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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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Key content types in the Financial Services module Find content relating to financial services topics in Lexis+® UK. Essentials notes — High-level briefings on core financial services regulatory areas, highlighting key issues and recent changes. These act as a gateway to further Lexis+® UK Practical Guidance and news. Find the full list in: Essentials Practice Notes—financial services UK and EU financial services regulation—essentials. Timelines — Date-ordered timelines tracking past events and the latest developments across major financial services regulatory themes. Find the full list in: Trackers and Timelines—financial services UK and EU financial services regulation—trackers and timelines—overview. One-minute guides — Concise summaries of pivotal financial services regulatory topics, giving the essentials for rapid familiarisation. Find the full list in: One minute guides—financial services UK and EU financial services regulation—one minute guides—overview. Collections — Integrated hubs for selected financial services...
This Practice Note outlines the outsourcing obligations for firms contained in the Financial Conduct Authority ( FCA) Handbook’s Senior Management Arrangements, Systems and Controls sourcebook ( SYSC), and in the Prudential Regulation Authority ( PRA) Rulebook, including provisions that will replace Commission Delegated Assimilated Regulation ( EU) 2017/565 (the UK Mi FID II Organisational Regulation) from its revocation on 23 October 2025. It also highlights that the data protection framework in Assimilated Regulation ( EU) 2016/679 ( UK GDPR) includes requirements relevant to outsourcing. For more, see Practice Note: Outsourcing and data protection... Outsourcing rules applying to UK financial services firms The outsourcing rules that apply to UK financial services firms are found in: the overarching requirement to maintain effective processes in SYSC 4.1.1R, and SYSC 8 Dual-regulated firms should also consider the corresponding provisions in these Parts of the PRA...
This Practice Note offers an introduction to elements of the legal and regulatory framework aimed at preventing fraud in financial services. It covers: the FCA’s role and the duties on financial services firms to keep systems and controls that deter fraud common fraud types in financial services and the FCA’s expectations of firms in preventing them compensation and redress for victims, including the PSR’s mandatory reimbursement for Authorised Push Payment ( APP) fraud developments in anti‑fraud legislation and in regulatory, payments sector and consumer protection initiatives other key actors involved in preventing fraud in financial services Overview As a global financial centre with an open economy, the UK is exposed to economic crime from money laundering to fraud and market abuse. Fraud often serves as the predicate offence to money laundering and terrorist financing; it is frequently serious and...
ARCHIVED: This Practice Note has been archived and is no longer maintained. Stop Press: On 3 June 2025, the FCA issued Policy Statement PS25/5, unveiling the new Enforcement Guide ( ENFG), which from 3 June 2025 supersedes the Enforcement Guide ( EG). This Practice Note is being revised to reflect this update. For further information, see: FCA publishes new Enforcement Guide, LNB News 03/06/2025 30. What does the Enforcement Trends Report cover? Download a PDF version of the Trend Report here. This Trends Report sets out a synopsis of the principal trends in UK financial services enforcement. It examines the impact......
Legislative framework for data security UK GDPR The Assimilated Regulation ( EU) 2016/679—known as the UK General Data Protection Regulation ( UK GDPR)—is the principal source of data protection law in the UK. It is complemented by the Data Protection Act 2018 ( DPA 2018). For more on the UK GDPR and the DPA 2018, see Practice Notes: UK GDPR—the basics and The Data Protection Act 2018. FCA data protection requirements The FCA’s data protection requirements are outlined on its Data protection webpage. Customer data means any identifiable personal information a firm holds or retains about a customer. This may exist in any format or medium and includes: details gathered by the firm to meet anti-money laundering obligations data collected by the firm as part of the customer on-boarding process information secured by the firm to satisfy its suitability and appropriateness requirements, and any other identifiable personal...
