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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 key elements of the regulatory landscape for 'buy now, pay later' ( BNPL), covering definitions and the relevant regime and scope as currently understood today. It also monitors policy change in this space, including the rollout of a tailored framework for deferred payment credit ( DPC) from July 2026. Key points on BNPL and DPC are as follows: BNPL arrangements let a shopper acquire goods immediately and postpone settlement of the full amount to a subsequent date. Terms differ by provider, and the period over which costs are spread can span 30 days to as long as three months The BNPL sector has expanded markedly in recent years, from £0.06bn in 2017 to more than £13bn in 2024. As reported in the FCA’s 2024 Financial Lives Survey, 20% of UK consumers (10.9 million adults) used it in the 12 months to May...
Blockchain Blockchain has surged into mainstream awareness, propelled by the meteoric rise of cryptocurrencies and a buoyant global fintech industry, with regulators across the world running or completing numerous consultations and discussions. Though blockchain and related technologies remain comparatively young, substantial investment has been directed at unlocking efficiencies and capturing the novel business models they are expected to enable. To date, attention has largely centred on technical and commercial considerations. However, for blockchain to realise its full potential it must navigate both new and existing legal and regulatory landscapes in which it will operate. The breadth of possible use cases, together with the current stage of evolution of this technology, means this Practice Note is, by necessity, a roadmap for understanding the key legal and regulatory issues that typically arise in connection with blockchain technology, rather than a set of definitive answers. The precise...
ARCHIVED: This Practice Note is archived and is no longer being maintained or updated. Financial Services Enforcement Database: It contains comprehensive details of all substantive FCA and PRA Final Notices and, where obtainable, Decision Notices from 2014 onwards. The Database, available here, can be searched and filtered by rule breach, keyword (including ‘ LIBOR’), sector, date, seriousness, aggravating and mitigating factors, financial penalty, and by other actions such as referrals to the Upper Tribunal. Before LIBOR reform, significant and widespread worries about how financial market benchmarks were administered and manipulated prompted investigations by regulators across the globe, culminating in enforcement and criminal proceedings. Partly as a consequence of these actions, changes were made to the way in which these benchmarks are run and administered. Areas targeted by enforcement included foreign exchange, gold fixing and gilts, among others, although most regulatory action and media focus centred on the...
Scope of this Practice Note This Practice Note provides an introduction to the Bank of England ( Bo E) and signposts key materials for reference and use. It summarises its principal functions and pertinent committees, and sets out the Bo E’s responsibilities in respect of recognised clearing houses, together with arrangements for settlement, payments and cash in these areas. It additionally describes how the Bank’s remit has evolved since its foundation to the present day. For further information on the UK financial services regulators, see the following resources: UK regulators—financial services—overview The regulators—checklist [ Archived] For more information on how the Bo E interacts with the other UK financial services regulators, please refer to: Practice Note: Interaction between the PRA, FCA and FPC History of the Bo E—at the heart of the UK financial...
ARCHIVED: In light of the January 2024 revision to the Statement of policy— The Bank of England’s approach to enforcement: statements of policy and procedure, which encompasses the PRA’s Settlement Policy, this Practice Note is now archived and no longer updated. It continues to apply to enforcement matters arising from conduct before 30 January 2024. If a breach (for example, misconduct, contravention or failure) starts prior to 30 January 2024—the date the revised policy takes effect—and persists beyond it, two regimes will govern. For the PRA’s updated Settlement Policy, see Practice Note: PRA enforcement essentials—settlement. This Practice Note explains the settlement process for enforcement actions by the Prudential Regulation Authority ( PRA) in relation to breaches before 30 January 2024, and draws on the policies and procedures in: Statement of Policy— The Prudential Regulation Authority's approach to enforcement: statutory statements of policy and...
The work and foundations of BIS The Bank for International Settlements ( BIS) supports central banks worldwide on matters of monetary and financial stability. Its headquarters are in Basel, Switzerland, with two representative offices in Hong Kong and Mexico City. Founded on 17 May 1930, it is the world’s oldest international financial organisation and regards itself as the principal centre for international central bank co-operation. It began with the settlement and administration of repatriation payments after the First World War, though that function soon waned. The BIS has since been particularly pivotal during episodes affecting financial stability, including the oil shock and international debt crises. It is now widely recognised for its role in the regulation of internationally active banks and for establishing global standards for regulatory capital, known as the Basel Capital Accord. Article 3 of its Statutes sets out clearly its...
Like their conventional peers, takaful operators (ie Islamic insurance providers) employ several channels to distribute their Shari’ah‑compliant life insurance (known as family takaful) and their non‑life insurance (known as general takaful) to the public. These routes include the operator’s direct sales force, independent insurance brokers, and e‑tools. Another channel is bancatakaful. What is bancatakaful? Bancatakaful is the distribution of takaful products through banks— Islamic or conventional—so long as the activities conform to Islamic principles ( Shari’ah). In essence, the bank acts as the takaful operator’s agent, allowing the operator to utilise the bank’s network. The key reasons takaful operators use banks as distribution partners are to: tap the banks’ existing customer base align with reputable banks and benefit from their expertise in product distribution maintain smaller direct sales teams, as bank staff sell the takaful products to the banks’ customers maintain smaller...
