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This Practice Note outlines the law concerning criminal recklessness. The subjective test for recklessness Certain statutory and common law offences allow the prosecution to prove mens rea through ‘recklessness’. Put simply, recklessness is where the accused takes an unjustified risk that results in unlawful harm or damage. The House of Lords in R v G reaffirmed the subjective approach to recklessness. Before R v G, two distinct tests were used, depending on the offence charged: Subjective recklessness from R v Cunningham: the prosecution had to establish that the accused personally foresaw the risk. Objective recklessness from R v Caldwell: the prosecution only needed to show that the risk would have been obvious to a reasonable person, without proving the accused themselves foresaw it. In R v G, the House of Lords concluded that the objective test could operate unfairly where a defendant did not foresee the
This Practice Note examines the remedy of rescission, explaining when and in what manner a contract can be unwound (at common law, in equity and under statute) and thereby terminated and brought to an end. It covers the consequences and effects of rescission, the principal grounds for setting aside an agreement (misrepresentation, mistake, undue influence, duress, non‑disclosure, fiduciary misdealing and bribery) and the main obstacles to claiming rescission—affirmation, the intervention of third‑party rights and the impossibility of restitution. For further guidance on rescission in the context of misrepresentation, see Practice Note: Misrepresentation—rescission as a remedy. There are many ways in which a contract may reach its end; see: Terminating contracts—how and when a contract ends—overview for a brief and accessible summary, with links to the related further practical guidance, including Practice Note: Termination and expiry of contracts. For a table
What is a res judicata? A res judicata is a determination by a court or tribunal with jurisdiction over the cause of action and the parties, which finally disposes of the issues decided so they cannot be litigated again by those bound, save on appeal. Final judgments entered by default or by consent fall within this concept, whereas rulings on purely procedural points and any decision lacking finality do not. The doctrine’s aim is to bring litigation to an end and shield parties from being harassed by the same dispute twice. in personam—binds the parties and their privies in rem—binds all persons, privy or otherwise (ie a judgment binding the whole world) A party may rely on res judicata: as an estoppel to defeat an opponent’s claim or defence; and/or as the basis of their own claim or
The offence of causing grievous bodily harm with intent Wounding or causing grievous bodily harm (GBH) with intent can be tried solely in the Crown Court on indictment. Elements of the offence Under the Offences against the Person Act 1861 (OATPA 1861), the prosecution must establish that the defendant unlawfully and maliciously: wounded with the intention of causing GBH, or caused GBH with that intention, or wounded intending to resist or prevent the lawful arrest or detention of any person, or caused GBH intending to resist or prevent the lawful arrest or detention of any person ‘Unlawfully’ and ‘maliciously’ Unlawfully The wounding or causing of GBH must be unlawful. Such conduct may be lawful if used: in self-defence in defence of another in defence of property for the prevention of crime where the victim gave express or implied consent For further information on these defences, see below:
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In recent years, most sectors have felt the effects of innovation and emerging technology. Much of this progress is driven by the aim to lower costs and enhance efficiency. So far, disruption within the debt capital markets has been limited, chiefly due to significant entry barriers such as capital requirements and regulatory scrutiny. This is changing, however, as these markets begin to adopt new technologies... What is fintech? There is no single agreed definition of ‘fintech’, but the term is commonly used to capture technology-enabled innovation within financial services. cryptocurrencies/cryptoassets (eg bitcoin) blockchain or distributed ledger technology ( DLT) artificial intelligence ( AI) and machine learning ( ML) crowd funding platforms ‘telematics-based’ insurance (eg where data is collected to monitor driving) mobile banking Why is fintech being explored for the debt capital...
This Practice Note reviews Group Litigation Orders ( GLOs) in the context of financial services disputes. It contrasts GLOs with: other mechanisms for multi-party litigation: consolidation of actions ( CPR 3.1(2)(g)) representative actions ( CPR 19.8) ‘omnibus claims’ ( CPR 7.3) test cases following complaints to the Financial Ombudsman Service ( FOS) ( DISP 3.4.2 R) the Financial Markets Test Case Procedure ( CPR 63A) collective proceedings for competition law breaches collective redress obtainable through regulatory action by the Financial Conduct Authority ( FCA) or Prudential Regulation Authority ( PRA): consumer redress...
