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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 This Practice Note sets out the contractual obligations between a firm (the principal) and its appointed representative ( AR) as required by Chapter 12 of the Supervision manual ( SUP 12) in the Financial Conduct Authority ( FCA) Handbook. For a summary of an AR’s appointment and functions, see Practice Notes: Appointed representatives and A principal’s responsibility for its appointed representatives. Tougher standards for principals and their ARs applied from 8 December 2022, bringing in further rules and expectations for the agreements governing their relationship. The material in this Practice Note reflects the FCA’s latest rules and guidance on these matters. For further detail on the revised regime, see The new AR regime below and Practice Notes: Appointed representatives and A principal’s responsibility for its appointed representatives. This Practice Note addresses only the contractual position between an AR and its...
From 6 April 2015, when the pension freedoms took effect, legislation and the Financial Conduct Authority ( FCA) Handbook introduced measures requiring trustees, managers and providers of both contract-based and trust-based schemes to give members holding flexible benefits (that is, money purchase or cash balance benefits) information on their retirement choices, for example via a ‘wake-up pack’. For further detail, see the following Practice Notes: Retirement communications in FCA-regulated pension schemes Retirement communications in occupational DC schemes To offer a ‘second line of defence’ for individuals who choose not to use Pension Wise guidance when selecting a retirement route, the FCA and the Department for Work and Pensions ( DWP) have put in place provisions requiring pension providers and trustees of occupational schemes offering flexible benefits to issue suitable retirement risk warnings to members wishing to access their pension pot. This Practice Note...
This Practice Note sets out the post‑ Brexit requirements of the Financial Conduct Authority ( FCA) regarding tied agents, including those recorded as FCA‑registered tied agents, and addresses, in particular, (1) the FCA meaning of a tied agent, (2) UK obligations for firms that appoint tied agents, (3) notification requirements, (4) termination requirements, and (5) record‑keeping requirements. For details on the appointed representative ( AR) regime, see the following Practice Notes: Appointed representatives A principal's responsibility for its appointed representatives Multiple principals and appointed representatives Contract requirements for appointed representatives For further information on the EU regime for tied agents, see Practice Note: EU tied agents. FCA definition of a tied agent Within the FCA Handbook, a tied agent means a person who acts for, and under the responsibility of, a Mi FID investment firm (or a third‑country investment firm) in relation to Mi FID business (or the...
This Practice Note explores the Financial Conduct Authority ( FCA’s) Mortgages and Home Finance: Conduct of Business sourcebook ( MCOB) obligations on distribution and disclosure that apply to lenders, providers and intermediaries involved with regulated mortgage contracts ( RMCs), home reversion plans ( HRPs), home purchase plans ( HPPs) and regulated sale and rent back agreements ( SRBAs). Collectively, RMCs, HRPs, HPPs and SRBAs are termed home finance transactions ( MCOB 1.2.2 G(1)). The relevant provisions sit mainly in MCOB chapters 4–9 ( MCOB 4– MCOB 9). This Practice Note also explains the rules for accurately computing the annual percentage rate ( APR) and the annual percentage rate charge ( APRC) in chapters 10 and 10A of MCOB ( MCOB 10 and MCOB 10A). For guidance on other elements of MCOB, see Practice Notes: Mortgage and home finance conduct of...
FCA investigations can reach the public domain through several channels. In defined, limited circumstances the FCA may, at its discretion, publicise that a firm is under investigation; as a rule it does not reveal investigations into individuals. Where appropriate—such as for consumer protection—it may identify a firm at the investigative stage, even before any findings on misconduct are reached. Enforcement action involves statutory steps that carry publicity exposure, including possible publication at the warning notice stage and the release of decision and final notices. This Practice Note considers: the FCA’s policy on publicity for investigations under its Enforcement Guide ( ENFG), updated in 2025, and associated case law the FCA’s approach to: disclosing that a named subject is under investigation making an anonymised statement that an...
Scope and purpose of COBS and ICOBS This Practice Note offers a summary of the Financial Conduct Authority’s ( FCA’s) Conduct of Business sourcebook ( COBS) and Insurance: Conduct of Business sourcebook ( ICOBS) as they relate to insurers, identifies important differences in their scope, and sets out the duties COBS and ICOBS impose on insurance intermediaries. COBS and ICOBS prescribe conduct standards for insurers and intermediaries across the full product journey—from sale to claim—and require firms to treat policyholders fairly. COBS applies when a firm undertakes long-term insurance business in connection with life policies or designated investment business. ICOBS governs a firm’s general insurance business and pure protection insurance business (that is, non-investment insurance). Each sourcebook applies where a firm carries on business from a UK establishment maintained by it or by its appointed representative. Broadly, COBS is wider in scope and more...