Financial Services Brexit Q& As What are the key features of a Brexit SI? This Q& A sets out the spectrum of Brexit-related statutory instruments ( Brexit SIs) being prepared for the UK’s departure from the EU. Using powers in the European Union ( Withdrawal) Act 2018 ( EU( W) A 2018), and other enabling Acts, government is introducing SIs across numerous policy areas ahead of exit day. Legal teams are following developments closely to pinpoint technical and substantive amendments affecting their practice. It highlights the hallmarks of Brexit SIs and how to recognise and distinguish them in your alerts. What is retained EU law? This Q& A explains the scope and meaning of retained EU law under the EU( W) A 2018, including preserved legislation, principles and case law. It also covers the principal exclusions and the relevant transitional...
This Practice Note offers a comprehensive primer on the UK’s anti‑money laundering ( AML), counter‑terrorist financing ( CTF) and countering proliferation financing ( CPF) regime as it applies to financial services firms. It outlines: money laundering ( ML), terrorist financing ( TF) and proliferation financing ( PF) the AML/ CTF/ CPF framework for financial services, including the Financial Conduct Authority’s ( FCA) role the UK’s statutory AML/ CTF framework relevant FCA Handbook rules and guidance Joint Money Laundering Steering Group ( JMLSG) Guidance the responsibilities of a firm’s Money Laundering Reporting Officer ( MLRO) FCA AML/ CTF reporting obligations: REP‑ CRIM the Economic Crime ( Anti‑ Money Laundering Levy) a snapshot of key participants in the UK AML/ CTF landscape for financial services UK AML/ CTF legislative proposals, action plans and reforms...
UK financial sanctions obligations apply to all businesses and persons in the UK This Practice Note examines the implications for firms authorised by the Financial Conduct Authority ( FCA) under the Financial Services and Markets Act 2000 ( FSMA 2000), as well as e‑money and payment institutions and cryptoasset businesses within the FCA’s supervisory remit (collectively, firms). Although the FCA does not directly enforce sanctions, its remit is to assess whether supervised firms maintain robust systems and controls that ensure compliance with the UK financial sanctions regime. This Note details the FCA’s regulatory requirements and expectations for sanctions screening systems and controls, informed by: the FCA’s Financial Crime Guide ( FCG); the FCA’s Financial Crime Thematic Reviews ( FCTR); supporting FCA guidance; and the Joint Money Laundering Steering Group ( JMLSG) Guidance, Part III, Chapter 4, on compliance with the UK sanctions framework. It also takes...
Scope of this Practice Note This Practice Note outlines the carve-outs from the financial promotion restriction that apply across all controlled activities. For detail and background on the restriction, see Practice Note: The financial promotion regime—essentials. The exemptions referenced in this Practice Note are contained and detailed in Part IV of the Financial Services and Markets Act 2000 ( Financial Promotion) Order 2005, SI 2005/1529 ( FPO), as amended from time to time, including, for example, by the Financial Services and Markets Act 2000 ( Claims Management Activity) Order 2018, SI 2018/1253, and the Financial Services and Markets Act 2000 ( Amendment) ( EU Exit) Regulations 2019, SI 2019/632). The exemptions concern: specific kinds of communication communications aimed at particular recipients, and communications made by particular persons The FPO sets out a list of over 70 exemptions that are available to those who are not...
Exemptions from the financial promotion restriction This Practice Note examines exemptions from the financial promotion restriction that are most pertinent to financial services practice. For broader detail on the restriction in general, see Practice Note: The financial promotion regime—essentials. The exemptions to the restriction fall into three categories and are contained in the Financial Services and Markets Act 2000 ( Financial Promotions) Order 2005, SI 2005/1529 ( FPO). They are arranged by type of activity: provisions covering every controlled activity ( FPO SI 2005/1529, Pt IV) provisions for deposits and insurance ( FPO SI 2005/1529, Pt V) provisions for specified controlled activities, excluding deposit taking ( FPO SI 2005/1529, Pt VI) provisions for controlled claims management activities ( FPO SI 2005/1529, Pt VIA, arts 73A–73J) For guidance on the exemptions applying to all controlled activities, see Practice Note: Exemptions for all controlled activities; for guidance on deposits and...
