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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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Appointed representatives ( ARs) acting for multiple principals This Practice Note summarises the framework that applies where more than one principal retains an appointed representative. It covers: the overarching rule that allows an AR to act for more than one principal the exceptions to that rule the Financial Conduct Authority ( FCA) requirements that must be satisfied before an AR may represent several principals the contract terms that multiple principals must agree before appointing an AR For further information, see Practice Note: Appointed representatives. The Financial Services and Markets Act 2000 ( FSMA 2000) and the Financial Services and Markets Act 2000 ( Appointed Representative) Regulations, SI 2001/1217 (the AR Regulations) do not prevent ARs from acting for more than one principal......
The Financial Conduct Authority ( FCA) is the United Kingdom’s financial regulator, created by an Act of Parliament in 2013. Operating independently of government, it is accountable to HM Treasury and to the UK Parliament, and is funded through fees paid by the financial services industry. Role Responsible for conduct and prudential regulation of firms outside the Prudential Regulation Authority’s ( PRA) remit, such as solo‑regulated firms. Acts as the conduct regulator for insurers, deposit takers and certain systemically important investment firms that are also regulated by the PRA (dual‑regulated firms). Regulates consumer credit and claims management companies, and oversees the UK’s financial markets. Supervises authorised firms, ensures adherence to financial rules, and undertakes enforcement against non‑compliance. Has powers to issue fines, revoke authorisations, approvals and permissions for particular activities, and prosecute offences under the Financial Services and Markets Act 2000 (...
Global consciousness of sustainability and environmental, social and governance ( ESG) matters has intensified through co-ordinated international efforts to deliver the UN Sustainable Development Goals and honour Paris Agreement commitments. The worldwide response to the coronavirus ( COVID-19) pandemic underscored the need to bolster the resilience of societies and the functioning of our economies, bringing sustainability and social priorities to the forefront for governments and regulators. The 26th UN Climate Change Conference of the Parties ( COP26) in Glasgow in 2021 further anchored climate change and sustainable finance as a core agenda point for financial market participants. In parallel, the 15th meeting of the Conference of the Parties to the Convention on Biological Diversity ( COP15) sharpened attention on mobilising sustainable finance to address biodiversity loss. Transitioning to a low-carbon economy by 2050 is estimated to require at least US$110trn in funding...
Case details and analysis This Practice Note sets out, in a concise table, a summary of the 2026 leading and/or illustrative judgments from the courts of England and Wales on disputes involving cryptoassets (cryptocurrencies, non-fungible tokens ( NFTs)), smart contracts and digital securities. For prior decisions, see Practice Note: Cryptoassets for Dispute Resolution lawyers—key and illustrative decisions [ Archived]. For general guidance on cryptoassets in a dispute resolution context, see: Practice Note: Cryptoassets for Dispute Resolution lawyers Practice Note: Crypto and digital assets—what are they and how do they work? Practice Note: Digital assets—legal status and development Issues in cryptoasset related civil claims—checklist and related content To remain current with the work of the UK Jurisdiction Taskforce (established under the Law Tech Delivery Panel), whose aim is ‘to demonstrate that English law and the jurisdiction of England and Wales together provide a...
This Practice Note examines the principal features of qualified investor schemes ( QIS), a UK‑authorised fund framework, covering investment powers, eligibility requirements and possible tax consequences. What is a QIS? A QIS is a UK‑authorised fund first launched in 2004 to satisfy the fund management sector’s call for a Financial Conduct Authority ( FCA) regulated investment vehicle operating under a comparatively light‑touch rulebook. It is aimed mainly at professional, institutional and sophisticated investors, including those within wealth management, and sits alongside the UK UCITS, non‑ UCITS retail schemes ( NURS) and long‑term asset fund ( LTAF) regimes. For additional detail on UCITS, NURS and LTAFs, see Practice Notes: UK Undertakings for Collective Investment in Transferable Securities ( UCITS)—essentials, Non‑ UCITS retail schemes ( NURS) and The UK Long‑ Term Asset Fund ( LTAF). A QIS can be structured as an authorised unit trust ( AUT), an...
