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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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This Practice Note outlines the regulatory framework for public offers of securities in the UK and the admission of securities to trading on a UK regulated market, which took effect on 19 January 2026. It reviews the Public Offers and Admissions to Trading Regulations 2024 ( POATRs), SI 2024/105, with emphasis on the prohibition on public offers of securities in the UK and the exceptions to that prohibition. It also explains when a prospectus is required under the FCA Prospectus Rules: Admission to Trading on a Regulated Market sourcebook ( PRM). The focus is on public offers and admissions to trading of equity securities. For further detail on the POATRs rules for public offers and admissions and the PRM provisions on prospectuses, see Practice Note: UK prospectus regime reform. Why was the public offers and admissions to trading regime...
FORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will raise the normal minimum pension age ( NMPA) from 55 to 57 on 6 April 2028, with the exception of members of the firefighters, police and armed forces public service pension schemes. The Finance Act 2022 will also permit members of registered pension schemes to access benefits before 57 where, on or before 4 November 2021, they either held an ‘unqualified right’ to take benefits, or were undertaking a substantive transfer to a scheme that, on or before 4 November 2021, provided an unqualified right to a protected pension age below 57. To rely on this new 2028 protection, the scheme’s rules must, as at 11 February 2021, have contained an unqualified right to draw scheme benefits before age 57. For further details, see Practice Note: Increasing the normal minimum pension age ( NMPA) to...
A pension transfer A pension transfer takes place when an individual’s rights under one pension scheme are moved to another. The ceding scheme passes the relevant assets to the receiving scheme, which then assumes responsibility for providing the benefits for the person concerned. Members of all UK registered pension schemes that are personal pension schemes have an overriding statutory entitlement to transfer the cash equivalent of their benefits to another pension arrangement, subject to meeting certain prescribed conditions. Many personal pension schemes also allow transfers out in wider situations than those giving rise to the statutory right, for example: partial transfers transfers of benefits that are in drawdown transfers of particular assets in non-cash form In practice, it is crucial that transfers paid from personal pension schemes constitute a recognised transfer for HMRC purposes and do not inadvertently forfeit any tax-related protections or statuses the member may...
This Practice Note explores the legal and practical considerations that arise when a personal pension scheme is wound up by its provider, the scheme administrator, and any trustee. What does it mean? Care must be taken to distinguish the winding up of a personal pension scheme from an employer’s choice to stop participating in the arrangement which, in the context of employee relations, may be portrayed as the winding up or closure of the employer’s group personal pension plan. Any pension arrangement that is not an occupational pension scheme is a personal pension scheme, and it must, in general, be created by a person with permission under the Financial Services and Markets Act 2000 ( FSMA) to establish a personal pension scheme or stakeholder pension scheme in the UK. Unlike occupational pension schemes, a personal pension scheme does not have to be set up under...
Before 6 April 2006, personal pension schemes had to offer retirement benefits on a money purchase basis to gain HMRC approval. Although that rule no longer applies, its legacy—together with the original, narrow list of authorised providers—has influenced the investment structures and strategies that are typically available in the personal pensions market... Investment strategy Unlike trustees of occupational pension schemes, contract-based pension providers are not obliged to prepare a statement of investment principles ( SIP). Their main public-facing document is the Independent Governance Committee ( IGC) annual report. IGCs must act in the interests of policyholders. While their primary role is to assess value for money, the report goes beyond that: it sets out how the IGC has considered policyholders’ interests more broadly. It must also detail the arrangements the pension provider has established to ensure that policyholders’ views are directly conveyed to the IGC. For...
FORTHCOMING CHANGE : On 10 October 2025, the Department for Work and Pensions ( DWP) stated it plans to consult on the £30,000 threshold that obliges pension scheme members to take independent financial advice before moving safeguarded pension benefits into a flexible benefit scheme, amid increasing scrutiny of whether the £30,000 level remains suitable in view of inflation and higher advice fees. For further information, see LNB News 22/10/2025 44. On 6 April 2015, pension freedoms were brought in, enabling members with flexible benefits (namely, money purchase benefits and cash balance benefits) to access their pension pots in additional ways, including through drawdown or by taking one or more lump sums known as uncrystallised funds pension lump sums ( UFPLSs). These pension freedoms do not extend to safeguarded benefits (namely, defined benefits ( DB) and other benefits that are not money purchase or cash...
Role of the Pensions Regulator Statutory objectives The Pensions Regulator’s core function is to meet the statutory objectives set out in section 5 of the Pensions Act 2004 ( Pe A 2004). These are: to safeguard the benefits due to, or on behalf of, members of occupational pension schemes to safeguard the benefits due to, or on behalf of, members of personal pension schemes who are: employees for whom there are 'direct payment arrangements' (defined below), and where the scheme is a stakeholder pension scheme, any other members to reduce the likelihood of circumstances that could lead to compensation from the Pension Protection Fund for defined benefit scheme funding, to minimise any adverse effect on an employer’s...