The aim of this Practice Note is to set out an overview of the legislation that underpins building societies. It also briefly addresses the legal framework supporting other mutual bodies, such as friendly societies. Overview of the Building Societies Act 1986 The Building Societies Act 1986 ( BSA 1986) introduced, at that time, an entirely fresh statutory framework for building societies, the first wholesale re-cast since the original comprehensive building society legislation of 1874. Since then, BSA 1986 has been amended repeatedly, and was substantially overhauled by the Building Societies Act 1997 ( BSA 1997), the Financial Services and Markets Act 2000 ( FSMA 2000), and the Financial Services Act 2012 ( FSA 2012) (which also amended FSMA 2000). The Financial Services ( Banking Reform) Act 2013 made further changes to BSA 1986, and assorted minor enactments have also produced additional amendments to BSA 1986....
SM& CR—applications to perform SMFs, notifications, and withdrawal of approval Note: On 15 July 2025, the government unveiled the Leeds Reforms, setting out plans to simplify the SM& CR. At the same time, the PRA and FCA issued consultation papers CP18/25 and CP25/21. See News Analysis: Reform of the SM& CR— Proposals and next steps. The regulators propose a two‑stage reform, with Phase Two to follow subject to HM Treasury consultation and legislative changes. Final Phase One requirements are expected by mid‑2026. Any Phase Two consultations will depend on HMT legislation. The Senior Managers and Certification Regime ( SM& CR) and the Approved Persons Regime ( APR) constitute the UK regulators’ framework for supervising individuals in financial services, providing for individual approval by the Financial Conduct Authority ( FCA) and, where required, the Prudential Regulation Authority ( PRA). In 2016, the...
What is operational resilience? This Practice Note outlines the key operational resilience requirements that apply to UK financial services firms. Operational resilience is the capacity of firms, and the financial sector, to prevent, adapt, respond to, recover from, and learn from operational disruption. It goes further than business continuity and disaster recovery and is a strategic priority for regulators around the world. Operational resilience-in-scope firms The summary below sets out the categories of firms within scope of the UK operational resilience regime and the applicable rules and guidance from the PRA, FCA and Bank of England. Banks, building societies, and PRA-designated (ie systemically important) investment firms: PRA/ FCA/ Bo E joint paper: Building operational resilience: Impact tolerances for important business services PRA Policy Statement PS6/21: Operational resilience: Impact...
The UK’s ring-fencing framework, initially created by the Financial Services ( Banking Reform) Act 2013 ( FS( BR) A 2013), has been materially updated following commencement of the Financial Services and Markets Act 2000 ( Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) ( Amendment) Order 2025, SI 2025/30 (the 2025 reforms). This Practice Note outlines the background to the 2025 reforms, sets out the principal amendments made, and flags practical and compliance considerations that ring-fenced banks and their groups may face. Background to the 2025 reforms Brought in during 2013, ring-fencing formed part of a suite of UK banking reforms responding to the 2008–2009 global financial crisis. It took full effect in 2019, obliging the biggest UK banks to segregate core retail banking from wholesale and investment operations. The policy aim was to protect essential banking services on which households and SMEs rely from...
This Practice Note sets out details on the UK bank recovery and resolution framework, encompassing the Special Resolution Regime ( SRR) under the Banking Act 2009 ( BA 2009) together with associated rules and guidance contained in the Prudential Regulation Authority ( PRA) Rulebook, as well as policy statements and other materials published by the PRA, the Bank of England ( Bo E) and HM Treasury ( HMT). UK bank recovery and resolution regime—introduction What are bank recovery and resolution? Bank recovery describes restoring a firm’s operations to a resilient and sustainable footing when under acute strain. Bank resolution refers to handling a firm’s failure so as to limit harm to depositors, safeguard financial stability and protect public funds. What is the bank recovery and resolution regime? The bank recovery and resolution regime comprises measures designed to function both before and after problems arise: ...
Change in control of authorised persons Under Part XII of the Financial Services and Markets Act 2000 ( FSMA 2000), anyone—individuals or corporate entities—seeking to acquire, or increase, control in a UK authorised firm must obtain prior consent from the Financial Conduct Authority ( FCA) or the Prudential Regulation Authority ( PRA). A current controller must also inform the FCA or PRA when reducing or ending control of a firm. SUP 11 of the FCA Handbook, together with the Change in Control Part of the PRA Rulebook, sets out the thresholds and obligations in full. Filings concerning an acquisition or increase of control are known as section 178 notifications and should be lodged with the FCA or the PRA immediately once a decision to acquire or increase control is taken. Consent from the relevant regulator is required before any acquisition or increase in control...
