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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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Ratings outlooks and watch-lists Among the leading credit rating agencies ( CRAs) are Moody’s Investors, Standard & Poor’s ( S& P) and Fitch Ratings, which carry out periodic reviews of assigned ratings. They also publish rating outlooks—opinions on the likely direction of a rating over the medium term (typically the next 6 to 24 months)—which may be: positive negative stable developing or evolving An outlook usually explains the rationale and the possible scale of any change; in most cases, outlooks are stable. If an issuer’s credit profile is weakening and a payment default is anticipated, it may be moved to a negative outlook or placed on negative watch to signal that a downgrade could follow. Receiving a negative outlook or being added to a watch-list is not, in itself, a rating action, but it can foreshadow...
This Practice Note reviews duties relating to the disclosure and control of inside information under the UK Market Abuse Regulation ( Assimilated Regulation ( EU) 596/2014), alongside the Financial Conduct Authority’s guidance, as set out in Chapter 2 of the Disclosure Guidance and Transparency Rules ( DTR). It addresses both disclosure obligations and control measures, together with relevant FCA guidance. Regulatory framework The EU Market Abuse Regulation came into force across the EU on 3 July 2016. Its purpose was to create a harmonised regime addressing insider dealing, the unlawful disclosure of inside information and market manipulation (collectively, market abuse), together with preventative measures designed to uphold the integrity of EU financial markets and to bolster investor protection and confidence in those markets. At the close of the Brexit implementation period (11 pm UK time on 31 December 2020), the EU Market Abuse...
This Practice Note explores the scope of the Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA) to seek court-ordered restitution under section 382 of the Financial Services and Markets Act 2000 ( FSMA 2000). It further addresses the FCA’s ability to obtain a court restitution order for market abuse under section 383. It also reviews the administrative powers of the FCA, PRA and the Bank of England in relation to financial market infrastructures ( FMIs) to compel restitution on their own initiative under section 384. The Note explains how these powers are used in practice, offers examples, and summarises relevant case law. It reflects updates to the FCA’s Enforcement Guide ( ENFG), which replaced the former Enforcement Guide ( EG) for investigations opened on or after 3 June 2025, and cross-refers to legacy guidance in EG 11 for earlier...
Scope of this Practice Note This Practice Note summarises the provisions set out in section 21, together with associated sections, of the Financial Services and Markets Act 2000 ( FSMA 2000); the Financial Services and Markets Act 2000 ( Financial Promotion) Order 2005, SI 2005/1529 ( FPO); and the Financial Services and Markets Act 2000 ( Promotion of Collective Investment Schemes) ( Exemptions) Order 2001, SI 2001/1060 (the Promotion of CIS Order). These instruments, as amended periodically and read collectively, comprise the UK’s financial promotion regime, and the Note also draws on relevant materials issued by the Financial Conduct Authority ( FCA). What is the financial promotion regime? The expression ‘financial promotion’ does not appear within the text of the Financial Services and Markets Act 2000 ( FSMA 2000) other than in the heading to section 21. Pursuant to FSMA 2000, s 21(1), a person ( A) must not, in...
This Practice Note examines the Financial Conduct Authority’s ( FCA) expectations for firms’ treatment of customers in vulnerable circumstances, in line with the FCA’s finalised guidance ( FG21/1) on the fair treatment of vulnerable customers, its supporting guidance Delivering good outcomes for customers in vulnerable circumstances—good practice and areas for improvement, and the standards required under the FCA’s Consumer Duty. It should be read together with the note on the FCA’s Consumer Duty, The FCA Consumer Duty—essentials, and relevant sector‑specific practical guidance; for links see: Consumer protection and FCA Consumer Duty—overview. Key points How firms engage with vulnerable consumers is a primary supervisory and enforcement priority for the FCA. The Consumer Duty obliges firms to act to secure good outcomes for all retail customers; the FCA is especially focused on achieving positive results for vulnerable customers. The FCA’s 2025 review of firms’ approaches to...