The Financial Services Enforcement Database holds comprehensive details of all substantive FCA and PRA Final Notices and, where available, Decision Notices issued from 2014 onwards. Users can search and filter by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, whether a Focused Resolution Agreement ( FRA) exists, and other measures such as referrals to the Upper Tribunal... Focused resolution agreements ( FRAs) allow those facing Financial Conduct Authority ( FCA) enforcement to contest part of the case. An FRA sits between reaching full settlement with the regulator and fully contesting the matter before the FCA’s Regulatory Decisions Committee ( RDC). They are employed to narrow the issues in an enforcement action so as to streamline the FCA’s process, with the RDC deciding the outcome on the disputed elements. This Practice Note sets out an overview of how to enter into an FRA with the...
This Practice Note This Practice Note delivers practical, detailed direction on the key elements of the Financial Conduct Authority’s ( FCA) Financial Crime Guide: a firm’s guide to countering financial crime risks ( FCG), together with the FCA’s Financial Crime Thematic Reviews ( FCTR). Read alongside, they advise firms on measures to lessen exposure to financial crime, including risks linked to: fraud money laundering ( ML) terrorist financing ( TF) proliferation financing ( PF) sanctions evasion bribery and corruption market abuse It also highlights the FCA’s current priorities on financial crime and market abuse, as reflected in its strategy, work programmes and business plans. The Note applies to firms authorised by the FCA under the Financial Services and Markets Act 2000 ( FSMA 2000), and to e‑money and payment institutions and cryptoasset businesses within the FCA’s...
This Practice Note explains the Financial Conduct Authority’s ( FCA) expectations for trade sanctions and counter-proliferation financing ( CPF) systems and controls for: FCA-authorised firms under the Financial Services and Markets Act 2000 ( FSMA 2000) entities under the FCA’s supervision pursuant to the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017, SI 2017/692 ( MLRs) This is especially pertinent to organisations active in trade finance, project finance and insurance. The FCA neither sets, applies nor polices trade sanctions, nor does it stipulate proliferation financing ( PF) requirements; instead, it oversees whether firms within its remit maintain sufficient systems and controls to meet the UK sanctions framework and PF duties. Robust sanctions systems and controls form a core element of adherence to the FCA’s broader financial crime prevention rules. From 2022,...
Introduction and Background This Practice Note provides an overview of climate-related disclosure duties for asset managers, life insurers and FCA-regulated pension providers as prescribed in chapter 2 of the FCA Handbook— ESG sourcebook. It addresses, among other areas: which asset managers and asset owners are in scope of the rules requirements for climate-related reports Task force on climate-related financial disclosures ( TCFD) entity and product reporting group-level disclosures and delegate reports The UK’s plans for the future of financial services—including mandatory TCFD-based disclosures—were outlined in the Chancellor of the Exchequer’s Financial Services statement in November 2020. For further detail, see Practice Note: Mandatory climate-related disclosures for UK financial institutions. In December 2021, the FCA published Policy Statement PS21/24 setting out its response to Consultation Paper CP21/17 on climate-related disclosures by asset managers, insurers and FCA-regulated pension providers, and confirmed the final rules. For commentary on the...
This Practice Note reviews the regulation of consumer credit advertising under the Financial Conduct Authority’s ( FCA) Consumer Credit sourcebook ( CONC 3). It explains how CONC 3 connects with the financial promotion restriction in section 21 of the Financial Services and Markets Act 2000 ( FSMA 2000), sets out the overarching ‘clear, fair and not misleading’ standards in CONC 3 as applicable, and describes the FCA’s enforcement powers against non-compliant firms where the rules are breached in practice... Supervisory focus In its March 2026 Regulatory priorities: Consumer finance report, the FCA indicated it intends to consult on CONC 3, spanning financial promotions and communications, to strip out unnecessary prescription, refresh requirements and further enhance alignment with the Consumer Duty, in due course... Relationship with the FSMA 2000 financial promotion restriction CONC 3 draws on several concepts from the restriction on financial promotions by...
Impact of Brexit on CASS and the FCA’s powers and requirements After the FCA opted to exit the EU, the UK government ‘onshored’ and retained the bulk of EU and EU-derived legislation as it existed immediately prior to the UK’s exit from the European Union for domestic purposes. ‘ Onshoring’ refers to revising statutes and regulatory obligations so they operate solely within a UK framework, and covers EU measures that became part of UK law under the European Union ( Withdrawal) Act 2018 ( EU( W) A 2018). The EU( W) A 2018, as subsequently modified by the European Union ( Withdrawal Agreement) Act 2020, provided for the approval and domestic implementation of the Withdrawal Agreement concluded between the UK and the EU. That Agreement defines the terms of the UK’s departure from the EU. It also established a transition phase...
Background to the FCA’s client money requirements in relation to debt management firms In December 2012, the Financial Services Act 2012 ( FSA 2012) obtained Royal Assent, paving the way for consumer credit oversight to move from the Office of Fair Trading ( OFT) to the Financial Conduct Authority ( FCA). On 6 March 2013, the government issued a consultation detailing the foundations of the FCA’s consumer credit regime. This culminated in the Financial Services Act 2012 ( Consumer Credit) Order 2013 ( FSA ( CC) Order 2013), made on 25 July 2013 and largely commencing on 1 April 2014. Also in March 2013, as it shaped policy, the FCA’s predecessor—the Financial Services Authority ( FSA)—released a consultation paper (the March 2013 consultation) assessing the stages of the consumer credit lifecycle. It judged debt management to be a higher-risk activity, and the...