This Practice Note looks at the powers of the Prudential Regulation Authority ( PRA) to impose and vary requirements For guidance on the cancellation of requirements, refer to Practice Note: Prudential Regulation Authority—cancelling permission and requirements. A ‘requirement’ is a condition the PRA places on an authorised person. The PRA’s remit over requirements is narrower than that of the Financial Conduct Authority ( FCA). It may only set requirements on: individuals who have applied for permission to carry on PRA‑regulated activities; PRA‑authorised persons who have applied for permission or for a variation of an existing permission; and FCA‑authorised persons who have applied to add PRA‑regulated activities to their permission. By comparison, the FCA can impose requirements on persons whether they have applied to the PRA or the FCA for permission or to vary a permission. Illustrations of a...
This Practice Note looks at the powers of the Financial Conduct Authority ( FCA) to impose and vary requirements This Practice Note explores the FCA’s authority to set and adjust requirements applicable to firms. For guidance on the cancellation of requirements, see Practice Note: Financial Conduct Authority—cancelling permission and requirements. A ‘requirement’ is a condition placed on an authorised person by the regulator where that person has made an application for: Part 4A permission, or the variation of a Part 4A permission. Such a requirement takes effect on, or after, the giving or variation of the permission, as the FCA considers appropriate. The FCA may impose a requirement on a firm irrespective of whether the application for permission, or for a variation of permission, was submitted to the FCA itself or to the Prudential Regulation Authority ( PRA). Examples include a...
This Practice Note monitors the development of UK legislation brought forward under the legislative programme linked to the UK’s departure from the EU. It also features a Brexit SI database that compiles details of both draft and made secondary legislation related to Brexit. Quick links Use the links below to go directly to the relevant section or tracker. Practice area trackers Follow the links below for trackers focused on Brexit legislation across specific practice areas: Commercial Corporate Crime Dispute Resolution Employment Energy Environment Financial Services Information Law Intellectual Property Life Sciences Local Government Pensions Property R& I Tax For further updates and guidance tailored to individual practice areas, see: Brexit collection......
Introduced in 2023, the Financial Conduct Authority’s ( FCA) Consumer Duty (the Duty) signalled a major change in the FCA’s regulation of the retail sector, setting higher expectations for the level of care firms owe to consumers. The Duty forms part of the FCA’s shift to an outcomes‑based regime, prompted by worries that many firms took a reactive, ‘tick‑box’ approach to compliance. The FCA was dissatisfied with the consumer outcomes achieved under existing Handbook provisions, including the Principles for Businesses Sourcebook ( PRIN), the Product Intervention and Product Governance Sourcebook ( PROD), and the pre‑existing client best interest rules within the Conduct of Business Sourcebook ( COBS) and the Insurance: Conduct of Business Sourcebook ( ICOBS). Consequently, the FCA expects firms to raise their standards to meet the Duty’s requirements... Key points on the Consumer Duty are as follows: It took effect on 31 July 2023 for...
This guidance sets out the structure, make-up, accountability and governance arrangements—covering the Board and its committees—of the Financial Conduct Authority ( FCA). The governance framework defines how the Board, as the FCA’s governing body, establishes, steers and oversees the organisation. For details about the FCA and the UK financial services regulatory system, see UK regulators—financial services—overview. For details of the FCA’s roles, aims and statutory powers, see Practice Notes: Financial Conduct Authority—functions and Financial Conduct Authority—objectives and powers. FCA and corporate governance The FCA came into being on 1 April 2013, assuming responsibility for conduct and certain prudential regulation from the Financial Services Authority ( FSA). Under the Financial Services and Markets Act 2000 ( FSMA 2000), as revised by the Financial Services Act 2012 ( FSA 2012), the FCA took on a wide and varied set of regulated activities, notably banking...
This Practice Note offers a digest of recent and revised materials issued by the International Capital Markets Association ( ICMA). It is routinely refreshed and reviewed, and spans publications from January 2017 onwards. Information here is also cross‑referenced within the relevant Practice Notes in Banking & Finance. The ICMA items mentioned in this Practice Note first appeared on the ICMA website (full access requires a subscription). Commentary and linked materials are supplied by Lexis+® UK Banking & Finance. 2026 Date of update/announcement from ICMA ICMA news 30 April 2026 ICMA publishes Digital Bonds Annex to GMRA documentation suite Why? ICMA has unveiled a Digital Bonds Annex to complement its Global Master Repurchase Agreement ( GMRA) documentation set. This addition widens the GMRA architecture to encompass trades in digital bonds, building upon the earlier Digital Assets Annex released in August 2024, which provides standardised terms for repo deals...