ARCHIVED : Practice Note on cryptoassets for dispute resolution lawyers This archived Practice Note surveys court rulings on cryptoassets (cryptocurrencies, NFTs), smart contracts and digital securities covering 2018–2025. It is no longer maintained and is provided for background only. For matters from 2026 onwards, see Practice Note: Cryptoassets for Dispute Resolution lawyers—illustrative decisions (2026). As cryptoassets and smart contracts evolve, legislators are likewise examining how best to facilitate the resolution of disputes arising from these novel technologies. The Note sets out, in a concise tabular overview, key and illustrative decisions of the courts of England and Wales concerning cryptoassets (cryptocurrencies, non-fungible tokens ( NFTs)), smart contracts and digital securities. For general guidance on cryptoassets for dispute resolution lawyers, see: Practice Note: Cryptoassets for Dispute Resolution lawyers Issues in cryptoasset related civil...
Background and current UK listing regime A major overhaul of the UK listing framework took effect on 29 July 2024, removing the premium and standard segments and introducing a single listing category for equity shares issued by commercial companies. This consolidates the regime, replacing dual segments with a unified route to listing. The commercial companies category is disclosure-led and sits alongside other listing categories, namely shell companies, secondary listing and closed‑ended investment funds. To implement the reforms, a new UK Listing Rules sourcebook came into force and the previous Listing Rules sourcebook was revoked. For details, see Practice Note: Reform of the UK listing regime—fundamentals. The updated regime made no substantive changes to the rules and guidance governing the adoption, approval, operation of and disclosure in respect of employee share incentive schemes, other than the removal of the premium and standard listing segments. However, all...
Introduction A most favoured nation ( MFN) clause grants an investor visibility over the side letter rights secured by other investors in a private equity fund and, in certain cases, permits that investor to elect to benefit from those rights. MFN provisions are pivotal in the commercial negotiations surrounding an investment in today’s private equity funds. The way an MFN interacts with investor side letters and the fund documentation may require disclosure of other investors’ side letter terms and even confer the ability to adopt preferential provisions negotiated by others. Nevertheless, MFN clauses can generate problems, including reduced transparency for investors and potential detriment to the fund’s capacity to obtain subscription‑backed borrowing. They can also increase bureaucracy, heighten administrative effort and raise legal costs for the sponsor — typically the fund’s general partner or investment manager responsible for establishing and promoting the fund — as they...
What is the financial promotion restriction? Under section 21 of the Financial Services and Markets Act 2000 ( FSMA 2000), a person ( A) must not, in the course of business, issue or cause to be issued any invitation or inducement to engage in investment activity. This covers entering into, or offering to enter into, an agreement where the making or performance by either party amounts to a controlled activity, as well as exercising rights granted by a controlled investment to acquire a controlled investment. For more about the restriction, see Practice Note: The financial promotion regime—essentials. What are the consequences for breaching of the financial promotion restriction? If the restriction is breached, an offence is committed and the person is liable: on summary conviction, to imprisonment of up to six months or a fine up to the statutory maximum, or both, or on conviction on...
Practice Note Follow this link to access the directly now. This Practice Note introduces the and offers a practical step-by-step explanation of how to use it. The holds comprehensive details of all substantive Financial Conduct Authority ( FCA) and Prudential Regulation Authority ( PRA) Final Notices and, where available, Decision Notices, from 2014 up to the present day. It also covers Decision Notices issued by the Payment Systems Regulator ( PSR). As a rule, it does not set out, in detail, Warning Notices or Supervisory Notices. Beyond filtering by rule breach, the Enforcement Database lets users refine by sector, specific keywords, seriousness factors, aggravating factors, mitigating factors, financial penalty, as well as other action, such as appeals. The Database excludes Payment Services Regulations cases, small business Threshold Conditions cases, applications and permissions cases or, in general, consumer credit cases (though it does...