Background to this Practice Note For context, the Law Commission’s Digital Assets: Consultation Paper formally defines a ‘digital asset’ as any asset that is presented in digital or electronic form. Digital assets span a wide range and include, among others, cryptoassets and stablecoins. Under the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017, SI 2017/692 ( MLRs 2017) (as amended), a ‘cryptoasset’ means cryptographically protected digital representations of value or contractual rights that rely on some form of distributed ledger technology ( DLT) and are capable of being transferred, stored, or traded electronically. In consultation paper CP19/3: Guidance on cryptoassets, the FCA identified three broad classes of cryptoassets: ‘exchange’ tokens — the FCA explained that exchange tokens are used in a manner akin to traditional fiat money. Nonetheless, while they can operate as a medium of...
STOP PRESS : In March 2025, the government set out its plans to fold the Payment Systems Regulator, and its functions primarily, into the Financial Conduct Authority. The intention is to simplify the regulatory landscape, cut duplication and reduce overlap, and enable firms to prioritise innovation and service delivery. When this change will take effect still remains uncertain; however, HM Treasury has stated in a letter that it intends to consult on the proposal’s details over the course of summer 2025 and to legislate as soon as it can. In the meantime, the PSR and the FCA expect to collaborate closely together. General duties The Payment Systems Regulator ( PSR) holds a number of statutory duties and powers under the Financial Services ( Banking Reform) Act 2013 ( FS( BR) A 2013). In discharging its general functions in relation to payment systems, the PSR must, so far as is...
This Practice Note examines when a trader may levy a charge for using particular payment instruments, for example debit or credit cards (a ‘payment surcharge’). It considers the effect of the Consumer Rights ( Payment Surcharges) Regulations 2012, SI 2012/3110 ( CR( PS) R 2012), as updated by the Payment Services Regulations 2017, SI 2017/752 ( PSRs 2017). It outlines the legislative context, defines surcharging, sets out the limits on surcharges and relevant carve-outs, and looks at enforcement and available remedies... Background The CR( PS) R 2012 took effect on 6 April 2013 to give effect to Article 19 of Directive 2011/83/ EU ( OJ L 304/64), the EU Consumer Rights Directive ( EU CRD). That measure barred traders from imposing payment method fees on consumers that exceeded the costs the trader actually incurred for that method. Its impact proved narrow, however, and the EU...
STOP PRESS : In March 2025, the government set out plans to fold the Payment Systems Regulator, and most of its remit, into the Financial Conduct Authority. The aim is to simplify oversight, cut duplication, and help firms concentrate on innovation and delivering services. Timing remains uncertain, though HM Treasury indicated in a letter that it would consult on the proposal’s detail during summer 2025. HM Treasury launched a public consultation on 8 September 2025, closing on 20 October 2025, outlining options for a leaner payments regulatory framework. Under the proposals, the FCA would assume the PSR’s roles, including advancing competition and innovation across payment systems and the services they provide, while championing the interests of consumers and businesses making everyday payments. Legislation will follow when Parliamentary time permits. Meanwhile, the PSR and FCA intend to work in close...
In brief UK data protection legislation is designed to make sure information about living people (falling within the meaning of ‘personal data’) is treated fairly and responsibly. To achieve this, UK data protection law places extensive duties on anyone ‘processing’ personal data, as well as on those controlling such activities in practice. ‘ Processing’ is interpreted widely, covering almost any operation on data, such as collecting, storing, deleting, disclosing, or otherwise using it. A central safeguard within UK data protection law is, in particular, the framework of obligations imposed on ‘controllers’—generally the parties determining the purposes and means of processing—and on ‘processors’, being those who handle personal data for a controller in line with the controller’s instructions. Among other requirements, UK data protection law typically obliges controllers and processors to enter into contracts containing specified minimum terms and to ensure that any...
This Practice Note outlines the principal concepts relating to an open-ended investment company ( OEIC), also referred to as an investment company with variable capital ( ICVC). It addresses: the relevant provisions of the Open- Ended Investment Companies Regulations 2001, SI 2001/1228 ( OEIC Regulations 2001) and the Financial Services and Markets Act 2000 ( FSMA 2000); the criteria for obtaining Financial Conduct Authority ( FCA) authorisation; and the process for winding up. FCA-authorised CIS In the UK, an FCA-authorised collective investment scheme ( CIS) may take one of these legal forms: an OEIC an authorised unit trust ( AUT). For further information on an AUT, see Practice Note: Authorised unit trusts ( AUTs), or an authorised contractual scheme ( ACS). For further information on an ACS, see Practice Note: Taxation of authorised contractual schemes (...
