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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 explores the range of cancellation and withdrawal entitlements that apply to credit agreements and consumer hire arrangements governed by the Consumer Credit Act 1974 ( CCA 1974). It proceeds on the basis that such agreements are not secured on land and are not used to fund the purchase of land. This Practice Note should be read alongside Practice Note: Right of withdrawal from a credit agreement. Three categories of agreements This Practice Note addresses three principal types of agreement: a regulated credit agreement where the credit advanced is £60,260 or less (a threshold introduced through the UK’s implementation of the Consumer Credit Directive ( Directive 2008/48/ EC) ( CCD) in 2011) a regulated credit agreement where the credit exceeds £60,260, and a regulated consumer hire agreement The various cancellation or withdrawal rights For these categories, an agreement may attract a...
This Practice Note explores how the Financial Conduct Authority ( FCA), the Prudential Regulation Authority ( PRA) and the Bank of England ( Bo E) are deploying the temporary transitional powers ( TTP) at their disposal to help ensure a smooth handover for financial services firms after the end of the implementation period that followed the UK’s departure from the EU. What are temporary transitional powers ( TTP)? The European Union ( Withdrawal) Act 2018 ( EU( W) A 2018), as amended by the European Union ( Withdrawal Agreement) Act 2020, provides for the ratification and onshoring into domestic law of the Withdrawal Agreement between the UK and the EU. The Withdrawal Agreement sets out the framework for the UK’s exit from the EU and establishes a transition period (termed by the UK government as the ‘implementation period’) running from 31 January 2020 to 31...
This Practice Note outlines core Lexis+® UK Financial Services resources addressing the post- Brexit regulatory frameworks applicable to UK and EU financial institutions. It additionally signposts Brexit materials on the broader effects of Brexit on UK financial services, for example the temporary permissions regime, the financial services contracts regime, interim arrangements for financial market infrastructures ( FMIs) and the UK regulators’ temporary transitional powers. We also provide links to principal UK post- Brexit financial services materials, including the Edinburgh reforms, together with pivotal Brexit and post- Brexit content connected to specific financial services topics. For a complete set of Lexis+® UK Financial Services essentials notes, one minute guides and timelines, see Overviews: UK and EU financial services regulation-essentials-overview, UK and EU financial services regulation-one minute guides-overview and UK and EU financial services...
Stop Press: On 3 June 2025, the FCA published Policy Statement PS25/5, introducing the new Enforcement Guide ( ENFG), which replaces the previous Enforcement Guide ( EG) from 3 June 2025. This Practice Note is being updated to take account of this change. For further information, see: FCA publishes new Enforcement Guide, LNB News 03/06/2025 30. The Financial Services Enforcement Database provides detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices, from 2014 onwards. Search and filter options include: rule breaches keywords sector date seriousness aggravating and mitigating factors financial penalties other actions such as referrals to the Upper Tribunal decision‑maker This Practice Note outlines the practice and procedure of the Financial Conduct Authority’s Regulatory Decisions Committee ( RDC), describing the RDC’s function as the FCA’s...
Sanctions Sanctions are temporary limits or bans set by governments that govern how their citizens and businesses interact with targeted countries or regimes. They are a tool of foreign policy and may apply to countries, regimes, organisations, individuals, and entities. Sanctions will typically either be aimed at doing so......
Fraud—what is it? Fraud is best understood as the purposeful use of deceit, misrepresentation or dishonest behaviour to deprive, to obtain a benefit or edge for a person or entity, or to inflict a loss on another (most often financial). That said, even when dishonesty lies at the heart of events, seeking a civil remedy does not always require proving dishonesty against some or all of those involved. The meaning of fraud differs between civil and criminal settings, and within each area the definition varies according to the particular claim or offence advanced. Fraud is committed by an individual, who may or may not be acting for a company. In any event, the consequences can be substantial for any business linked to that person, as well as for the victims of the fraud, whether private or corporate. Below are examples of...
The UK’s formal withdrawal from the EU took effect at 11 pm on 31 January 2020 (exit day). At that point, the withdrawal period under Article 50 TEU concluded, and the ratified Withdrawal Agreement, which set the legal terms of the UK’s departure, entered into force. On exit day, the ratified Withdrawal Agreement was released in the Official Journal of the European Union, together with the Political Declaration outlining the framework for the future relationship between the UK and the EU: Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community, OJ L 29 31.01.20, p 7-187 Political declaration setting out the framework for the future relationship between the European Union and the United Kingdom, OJ C 34 31.01.20, p 1-16 Exit day stood as a significant milestone, being the date on which the UK...
What is the World Trade Organization ( WTO)? The WTO oversees trade agreements that regulate commerce between states. It is also a venue for governments to negotiate bilateral or multilateral trade agreements and to settle trade disputes, helping countries trade with as little friction and disruption as possible. For background reading on the WTO, see: WTO— Who we are and WTO— In brief. The WTO came into being on 1 January 1995, though its trading rules are older. The General Agreement on Tariffs and Trade ( GATT) has provided a framework for global trade in goods since 1948, amended through successive negotiating rounds. Talks in the mid-1980s and early 1990s, known as the Uruguay Round, sought to extend the system to services and intellectual property. That round concluded with an agreement signed on 15 April 1994 by most of the 123...