This Practice Note sets out UK sanctions frameworks, covering regimes established under the Sanctions and Anti- Money Laundering Act 2018, the Anti- Terrorism, Crime and Security Act 2001 ( ACSA 2001), and the Export Control Order 2008 ( SI 2008/3231). Where relevant, it highlights the equivalent EU sanctions regime and points to useful further reading for each UK regime. It does not include details of designations within individual regimes. If an individual, organisation or other legal entity is designated under a UK sanctions regime (a designated person), their name appears on the UK Sanctions List ( UKSL). The UKSL assists businesses and individuals in fulfilling their responsibilities under the various regimes, and regular screening of the UKSL should be embedded in an internal sanctions compliance programme. A sanctions regime is a set of sanctions measures introduced for particular purposes. Regimes can be: ...
Practice Note This Practice Note outlines the terms typically found in a limited partnership agreement for partnerships established under the Limited Partnerships Act 1907 ( LPA 1907). It also sets out the default statutory rules that apply where no limited partnership agreement is in place, as well as the provisions commonly included in such agreements. With effect from 6 April 2017, the LPA 1907 was amended by the Legislative Reform ( Private Fund Limited Partnerships) Order 2017, SI 2017/514 ( LRO). A draft of the LRO was issued in January 2017 by HM Treasury, together with an explanatory document. The LRO followed a government consultation that began in July 2015 and concluded in October 2015 on proposed amendments to UK limited partnership legislation to make these structures more effective vehicles for private equity and venture capital investments. The reforms introduced by the LRO apply solely to...
This Practice Note explains the Prudential Regulation Authority’s ( PRA) ability to pursue appropriate regulatory measures, either through supervisory intervention activity or by formal enforcement action, against PRA‑authorised firms where the PRA considers a firm has broken a PRA‑imposed requirement or regulatory rule. It reviews the PRA’s powers under the Financial Services and Markets Act 2000 ( FSMA 2000) for supervisory intervention—voluntary variations or requirements ( VVOPs/ VREQs) and own‑initiative variations or requirements ( OIVOPs/ OIREQs)—and for enforcement—financial penalties, public censures, and the suspension (or restriction) of regulatory permissions. It also outlines the PRA’s policy statements on how it selects and applies these measures, including the overarching principles informing the choice of regulatory response. For details of the PRA’s enforcement process and decision‑making on statutory notices, see Practice Note: PRA supervisory intervention and enforcement process; and for its approach to information gathering and the PRA’s Early...
This Practice Note outlines the make-up and layout of the Prudential Regulation Authority ( PRA) Rulebook (the Rulebook) for insurers and reinsurers. It sets out the obligations applying to Solvency II firms ( SII firms), Non- Solvency II firms ( Non- SII firms) and persons without authorisation, together with the appropriate links into the Rulebook. The Practice Note also provides tables that itemise the Supervisory Statements ( SSs) and Statements of Policy ( So Ps) issued by the PRA connected to the UK Solvency II regime. Overview of the PRA Rulebook On 29 August 2015, the PRA released the Rulebook. Moving from the PRA Handbook to the Rulebook aimed to deliver clearer, more succinct rules for PRA-authorised firms. Alongside the Rulebook, SSs and So Ps supply a rounded explanation of the PRA’s expectations. In April 2024, the PRA updated the Rulebook to improve its ability to...
This Practice Note outlines the statutory framework in the Financial Services and Markets Act 2000 ( FSMA 2000) that governs the Prudential Regulation Authority ( PRA)’s disclosure that a PRA investigation is underway, and the release of decisions on statutory notices linked to supervisory steps or enforcement against a firm or an individual, such as: Supervisory Notices Warning Notices Decision Notices Final Notices Notices of Discontinuance It also explains the PRA’s approach to publicity under its statement of policy on enforcement powers, its policy on the allocation of decision‑making, and its stance on supervisory decisions. Overview Under FSMA 2000, the PRA (and the FCA) hold a broad range of investigative, supervisory, disciplinary and enforcement powers over firms and individuals that have breached regulatory rules, principles or statutory obligations. Those powers are described in Practice Note: PRA supervisory intervention and enforcement powers. When the PRA plans to exercise any of these powers, it must give...