This Practice Note outlines how authorised firms approve financial promotions under section 21 of the Financial Services and Markets Act 2000 ( FSMA 2000), the regulatory framework for such approvals, and the Financial Conduct Authority ( FCA) requirements set out in chapter 4.10 of the FCA’s Conduct of Business sourcebook ( COBS 4.10). For details on the financial promotion regime under FSMA 2000, s 21, see Practice Note: The financial promotion regime—essentials. Approval by an authorised person As noted above, the financial promotion restriction in FSMA 2000, s 21 does not apply where an authorised person has approved the content of a communication. The approval should be intended to enable unauthorised persons to issue financial promotions without infringing the restriction. Although the rule requires approval to concern the content of communications, it should attach specifically to the portion of a...
Background Financial conglomerates are sizeable groups active across more than one financial arena—banking, investment and insurance. They typically have intricate structures, operate across borders, and the wider organisation may include unregulated entities (from a financial legislation perspective), as well as entities not involved in financial services or engaged in non-financial activities. Historically, the bancassurance approach has been the leading operating model for such groups. Bancassurers bring together banking and insurance within a single organisation, enabling a full range of financial products in a one-stop shopping model—from conventional banking, through mutual funds, to insurance products. For insurers, bancassurance opens new distribution channels supported by a stable customer base; for banks, it broadens the product mix and lifts profitability by selling more through the same infrastructure already in place, thereby reducing fixed and overhead operating costs (economies of scale). Financial...
Why are the FCA's functions relevant? The Financial Conduct Authority ( FCA) sits within the regulatory framework that commenced on 1 April 2013. The Financial Services Act 2012 ( FSA 2012) amended the Financial Services and Markets Act 2000 ( FSMA 2000) and created the FCA—together with the Prudential Regulation Authority ( PRA) and the Financial Policy Committee ( FPC)—and set out their objectives, functions and powers. The FCA has a broad mandate to: regulate conduct in retail and wholesale markets supervise the trading infrastructure behind those markets, and oversee prudential regulation of firms not prudentially regulated by the PRA What are the FCA's functions? The FCA has a single strategic objective: to ensure the relevant markets for financial services function well. This is supported by three operational objectives centred on consumer protection, the integrity of the UK financial system, and...
Insurers must negotiate a patchwork system of financial and trade sanctions. Within the UK, HM Treasury leads on the financial sanctions regime, operating via the Office of Financial Sanctions Implementation ( OFSI). Trade sanctions sit with the Department for Business and Trade, delivered through the Export Control Joint Unit (overseeing the UK’s export control system) and the Office of Trade Sanctions Implementation ( OTSI), which handles civil enforcement of most trade sanctions linked to the movement of goods involving UK firms that do not cross the UK border). The Department for Transport manages shipping-related measures, while the Foreign, Commonwealth and Development Office sets the UK’s overarching sanctions policy. UK trade and financial sanctions reflect United Nations Security Council decisions, alongside unilateral UK listings and measures with equivalent effect to financial sanctions, including those made under the...
Scope of this Practice Note The Financial Advice Market Review ( FAMR) commenced in August 2015, co-led by HM Treasury ( HMT) and the FCA. It examined how government, industry and regulators could pursue separate and collaborative actions in order to foster a marketplace delivering cost-effective and accessible financial advice and guidance for all consumers. This Practice Note centres on those measures recommended by FAMR that influenced UK regulation of financial advice, including the breadth of the advice gap and the reasons it exists for individuals without substantial assets, the rules-based hurdles facing advisory firms, and the issues posed by novel and evolving technologies. Consequently, it does not set out every recommendation contained in the FAMR final report. FAMR was subsequent to the Retail Distribution Review ( RDR), which brought in revised rules effective from 31 December 2012, designed to raise...