This Practice Note examines the Financial Conduct Authority’s ( FCA) supervisory and enforcement emphasis on how financial services firms comply with the UK’s financial sanctions framework. It is aimed at entities authorised by the FCA under the Financial Services and Markets Act 2000, as well as those within the FCA’s supervisory perimeter, including e‑money institutions, payment firms and cryptoasset businesses (collectively, ‘firms’)... Oversight of firms’ sanctions systems and controls, covering the FCA’s data-driven supervision and its sanctions screening tool Priority sectors and themes for FCA supervision, reflected in supervisory correspondence, multi-firm reviews and public statements The interaction between sanctions compliance and the Prudential Regulation Authority ( PRA) FCA (and PRA) enforcement where shortcomings in sanctions compliance are identified Insights from the Office of Financial Sanctions Implementation ( OFSI)’s Financial Services Threat Assessment Report, which may signal...
ARCHIVED: This Practice Note is archived and is not being maintained. On 10 June 2015, the Fair and Effective Markets Review ( FEMR) issued its concluding report. Spanning 106 pages, it addresses a broad array of topics and issues across fixed income, commodities and currency markets ( FICC) and sets out 21 proposals for improvement. The FEMR document is expected to mark the opening stage of an extended programme of changes to how the FICC markets function and the regulations to which they are subject. Deficiencies in the FICC markets FEMR was prompted by worries that confidence in the wholesale markets had ebbed after a number of prominent enforcement actions concerning FICC markets. The review began in June 2014. The Bank of England ( Bo E), the Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA) collaborated to assess whether...
Background to emissions trading in the EU and the UK Emissions trading is a market-led method for tackling pollution. It seeks to cut harmful releases of carbon dioxide and other damaging greenhouse gases ( GHGs) that drive climate change. Trading in GHGs is often referred to as carbon trading. Such market-based systems let participants purchase and sell permissions to emit specified pollutants through emissions trading schemes ( ETS). The clear aim is to attach a price to emissions so businesses are encouraged to help avert climate change. Where the cost of allowances is sufficiently high, firms should be incentivised to cut their emissions, for instance by improving operational energy efficiency levels. Emissions trading ranks highly on the EU’s and UK government’s list of priorities. The European Commission’s report on the EU Emissions Trading System ( EU ETS) states that the growth in GHG...
Introduction Environmental, social and governance ( ESG) considerations are becoming ever more influential across capital markets. As a result, appetite for ESG ratings and datasets has surged, with investors increasingly weaving rating thresholds or targets into their investment frameworks and firms more often embedding references to ESG ratings within the structure and rollout of their sustainable investment offerings. Interest covers ratings as well as data products across markets. Investors and firms are responding by building them into investment processes and product design and delivery. Expansion of the ESG ratings and data markets has, in turn, prompted heightened attention from policymakers and supervisors in the UK and beyond. This piece outlines the UK’s regulatory moves concerning oversight of ESG ratings and data services. For context, it first reviews earlier materials issued by IOSCO, which effectively underpin the UK’s evolving regulatory framework. Within the EU, the...
This Practice Note sets out and summarises high-level guidance on the obligations for systematic internalisers ( SIs), reflecting updates introduced by the Financial Conduct Authority ( FCA) through Policy Statement PS24/14 on improving transparency for bond and derivatives markets, together with the Discussion Paper on the future of the SI regime, and PS25/17 on the SI regime for bonds and derivatives, as well as other consultation proposals. What are systematic internalisers and why are they regulated? Funds, insurers and other major investors generally have two principal routes for transacting in securities. They may execute on a trading venue where many buyers and sellers meet, or they may deal directly with an investment firm (ie trading OTC) which, when completing those trades, acts on its own account. In the latter case, the securities traded are drawn from, or added to, the investment firm’s own...
What is UK EMIR? This Practice Note sets out high‑level guidance on Assimilated Regulation ( EU) 648/2012, known as UK EMIR. In 2009, the G20 committed to reforms designed to enhance transparency and reduce systemic counterparty risk in the over‑the‑counter ( OTC) derivatives market. The European Market Infrastructure Regulation ( EU) 648/2012 ( EU EMIR) delivered most of these commitments in the EU and covers OTC derivatives, central clearing counterparties ( CCPs) and trade repositories ( TRs). The onshored version, UK EMIR, applies within the UK. Practice Note: EU EMIR and UK EMIR—comparison offers a navigation aid for examining UK EMIR by setting it alongside the corresponding provisions of the EU EMIR regime. Under section 1(1) and Schedule 1 Part 1 of the Financial Services and Markets Act 2023 ( FSMA 2023), UK EMIR is to be revoked from a date, or dates, to be...
Commentary and explanation Financial Conduct Authority of the United Kingdom...
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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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