The PRA's strategy The PRA and the Bo E Until 1 March 2017, the Prudential Regulation Authority ( PRA) functioned as a subsidiary company of the Bank of England ( Bo E), delivering micro‑prudential oversight and regulation, together with the Financial Policy Committee ( FPC), which handled macro‑prudential obligations. The Bank of England and Financial Services Act 2016 ( Commencement No. 4 and Saving Provision) Regulations 2017, dated 20 January 2017, brought into force selected provisions of the Bank of England and Financial Services Act 2016, including sections 12–15, thereby ending the PRA’s subsidiary status. From 1 March 2017, the PRA began operating through the Bank’s Prudential Regulation Committee ( PRC). HM Treasury issued recommendations to the PRC on aspects of the government’s economic policy that the PRC should consider when carrying out its activities and functions. HM Treasury can also instruct and direct the Bank to take steps to...
The Financial Services Enforcement Database: It holds comprehensive details on every substantive FCA and PRA Final Notice and, where available, Decision Notices, from 2014 to the present. The Database can be searched by Regulator ‘ PRA’, Keyword ‘ Settlement’, Highest Decision Maker: ‘ Settlement Decision Makers’, together with rule breach, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions, such as referrals to the Upper Tribunal. This Practice Note sets out the formal process for settling Prudential Regulation Authority ( PRA) enforcement actions involving the imposition of financial penalties, or the imposition of suspensions or restrictions, under the Financial Services and Markets Act 2000 ( FSMA 2000)......
Cancellation of permission Cancellation means the withdrawal of a firm’s Part 4A permission. When a Prudential Regulation Authority ( PRA)-authorised firm stops undertaking regulated activities, its Part 4A permission must be cancelled. In defined situations, the PRA may exercise its own-initiative powers to revoke a permission. Any requirements imposed on authorised firms may likewise be lifted, either on the firm’s application or by the PRA using its own-initiative powers. A PRA-authorised firm seeking cancellation must evidence to the PRA that it has ceased, or will cease, carrying on regulated activities. For more detail on firms designated as PRA-authorised, see Practice Note: FCA and PRA authorisation under Part 4A of FSMA 2000. Cancellation at the request of an authorised person The PRA may cancel a PRA-authorised firm’s Part 4A permission on the firm’s request, but only after it has consulted the FCA......
This Practice Note examines the obligations that arise after contract for firms undertaking consumer credit activities. In particular, Chapter 6 of the Financial Conduct Authority’s ( FCA) Consumer Credit sourcebook ( CONC 6), read alongside relevant provisions of the Consumer Credit Act 1974 ( CCA 1974), sets out rules and guidance on post‑contract requirements, covering the information to be given to consumers, rules on appropriating payments received from a customer, the assignment of rights under a consumer credit agreement, conduct of business for pawnbroking, and post‑contract business practices. CONC 5 likewise contains rules and guidance on responsible lending, including the need to carry out a creditworthiness assessment before increasing the credit available under a credit agreement. For further details on CONC 5, see Practice Note: Responsible lending requirements— CONC 5. For guidance on the right to withdraw from or cancel a consumer credit...
ARCHIVED : This Practice Note has been archived and is not maintained From 31 January 2020 (exit day), the UK ceased to be an EU Member State and its relationship with the EU is governed by the Withdrawal Agreement, which took effect on 1 February 2020. Under the Withdrawal Agreement, on exit day the UK entered an implementation period, during which it continues to be regarded as a Member State for many purposes, including trade. As a third country, the UK can no longer take part in the EU’s political institutions, agencies, offices, bodies and governance structures (save to the limited extent agreed), but the UK must continue to comply with EU law and remain subject to the continuing jurisdiction of the Court of Justice of the European Union in line with the transitional arrangements in the Withdrawal...
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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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