Background to the regulation of regulated mortgage contracts and home finance transactions The oversight of regulated mortgage contracts, along with home reversion plans, home purchase plans, and regulated sale and rent back agreements (together termed ‘home finance transactions’), emerged at different stages. In 2000, HM Treasury signalled its plan to regulate mortgage lenders, and in December 2001 it updated those proposals to bring mortgage intermediaries within scope. On 31 October 2004—widely called M Day—both lenders and intermediaries dealing in regulated mortgage contracts ( RMCs) became subject to regulation. Subsequently, the Regulation of Financial Services ( Land Transactions) Act 2005 ( RFS( LT) A 2005) was passed, empowering the Financial Conduct Authority ( FCA), and before it the Financial Services Authority, to supervise activities akin to those already regulated for RMCs, but where the provider acquires land rather than merely advancing funds for the...
After the Financial Services Act 2012 amended the Financial Services and Markets Act 2000 ( FSMA 2000), the Financial Services Authority was wound up and its remit divided between the Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA). The Financial Services and Markets Act 2000 ( PRA-regulated Activities Order) 2013, SI 2013/556, sets out which activities fall within PRA regulation. As a result, the PRA oversees authorisation and prudential supervision of firms undertaking PRA-regulated business. Firms authorised by the PRA are dual-regulated, being additionally supervised by the FCA for conduct matters. Firms authorised by the FCA alone are subject only to FCA oversight for both prudential and conduct requirements. For more detail, refer to FCA and PRA authorisation under Part 4A of FSMA 2000. Both FCA- and PRA-authorised firms are required to report to the FCA and/or the PRA, as...
This Practice Note explores the FCA Handbook’s rules and guidance on remuneration incentives set out in Chapter 19F of the Senior Management Arrangements, Systems and Controls sourcebook ( SYSC 19F). SYSC 19F contains four categories of remuneration incentives: Mi FID remuneration incentives ( SYSC 19F.1); IDD remuneration incentives ( SYSC 19F.2); funeral plan remuneration incentives ( SYSC 19F.3); and public offer platform remuneration incentives ( SYSC 19F.4). Application of remuneration incentives rules SYSC 19F.1 applies to: common platform firms, excluding collective portfolio management investment firms Mi FID optional exemption firms third-country firms, but only for activities undertaken from a UK establishment SYSC 19F.2 applies to an insurance distributor that carries on insurance distribution activities from an establishment maintained by it, or by its appointed representative, in the UK. SYSC 19F.3 applies to any firm engaged in regulated funeral plan...
This one minute guide offers a concise overview of the essential features of the UK Sustainability Disclosure Requirements ( SDR) and Labelling regime. Following its October 2022 consultation ( CP 22/20), the Financial Conduct Authority ( FCA) released its response and the final SDR rules in Policy Statement ( PS 23/16) on 28 November 2023. In April 2024, the FCA also issued final guidance on the new anti‑greenwashing rule ( FG 24/3). For background, see News: FCA confirms new sustainability disclosure and labelling regime, LNB News 28/11/2023 67, and News Analysis: FCA sets sustainability disclosure rules for investments. For general information on sustainable finance and environmental, social and governance ( ESG) matters relevant to the financial services sector, see: Sustainable finance and ESG—overview. For details of the FCA’s priority areas on sustainable finance and ESG, see Practice Note: Sustainable finance and ESG in the UK...
Background to super-complaints and references The Financial Services Act 2012 revised the Financial Services and Markets Act 2000 ( FSMA 2000), setting up two routes for ensuring the Financial Conduct Authority ( FCA) receives significant information. Under FSMA 2000, s 234C, consumer organisations designated by HM Treasury may lodge a ‘super-complaint’ with the FCA. By contrast, FSMA 2000, s 234D permits regulated persons and the Financial Ombudsman Service ( FOS) to submit ‘references’ to the FCA. In June 2013, acting under FSMA 2000, s 234G, the FCA published guidance on both mechanisms, intended to broadly replicate the super-complaints model long operated by the Office of Fair Trading pursuant to the Enterprise Act 2002. Although closely related, super-complaints and references differ slightly in the nature of the information that must be provided to the FCA. The...
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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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