Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Misleading definition

What does Misleading mean? In legal practice, “misleading” describes statements, descriptions or omissions that create a wrong overall impression, even if literally true, and are likely to influence a person’s decision in a material way. The term is defined in consumer and marketing legislation. In the UK, the Trade Descriptions Act 1968 formerly provided (s 3(2)) that a trade description which, though not false, was likely to be taken as an indication of specified matters and would, as such an indication, be false to a material degree, was deemed a false trade description. That regime has largely been replaced by the Consumer Protection...

Misleading statements (FSA 2012, s 89): elements, mens rea, jurisdiction, defences, prosecution and sentencing; corporate liability (ECCTA 2023) and key case law on dishonesty and recklessness

Published by a LexisNexis Corporate Crime expert

Practice notes

Offences relating to financial services

The Financial Services Act 2012 (FSA 2012) sets out three offences aimed at market manipulation:

issuing False or Misleading statements, or deceitfully hiding material facts, under FSA 2012, s 89
producing false or misleading impressions under FSA 2012, s 90
making false or misleading statements, and related conduct, concerning benchmarks under FSA 2012, s 91

See also Practice Notes: Misleading statements etc in relation to benchmarks and Misleading impressions under Financial Services Act 2012. For details of the previous regime for market manipulation under section 397 of the Financial Services and Markets Act 2000 (FSMA 2000), which has been repealed, refer to Practice Note: Misleading the market and market manipulation under s 397 FSMA 2000 [Archived]...

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James Alleyne

Kingsley Napley

James is Legal Director in the firm’s Financial Services Group. He advises clients on the full spectrum of financial services and FCA-related matters, including on authorisation applications, perimeter and supervisory issues, enforcement investigations and cases before the Regulatory Decisions Committee and Upper Tribunal.James joined Kingsley Napley in 2022 from the FCA where he spent seven years in the Enforcement division, giving him a unique insight into the approach and working of the regulator.Whilst at the FCA James built the framework, and led the dedicated team responsible, for taking assertive supervisory intervention action against firms through the imposition of requirements, freezing of assets, banning of financial promotions and variations of permissions. James led many of the FCA’s highest profile interventions to date, including the banning of the world’s largest crypto exchange. James also has significant experience of advising on FCA criminal and...

Web page updated on 21/05/2026

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