Automated financial product advisers, often called robo-advisers, are software-driven platforms that deliver financial planning with minimal or no human input. They are appearing across the financial services sector, supporting customers in selecting investments, banking products and insurance options... This Practice Note considers the following: Scope and applications of robo-advisers Advantages and disadvantages Risk creation versus risk mitigation Regulatory framework Recent FCA Reviews and Key Findings Legal issues relating to advice provided by robo-advisers Views from the market Next phase of robo-advice Robo-advice is underpinned by artificial intelligence ( AI), creating an opportunity for financial institutions to evolve business models that better meet client needs. Banks recognise that they must organise, analyse and use data effectively to reshape and refine those models. This is AI’s promise: improved client experience, efficient risk management and compliance, and greater...
What is an attestation? The Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA) can seek an attestation from a firm when they are worried about, or looking into, an actual or possible breach of regulatory obligations. In essence, an attestation is the regulator asking a named individual within a regulated business—typically a manager who also holds a Senior Manager function—to give a signed written statement confirming the firm’s compliance with particular regulatory requirements affecting a defined part of the business. The FCA also employs attestations as part of day-to-day supervision; for example, every firm must annually attest that the details held on the Financial Services Register are correct (see Practice Note: The Financial Services Register). The PRA likewise uses attestations routinely, generally via standardised forms, while noting that it may require attestations addressing compliance with specific rules on an ad hoc...
Background to the regulation of assisting in the administration and performance of insurance contracts Under section 19 of the Financial Services and Markets Act 2000 ( FSMA 2000), individuals and firms are prohibited from undertaking regulated activities in the UK unless they are authorised or otherwise exempt; this is referred to as the general prohibition. For details on the general prohibition and how it applies territorially, see the Practice Notes: The general prohibition and implications of its breach and Territorial scope of the general prohibition. ‘ Regulated activities’ are described as including specified activities carried on by way of business that concern ‘specified investments’, or any property to which the specified activity applies. For these purposes, ‘specified’ means designated by HM Treasury. The Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001 ( SI 2001/544) ( RAO) lists the...
This Practice Note This Practice Note summarises key elements of important publications issued by the Financial Conduct Authority ( FCA) and, previously, the Financial Services Authority ( FSA) since March 2011 on the advice process. The FCA has also created a web page that gathers, in one place, core material on the advice process and assessing suitability, which should serve as a central reference point. In particular, it covers: FSA-finalised guidance FSA FG11/5 on assessing suitability—determining the level of risk a customer is prepared to accept and making appropriate investment choices (the March 2011 Guidance) FSA-finalised guidance on assessing suitability—replacement business and centralised investment decisions (the July 2012 Guidance) FCA thematic review report for wealth management firms and private banks—suitability of investment portfolios (the December 2015 Report) FCA thematic review report on assessing...
Scope of this Practice Note This Practice Note outlines the regulated activity of arranging deals in investments, together with the regulated functions of operating multilateral trading facilities ( MTFs), operating organised trading facilities ( OTFs), and running electronic platforms for public offers of relevant securities, as set out in articles 25, 25D, 25DA and 25DB of the Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001, SI 2001/544 ( RAO). It also signposts the relevant applicable exclusions. For reference, information on arranging regulated mortgage contracts ( RMCs), home reversion plans ( HRPs), home purchase plans ( HPPs), and arranging regulated sale and rent back agreements is contained in SI 2001/544, arts 25A–25C and 25E. For further information, see Practice Note: Arranging deals in home finance transactions......
ARCHIVED: This Practice Note has been archived and is not maintained. STOP PRESS: The UK’s prospectus framework, once anchored in the EU Prospectus Regulation, has been superseded by the Public Offers and Admission to Trading Regulations 2024 ( POATRs). Detailed admission to trading requirements now reside in the Financial Conduct Authority ( FCA) admission rules. The FCA released its final rules ( PS25/9) on 15 July 2025, with the new regime taking effect on 19 January 2026. In October 2025, Primary Market Bulletin 58 outlined guidance on the timing and approval of prospectuses (and supplementary prospectuses) and confirmed the removal of Listing Particulars as an admission document under the new framework. For further information on the key elements of the POATRs relevant to debt capital markets, see: The UK Prospectus Regulation—essentials [ Archived]— Reform of the UK prospectus regime... UK Prospectus Regulation— Level 2...