On 1 April 2014, the Financial Conduct Authority ( FCA) took over responsibility for consumer credit regulation from the Office of Fair Trading ( OFT), which then closed. From that point, the FCA became the conduct supervisor for all regulated businesses in the consumer credit space, including (among others) consumer lenders, credit card providers, debt management firms and intermediaries. This Practice Note outlines the key components of the FCA’s regulatory framework for the consumer credit sector and directs readers to further detailed Practice Notes and principal legislative materials. Scope, perimeter and exemptions What is ‘consumer credit’ and when is it regulated? To fall within the UK consumer credit regime, a lender must be party to a ‘regulated credit agreement’. A ‘regulated credit agreement’ is determined by reference to a ‘credit agreement’. A ‘credit agreement’ is an arrangement between an individual or relevant recipient of credit ( A) and any...
This Practice Note sets out the ( CRAs) under Assimilated Regulation ( EC) 1060/2009 (the UK CRA Regulation). Key definitions Credit ratings A credit rating is an opinion on creditworthiness, formed using an established and defined ranking system of rating categories, regarding: an entity, a debt or other financial obligation, a debt security, a preference share, or another financial instrument; or an issuer of any such obligation, security, preference share, or instrument. These are not credit ratings: recommendations—research or other material that explicitly or implicitly suggests an investment strategy about one or several financial instruments or their issuers, including any view on the present or future value or price of such instruments, intended for distribution channels or the public; investment research and other general recommendations, such as ‘buy’, ‘sell’ or ‘hold’, on transactions in financial instruments or on financial obligations; or opinions on the value of a financial instrument or a...
NOTE On 15 July 2025, the government unveiled the Leeds Reforms, which include proposals to streamline the SM& CR. At the same time, the PRA and FCA issued consultation papers CP18/25 and CP25/21. The regulators have set out a two-stage reform programme, with Phase Two to follow, subject to legislative changes under HM Treasury consultation. Final Phase One requirements are expected around mid-2026, and any subsequent Phase Two consultations will depend on HMT legislation. See News Analysis: Reform of the SM& CR— Proposals and next steps. This Practice Note covers: the Financial Services Register ( FS Register) the legislation, regulatory rules and guidance applying to the FS Register the information made available on the FS Register about firms and individuals the addition of a directory of certified and assessed persons, described as ‘ Directory Persons’ ( DPs), on the FS...
SM& CR—essentials for claims management companies Note: On 15 July 2025, the government unveiled the Leeds Reforms, setting out plans to streamline the SM& CR. At the same time, the PRA and FCA released consultation papers CP18/25 and CP25/21, which closed in October 2025. The regulators set out a two-stage programme of reform, with Phase Two to follow, subject to legislative changes under HM Treasury consultation. Final Phase One requirements are expected in mid-2026, with any later Phase Two consultations dependent on HMT legislation. See News Analysis: Reform of the SM& CR— Proposals and next steps. Introduction On 1 April 2019, the Financial Conduct Authority ( FCA) assumed responsibility for oversight of the claims management sector from the Claims Management Regulator ( CMR). As a consequence, the sector must meet the FCA’s standards on professionalism, conduct and governance, collectively referred to as the Senior Managers and...
SM& CR— SMF interviews for regulatory approval This Practice Note sets out how the Financial Conduct Authority ( FCA) and/or the Prudential Regulatory Authority ( PRA) may deploy interviews as part of the approval process for those seeking to perform senior manager functions ( SMFs) at authorised firms under the UK regulators’ Senior Managers & Certification Regime ( SM& CR). It confirms that interviews are a discretionary tool within the SMF approval pathway and highlights when SMF candidates are most likely to be asked to attend. It also offers practical guidance for SMF candidates and their firms on preparing for interview, including frequent areas of focus, how the regulators approach external versus internal candidates, and additional points for candidates at dual-regulated firms. This Practice Note should be read together with: SM& CR Checklist—preparing for SMF interviews, which provides a practical framework to support...
SM& CR—essentials for solo-regulated firms Note: the SM& CR is in the midst of reform. In July 2025, government unveiled the Leeds Reforms, setting out plans to simplify the SM& CR. Concurrently, the PRA and FCA issued consultation papers CP18/25 and CP25/21. The supervisors envisage a two-stage programme of change, with Phase Two contingent on legislative amendments following HM Treasury consultation. Finalised Phase One obligations are anticipated around mid-2026, while any subsequent Phase Two measures will depend on HMT legislation. See News Analysis: Reform of the SM& CR— Proposals and next steps. For current developments, including those tied to the Leeds Reforms and non-financial misconduct, see: SM& CR—timeline and Culture and social governance in financial services—timeline. On 9 December 2019 (commencement), the Senior Managers and Certification Regime was extended to firms authorised under the Financial Services and Markets Act 2000 ( FSMA 2000) that are...