What is the background to the Open Banking concept? Although retail banking has seen significant technological progress over recent decades—from telephone services to online banking—the fundamental business model has arguably changed very little at its core. Even as more customers move away from branch-based interactions towards newer channels, the industry still largely revolves around accepting deposits and providing loans. In addition, the historically ‘closed’ banking ecosystem has consistently retained control of customers and, critically, their data. Against this backdrop, legal and regulatory shifts have brought about the concept of ‘ Open Banking’. These changes were introduced in the UK at the same time on 13 January 2018, and include: the implementation of the recast European Payment Services Directive ( Directive 2015/2366/ EU) ( PSD2), which replaced the original Payment Services Directive. PSD2 has a broader scope than the PSD and covers two forms of...
This Practice Note explains open banking and relevant legal and commercial issues. It covers: Background The open banking standard Third party providers and authorisation Applicable law and regulations Contracting for open banking Effectiveness of implementation Key developments Open banking refers to deploying application programming interfaces ( APIs) to aggregate data and permit third parties to access (principally) current accounts with participating banks (and related data), subject to the account holder’s consent. A key aim of this access is to enable such third parties to design products and services for customers that are guided by the information they obtain and/or their ability, with the customer’s explicit consent, to initiate payments from in-scope accounts. The expectation is that these offerings, together with heightened customer awareness, will stimulate competition in the UK’s retail banking market. Open banking is closely linked to (and...
ARCHIVED This Practice Note is archived and not maintained. Introduction This Practice Note outlines proposals to introduce compulsory obligations for particular UK companies to disclose a net zero transition plan. Although reporting such plans is not yet mandatory, many businesses already publicise their net zero pledges voluntarily under the ‘comply or explain’ requirements for listed issuers. On 9 October, 2023, the Transition Plan Taskforce ( TPT) released a best-practice, standardised disclosure framework for climate transition plans. Alongside this, the TPT’s Co- Chairs, Amanda Blanc, CEO of Aviva, and Baroness Penn, Treasury Lords Minister HM Treasury, encouraged companies to use the TPT’s resources to begin their transition to Net Zero. There has long been an expectation that compulsory rules would follow the TPT’s creation of this gold‑standard Disclosure Framework. This Practice Note concentrates on the TPT’s standardised Disclosure Framework for climate transition plans and the related guidance. Topics include net zero...
This Practice Note reviews the UK’s implementation of the Mortgage Credit Directive 2014/17/ EU ( EU MCD) and reflects on the consequences of the UK leaving the EU. What is the Mortgage Credit Directive? The EU MCD created a harmonised framework of laws, regulations and administrative measures across EU Member States for agreements that provide credit to consumers secured by a mortgage or otherwise connected to residential immovable property. For further details on the EU MCD regime, please see Practice Note: EU Mortgage Credit Directive—essentials......
This Practice Note outlines the responsible lending and funding obligations, together with the provisions on charges, arrears and repossessions, found in the Financial Conduct Authority’s ( FCA’s) Mortgages and Home Finance: Conduct of Business sourcebook ( MCOB), specifically MCOB 11, MCOB 11A, MCOB 12 and MCOB 13. It also addresses the Bank of England’s Financial Policy Committee ( FPC) loan‑to‑income ( LTI) flow cap, designed to avert material, significant and unsustainable growth in household debt levels. For further information on other aspects of MCOB and related guidance, see Practice Notes: Mortgage and home finance conduct of business: application and general requirements, Mortgage and home finance conduct of business—financial promotion and communications regime, and Mortgage and home finance conduct of business: distribution and disclosure requirements, which provide additional detail. Application of MCOB 11, MCOB 11A, MCOB 12 and MCOB 13 MCOB 11 The rules in MCOB 11...
This Practice Note outlines the regime governing financial promotions and wider communications concerning regulated mortgage contracts ( RMCs), home purchase plans ( HPPs), home reversion plans ( HRPs) and regulated sale and rent back agreements ( SRBAs) — together described as home finance transactions — as contained in the Financial Conduct Authority’s ( FCA) Mortgages and Home Finance: Conduct of Business sourcebook ( MCOB), with particular focus on MCOB 3A and MCOB 3B. For guidance on other parts of MCOB, see Practice Notes: Mortgage and home finance conduct of business: application and general requirements, Mortgage and home finance conduct of business—distribution and disclosure requirements and Mortgage and home finance conduct of business—responsible lending, charges and arrears requirements. Application of MCOB 3A MCOB 3A covers the making or approval of any financial promotion that concerns qualifying...
Practice Note This Practice Note outlines the functions of the Nominated Officer and the Money Laundering Reporting Officer ( MLRO) within a firm authorised by the Financial Conduct Authority ( FCA), or a firm registered with the FCA for money laundering ( ML) purposes (roles frequently, though not invariably, carried out by the same individual), under the UK’s anti-money laundering ( AML), counter terrorist financing ( CTF) and counter proliferation financing ( CPF) applicable legislative and regulatory framework......
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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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