s consent to assignation is needed, whether the landlord must act reasonably in giving that consent, the form and content required for both consent and assignation, and the points both parties and the assignee should weigh up regarding the landlord’s letter of consent to assignation and the assignation legal instrument itself. An assignation passes to the assignee the tenant’s (assignor’s) interest in the lease from an agreed date until the lease comes to an end. It allows the assignee to occupy the premises on the same terms as the assignor; see: Nature of assignation: Stair's Laws of Scotland (Stair Memorial Encyclopaedia) [290]. A style letter of consent to assignation, and a style assignation, are available to view from the Property Standardisation Group (PSG): PSG Leases—Management Documentation. Must the assignation be in writing?...

Antitrust Commission launches investigation into Google’s use of publisher and YouTube content for AI training The Commission has initiated a formal competition investigation to determine whether Google has infringed Article 102 TFEU by using web publishers’ material and content uploaded to YouTube for artificial intelligence (AI) purposes on unfair terms (AT.40983). Commission’s concerns The Commission is assessing whether Google has: used web publishers’ content to produce AI-driven features on Google Search, including AI Overviews (AI-generated summaries shown above organic results) and AI Mode (a chat-style search tab), without proper remuneration and without giving publishers a meaningful way to refuse such use without risking reduced access to Google Search, and/or used YouTube material, including videos and other uploads, to train its generative AI models without compensating creators and without providing an opt-out...

Aon Plc reported that merely 2% of those polled from defined benefit-style schemes plan to allocate to UK productive finance during 2025–26, overall. The firm noted, notably in comparable surveys run in recent years, a waning appetite among pension schemes for illiquid assets, according to Aon. We expected this pattern to create a major obstacle to the UK government’s aims of boosting pension scheme investment in UK productive finance, the company added...

The government has also tabled draft legislation in Parliament. Once the statutory instrument (SI) is approved, BNPL products will be regulated 12 months after the SI is made. Lenders should expect the framework in force by end-2026. Although the policy trajectory is set, several key points remain unresolved. Key aspects of BNPL Regime Going forward, regulated BNPL agreements will be called regulated deferred payment credit agreements—deferred payment credit, or DPC. Scope In a boost for merchants, BNPL will be regulated only where a third-party lender is involved. An anti-avoidance measure tackles reseller-style models: where a lender buys the goods and resells them as the merchant, the deal is regulated, not exempt. Most merchants offering DPC will not need FCA authorisation as credit brokers. Unauthorised merchants must have financial promotions approved by an authorised firm—usually the third-party lender, if it holds the relevant permission. The broking exclusion does not currently extend to domestic premises suppliers; this remains under review after late-stage...

A glossary of frequently used terms and phrases in Scottish Private Client law, with the closest England and Wales equivalents (where applicable) and links to helpful websites Ab intestato Meaning From someone who dies without a will; describes property taken under the laws of intestate succession. Nearest English equivalent None Action of specific implement Meaning A court action seeking an order compelling a party to carry out a particular act. In Scotland there is no division between equitable and legal remedies, unlike England and Wales. Nearest English equivalent Specific performance (an equitable remedy for breach of contract that can be ordered alongside, or in place of, damages) Advance notice Meaning An entry in the relevant property register that protects the grantee of a deed intended for registration in the Land Register of Scotland. The protected period of 35 days begins on the day after registration....

What does this Practice Note cover? This Practice Note sets out an overview of liability management techniques for bonds—covering bond buybacks, tender offers, exchange offers and consent solicitation—placing particular emphasis on the process, the documentation to be prepared, and the principal legal and regulatory considerations that arise in delivering such transactions. The Note is directed mainly at investment‑grade bonds issued in the UK and European markets. For further information on liability management exercises, including liability management transactions involving loans/credit agreements, see Practice Note: FAQs on Liability Management Exercises. What is liability management in relation to bonds? Liability management describes a range of techniques used by issuers to actively manage or restructure their outstanding bond liabilities. Typical liability management transactions comprise: bond buyback tender offer exchange offer consent solicitation A liability management transaction can also be structured as a combination of these techniques...