ARCHIVED: This archived Practice Note is no longer being updated. The Money Laundering Regulations 2007, SI 2007/2157 ( MLR 2007, SI 2007/2157) have been revoked and superseded by the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017, SI 2017/692 ( MLR 2017, SI 2017/692). From 26 June 2017, offences under MLR 2007, SI 2007/2157 can no longer arise; however, conduct occurring on or before 25 June 2017 may still be investigated and prosecuted under MLR 2007, SI 2007/2157. Accordingly, this Practice Note is retained to aid practitioners advising on investigations and prosecutions for offences under MLR 2007, SI 2007/2157. For details on offences and investigations under MLR 2017, SI 2017/692, see Practice Note: Offences under the Money Laundering Regulations 2017 ( MLR 2017). Overview of the Money laundering regulations The Money Laundering Regulations 2007, SI 2007/2157 ( MLR 2007) took effect on 15...
ARCHIVED: This Practice Note has been archived and is not maintained. On 29 July 2024, a major overhaul of the UK listing framework took effect, abolishing the premium and standard segments and introducing a single category for equity shares of commercial companies, alongside additional categories defined by company and security type. To give effect to these reforms, a new UK Listing Rules sourcebook came into force to implement the changes, and the previous Listing Rules sourcebook was revoked. For more detail, see Practice Note: Reform of the UK listing regime—fundamentals. This Practice Note describes the regime as it stood before 29 July 2024 and has been retained for reference purposes. The Listing Principles ( Listing Principles) and the Premium Listing Principles ( Premium Listing Principles) (together, the Principles) are set out in Chapter 7 of the Listing Rules ( LR) published by the...
ARCHIVED: This Practice Note is archived and no longer maintained. STOP PRESS: The UK prospectus framework, previously derived from the EU Prospectus Regulation, has been superseded by the Public Offers and Admission to Trading Regulations 2024 ( POATRs), with detailed admission-to-trading requirements now contained in the Financial Conduct Authority ( FCA) admission rules. The FCA issued its final rules ( PS25/9) on 15 July 2025, and these rules took effect on 19 January 2026. In October 2025, the FCA released Primary Market Bulletin 58 which, among other matters, provided guidance on the timing and approval of prospectuses (and supplementary prospectuses) and confirmed the removal of Listing Particulars as an admission document under the new framework. For further information on the POATRs’ key elements relevant to the debt capital markets, see: Reform of the UK prospectus regime. This Practice Note focuses on debt capital markets and...
ARCHIVED: This Practice Note is archived and is no longer maintained. It charted the progress of UK primary legislation introduced as part of the legislative preparations for the UK’s exit from the EU during the 2017–19 Parliament. Following the prorogation of the 2017–19 Parliament on 8 October 2019, the Brexit Bills moving through Parliament that had not yet secured Royal Assent fell, namely: Agriculture Bill Financial Services ( Implementation of Legislation) Bill [ HL] Fisheries Bill Immigration and Social Security Co-ordination ( EU Withdrawal) Bill Trade Bill For further reading, see: Brexit Bulletin—key Bills fall away on prorogation of Parliament, LNB News 09/10/2019 64......
ARCHIVED: This archived tracker contains a summary of historic changes to provisions in the former Prospectus Regulation Rules sourcebook. Tracker overview This Prospectus Regulation Rules ( PRR) tracker outlines amendments to provisions in the PRR Sourcebook (now revoked), alongside connected legislative and regulatory changes, guidance and updates. It also provides links to consultation papers, policy statements, practical guidance and notices published by the Financial Conduct Authority ( FCA). Reforms to the UK prospectus regime took effect on 19 January 2026, as part of broader efforts to make it simpler for companies to raise capital in the UK and to lower costs when admitting securities to UK public markets. The UK Prospectus Regulation and the PRR sourcebook have been revoked. The rules for public offers of securities in the UK and for admissions of securities to trading in the UK are set out in the Public Offers and...
ARCHIVED: This Practice Note has been archived and is not maintained This archived Practice Note is no longer updated. It recorded the status of UK primary legislation brought forward to prepare for the UK’s exit from the EU during the 2019 Parliament. The Early Parliamentary General Election Act 2019 obtained Royal Assent on 31 October 2019, setting a poll for 12 December 2019. Procedural rules provide that Parliament is dissolved just after midnight 25 working days before polling day. Accordingly, Parliament was dissolved on 6 November 2019, a mere three weeks and two days after the Queen’s Speech in October 2019. At that moment, all parliamentary activity, including every Bill then in train, ceased. Owing to the dissolution of the 2019 Parliament, the following Brexit Bill, which had not yet secured Royal Assent, lapsed: European Union ( Withdrawal Agreement) Bill 2019 For further reading on the...
This Practice Note sets out the principal regulatory considerations when replacing the trustee of an authorised unit trust ( AUT), covering the steps to implement the change, the approach to selecting a new trustee, and the related disclosure and notification obligations. What is an authorised unit trust An AUT is an investment fund and, under section 237(3) of the Financial Services and Markets Act 2000 ( FSMA 2000), means a unit trust scheme authorised by an order made under section 243 of FSMA 2000. an undertaking for the collective investment of transferable securities ( UCITS) a non- UCITS retail scheme ( NURS) a qualified investor scheme ( QIS) a long term asset fund ( LTAF) a charity authorised investment fund In some respects, the Financial Conduct Authority’s ( FCA) rules for AUTs vary according to...
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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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