This Practice Note explores two effects of the Financial Conduct Authority’s ( FCA) Consumer Duty on claims management companies ( CMCs). First, it looks at how the Duty applies to CMCs, covering why CMCs fall within scope, sectoral considerations for each cross-cutting obligation and for each of the four customer outcomes, and how the FCA’s historic and current concerns have informed its expectations of CMCs in meeting the Duty. Second, it considers how CMCs may use the Consumer Duty to progress consumer claims. For an outline of the main features of the FCA’s Consumer Duty, see Practice Note: The FCA Consumer Duty—essentials. For key developments, see: The FCA Consumer Duty—timeline... Overview and key points for CMCs and the Consumer Duty CMCs are broadly understood as firms or individuals that support consumers by handling claims for compensation or other benefits. Although CMCs are rarely...
What does this Practice Note cover? Green bonds are a natural financing route for issuers with a funding or refinancing need for a green project. An issuer that plans to deploy the proceeds towards environmentally friendly programmes—for instance, lowering the carbon footprint or waste arising from day‑to‑day business—can access the market and also demonstrate its commitment to sustainability. Green bonds can appeal to both issuers and investors when the ecological objectives and commercial considerations are properly balanced. This Practice Note covers: What are green bonds? Types of green bonds Green Bond Principles Assurance How green is green? Market developments Next frontier and trends For the latest news and key developments in sustainable finance (including green bonds), see Practice Notes: Sustainable finance—recent news and Sustainable finance and ESG—timeline. What are green bonds? Green bonds are debt issuances in which the...
This Practice Note summarises General Licences issued by the Office of Financial Sanctions Implementation ( OFSI) under the UK financial sanctions framework. It does not extend to General Trade Licences from the Department for Business and Trade ( DBT). HM Treasury may change, withdraw or suspend any General Licence at short notice; always consult the licence itself before acting. See Practice Note: Sanctions-legal services general licences for an overview of General Licence INT/2025/6160920 on legal services. Full details of OFSI General Licences can be found here. For guidance on specific financial sanctions licences and exemptions, see Practice Note: Licences and exemptions in financial sanctions. For practical steps on applying for an OFSI licence, see Practice Note: How to apply for an OFSI licence and Applying for an OFSI...
NOTE: On 15 July 2025, the government unveiled the Leeds Reforms, aiming to streamline the SM& CR. At the same time, the PRA and FCA issued consultation papers CP18/25 and CP25/21. The regulators outline a two‑phase reform, with Phase Two to follow subject to legislative change under HM Treasury consultation; see News Analysis: Reform of the SM& CR- Proposals and next steps. In February 2026, HMT consulted on the Appointed Representatives Regime, including proposals to bring appointed representatives within the scope of the SM& CR. The consultation closed on 9 April 2026. For further detail, see SM& CR-one minute guide- Policy development. This Practice Note reviews aspects of the Approved Persons Regime ( APR), contained in Part V of the Financial Services and Markets Act 2000 and in SUP 10A of the FCA Handbook, which applies to appointed...
AIFMD transparency and prospectus requirements The Alternative Investment Fund Managers Directive ( Directive 2011/61/ EU) ( AIFMD) took effect in UK national law on 22 July 2013, establishing rules on transparency and the information to be provided to prospective investors before they commit to an investment decision. For investors and an alternative investment fund manager ( AIFM), the core document is the investment prospectus (also referred to as an information memorandum). It must present all material details about the opportunity so that an investor can make a properly informed choice. This Practice Note outlines the prospectus transparency obligations in the Financial Conduct Authority ( FCA) Handbook-specifically, the Investment Funds sourcebook, chapter 3.2 ( FUND 3.2)-and examines how these principles should be applied when preparing an investment memorandum that is fit for purpose. Related materials include: Practice Note: UK AIFM...
This Checklist supports those advising financial services firms on meeting the UK’s anti-money laundering ( AML), counter-terrorist financing ( CTF), and countering proliferation financing ( CPF) legal and regulatory obligations. It sits within a wider series covering customer due diligence ( CDD)-often described as ‘know your customer’ or ‘ KYC’-as required by the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017, SI 2017/692 ( MLRs), alongside guidance issued by the Financial Conduct Authority ( FCA) and the Joint Money Laundering Steering Group ( JMLSG). This Checklist concentrates on the application of enhanced customer due diligence ( EDD), both for general higher risk scenarios and for specified circumstances involving unusual transactions, high-risk third countries, and correspondent relationships. For applying EDD to politically exposed persons, see: AML/ CTF...
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When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...
This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...
Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...
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