ARCHIVED This archived Practice Note is no longer maintained and is provided for background only. Moreover, some links may not take you to the provisions as they stood on the date this Practice Note’s guidance was published. This year’s annual round-up reviews notable developments from 2017 and signals what is coming in 2018. It covers: Supreme Court rulings in BPE Solicitors v Hughes-Holland and Tiuta v De Villiers on recovery of loss and the assessment of damages in professional negligence claims; Supreme Court decisions in Globalia v Fulton on mitigation, and Lowick Rose v Swynson concerning unjust enrichment and transferred loss; and From the High Court, an important judgment by Coulson J in Russell v Stone on limitation standstill agreements. Reviewing 2017 Professional negligence—recovering damages and the SAAMCO principle What happened? In BPE Solicitors v Hughes-Holland [2017] UKSC 21, the Supreme Court dismissed the trustee in bankruptcy’s appeal, determining that the losses the bankrupt incurred in a...

This Agreement is dated [ date ] Parties [ insert name of the pursuer ], a company registered in Scotland (no [ insert company number ]), whose [ registered office OR principal place of business ] is at [ insert address ] (the Pursuer) [ and ] [ ; ] [ insert name of defender ], a company registered in Scotland (no [ insert company number ]), whose [ registered office OR principal place of business ] is at [ insert address ] (the Defender). Each being a Party and, together, the Parties. Whereas (A) [ Insert details of the background to the dispute eg ‘The Parties entered into a contract for the supply of certain goods etc ]. (B) A dispute has emerged between the Parties regarding [ insert details of the dispute ] (the Dispute). (C) [ Proceedings were raised by the Pursuer against the Defender on [ date ] by way of [ Summons OR...

1 Definitions Completion – denotes the Date of Entry or, if later, the day the Price is paid and the purchase of the Property [ and Business ] is finalised under the Missives; Business – denotes the [ insert number ] [ star, ] [ , hotel ] [ , restaurant ] [ , café ] [ , bar ] [ , public house ] enterprise conducted by the Seller at the Property, providing [ [ describe accommodation type eg rooms, apartment or hotel ] ] [ , the sale of food and beverage ] [ , weddings ] [ , conference centre ] [ , leisure centre ] [ , spa ] [ , golf course ] [ , hairdresser ] [ , on-site staff accommodation ] together with all other activities, including those ancillary, incidental to, or connected with such business; Conclusion Date – means, unless stated otherwise, the first date on which the Missives bring about a concluded contract; Date of...

STANDARD SECURITY by [ INSERT THE GRANTOR’S NAME ] in favour of [ INSERT GRANTEE’S NAME ] Security Subjects: [ INSERT DETAILS OF PROPERTY ] 1 [ I OR We ], being [ insert name of Seller under Option Agreement ] [ of [ insert address ] OR incorporated in [ Scotland OR England and Wales ] with company registration number [ insert company registration number ] and registered office at [ insert address ] ] (the ‘Grantor’), as the present heritable proprietors of the aftermentioned Security Subjects, ACKNOWLEDGING that [ I OR we ] have assumed certain obligations under the option agreement entered into between (1) [ me OR us ], the said Grantor, and (2) [ insert name of Buyer under Option Agreement ] [ of [ insert address ] OR incorporated in [ Scotland OR England and Wales ] with company registration number [ insert company registration number ] whose registered office is at [ insert address ] ] (the ‘Grantee’ and which expression includes successors...

In financial remedy proceedings, it is usual for one party to earn on a self-employed footing as a sole trader in practice. Instead of using a separate legal personality, for example a company acting as the primary earning vehicle and paying salary and dividends, they trade in a chosen style or their own name and settle personal income tax on profits. Business costs are set off in the ordinary manner, and accounts are normally drawn up for this very purpose. Some sole traders simply run income and outgoings through a personal bank account, while others prefer to operate from a separate, dedicated business account...

Q&A In this Q&A, the tenant is termed the immediate tenant, while the intended subtenant is called the proposed tenant. Any subtenants of the proposed tenant are described as potential subtenants. As the exact text of the lease covenants is unknown to us, we proceed on the basis that the prohibition covenant mirrors that in Nemcova v Fairfield Rents, under which the lease obliged occupants not to use the premises for any unlawful or immoral purpose, and ‘for any purpose whatsoever other than as a private residence’. We also proceed on the basis that the alienation clause includes a requirement for the immediate tenant to adhere to the provisions set out in the superior lease in full...

Requirements for a section 21 notice served in respect of a tenancy agreement entered into before 1 October 2015 Throughout the three-year transitional window under section 41 of the Deregulation Act 2015 (ie 1 October 2015–30 September 2018), the prescribed format of the notice, together with any other conditions for serving a valid section 21 notice for tenancies agreed before 1 October 2015, remain unchanged and continue to apply as they did...