Purpose of the Financial Ombudsman Service The Financial Ombudsman Service ( FOS) is an independent scheme for settling disputes, helping consumers resolve complaints with financial services businesses. Its ombudsmen consider and determine cases between customers and firms. The FOS is not a regulator. Its service is neutral and its decisions are made entirely separately from the Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA). It is free for complainants and its remit extends to most regulated financial products and services provided in or from the UK. The FCA Handbook’s Dispute Resolution: Complaints ( DISP) section explains the FOS’s role, remit and processes in detail. For further background on the FOS and complaints about firms generally, see: Complaints against firms—financial services—overview and Practice Note: Complaints handling by financial services firms... Scope of the Financial Ombudsman Service's...
This Practice Note outlines the legal and procedural importance of the Financial Conduct Authority’s ( FCA) decision to appoint investigators under Part XI of the Financial Services and Markets Act 2000 ( FSMA 2000). It explores the statutory grounds for appointment, distinguishing between general and specific inquiries, the breadth and notification of an appointment, and the immediate legal effects that follow. It also addresses the role of limitation periods and the interplay with criminal and dual-track investigations. In addition, the Practice Note explains how appointing investigators signifies the formal start of an enforcement inquiry by the FCA’s Enforcement and Market Oversight division ( Enforcement) and how this links to later stages of the FCA’s enforcement process. Key points Appointing investigators is the FCA’s first formal step in an enforcement investigation and activates the FCA’s formal investigative powers Depending on the...
The Financial Services Enforcement Database The Financial Services Enforcement Database holds comprehensive detail on every substantive FCA and PRA Final Notice and, when available, Decision Notices, from 2014 onwards. Users can search and refine results by the regulator ‘ PRA’ and/or by keyword, as well as by rule breach, sector, date, seriousness, aggravating and mitigating factors, level of financial penalty, and additional steps such as referrals to the Upper Tribunal. This Practice Note explains the Prudential Regulation Authority’s ( PRA) approach to gathering information for an enforcement investigation. It describes the PRA’s statutory powers to compel the provision of information and the production of documents, and identifies limits on those powers under: FSMA 2000, s 413 on disclosure of legally privileged materials; FSMA 2000, s 175 concerning banking confidentiality; and FSMA 2000, s 348 regarding disclosure of confidential information by the...
This Practice Note presents an overview of the offence of insider dealing as defined by Assimilated Regulation ( EU) 596/2014 ( UK Market Abuse Regulation). The insider dealing offence in Article 14 of the UK Market Abuse Regulation sits alongside the criminal insider dealing offence in section 52 of the Criminal Justice Act 1993, as well as the criminal offences of making misleading statements and misleading impressions under sections 89 to 91 of the Financial Services Act 2012. Background and purpose The EU Market Abuse Regulation 596/2014 took effect throughout the EU on 3 July 2016. Its stated aim was to create a common regulatory framework addressing insider dealing, the unlawful disclosure of inside information and market manipulation (all forms of market abuse), together with measures to prevent market abuse so as to uphold the integrity of financial markets in the EU and to bolster...
This FLASHCARD is designed to help you take in or recall the essentials of the UK’s operational resilience regime, covering the main obligations, the regime’s scope and the compliance timetable. What is operational resilience? Operational resilience is the capacity of firms and the financial system to prevent, adapt to, respond to, recover from, and learn from operational disruption. It goes beyond business continuity and disaster recovery and is a strategic focus for regulators worldwide. What are the UK operational resilience requirements? Existing operational resilience expectations (e.g. Principle 3 of PRIN, and various provisions in SYSC within the Financial Conduct Authority ( FCA) Handbook, together with the Operational Resilience section of the Prudential Regulation Authority ( PRA) Rulebook) are reinforced by rules issued by the FCA in PS21/3 and by the PRA in PS6/21 and SS1/21. These require firms to: identify ‘important business services’ (defined...
Regulatory regime overview Advertising in the UK is governed by legislation alongside self-regulatory industry codes, chiefly the UK Code of Non-broadcast Advertising and Direct & Promotional Marketing ( CAP Code) and the UK Code of Broadcast Advertising ( BCAP Code) (outlined below). Self-regulation plays a central role in the UK; however, broadcast advertising operates within a statutory framework under the Communications Act 2003 ( CA 2003). Marketers should also be mindful of sector-specific rules and codes. The principal laws addressing unfair or misleading commercial practices, which also inform the CAP and BCAP Codes, include: Chapter 1 of Part 4 and Schedule 20 to the Digital Markets, Competition and Consumers Act 2024 ( DMCCA 2024) The Business Protection from Misleading Marketing Regulations 2008 ( BPR 2008), SI 2008/1276 Consumer protection from unfair trading From 6 April 2025, Part 4, Chapter 1 of the DMCCA 2024 largely repealed the Consumer...
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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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