Types of security Under Scots law, the range of security interests is narrower than those available in English law. The form of protection depends on the particular class of asset being charged. This Practice Note reviews the securities obtainable over particular asset types before addressing the floating charge, a form of security that may be created by Scottish companies or limited liability partnerships. Fixed security Land and buildings The recognised fixed security over real estate assets in Scotland, available to both individuals and companies, is the standard security. A standard security may be granted over an interest in land that is recorded or registered in the General Register of Sasines or the Land Register of Scotland. Note the General Register of Sasines ceased to accept, among other matters, recording of new standard securities from 1 April 2016. From that day, a borrower granting security over a...
Definition ' Custody' (as it is commonly termed) is a regulated activity under article 40 of the Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001, SI 2001/544 ( RAO). It comprises both of the following: the safeguarding of assets that belong to another person, and the administration of those assets. Arranging custody (for one or more other persons to carry on that activity) is itself a separate regulated activity under SI 2001/544, art 40. The activity applies to assets that are designated investments (ie securities or contractually-based investments). Administering an investment may, for example, include crediting income generated by an investment to the beneficiary's account; however, discretion must not be exercised when undertaking these functions, otherwise the conduct falls within another regulated activity (advising on investments, or managing investments), for which separate permission will be required....
Scope of this Practice Note This Practice Note sets out the Financial Conduct Authority’s ( FCA) custody requirements contained in the Client Assets sourcebook ( CASS), a component of the FCA Handbook, that regulated firms must adhere to when safeguarding and administering investments. These provisions cover custody assets, encompassing safe custody investments (being designated investments that a firm accepts or holds for a client) and any additional assets kept within the same portfolio as those safe custody investments for that client. It therefore sets parameters for firms’ conduct whenever they hold or control a client’s designated investments and any associated assets within that client’s portfolio appropriately. What do the cover? The chapter 6 custody rules in the Financial Conduct Authority’s ( FCA) Client Assets sourcebook ( CASS) explain the steps a firm must take when it undertakes the regulated activity of...
What is judicial review? Judicial review is the mechanism by which the courts in England and Wales scrutinise decisions taken by government ministers and departments, industry regulators, local authorities, and public bodies to check that they have acted lawfully and fairly. When determining whether a given organisation is a ‘public body’ for judicial review purposes, the court looks at the functions it carries out and whether those functions produce public law consequences. The court examines the decision making process used by a public body to decide if the decision was made validly. The court’s power to undertake this review comes from statute, while the governing principles of judicial review stem from case law that develops continually. A court may decline permission to issue a judicial review claim where an alternative remedy has not been pursued. Judicial review remains a measure of last resort in public law...
The compulsory jurisdiction of the Financial Ombudsman Service ( FOS) Set out in Chapter 2 of the FCA’s Dispute Resolution: Complaints Sourcebook ( DISP), and made under section 226 of the Financial Services and Markets Act 2000 ( FSMA 2000), the compulsory jurisdiction of the Financial Ombudsman Service ( FOS) requires that complaint about an act or omission by a person (the respondent) in carrying on an activity to which compulsory jurisdiction applies is considered under the FOS scheme, provided certain criteria are satisfied and the complaint meets those conditions. The conditions are that the following apply: the complainant is eligible and wishes the complaint to be considered under the FOS scheme the respondent was an authorised person at the time of the relevant act or omission, and the relevant act or omission occurred when compulsory...
Practice Note Under Part 4A of the Financial Services and Markets Act 2000 ( FSMA 2000), any firm—be it a business, a not-for-profit body or a sole trader—undertaking one or more regulated activities in the UK must be authorised or registered by the Financial Conduct Authority ( FCA) or the Prudential Regulation Authority ( PRA). Banks, credit unions, insurers and managing agents of a Lloyd’s syndicate are required to apply to the PRA for authorisation. Firms seeking approval to conduct any other activities should apply to the FCA. This Practice Note outlines the FCA and PRA authorisation process under FSMA 2000, Pt 4A. It does not cover the FCA’s authorisation and registration processes for consumer credit, payment services or electronic money institutions, which are set out in the following Practice Notes: FCA authorisation of consumer credit firms UK regulation of payment services...
This Practice Note outlines the UK framework governing exchange traded funds ( ETFs), broadly open-ended investment funds that mirror, for example, an index, asset class or strategy and are dealt on an exchange or other trading venue. It also highlights market developments and financial stability considerations in the ETF sector. What is an ETF? An ETF is defined as a fund in which at least one unit or share class is traded throughout the day on at least one trading venue, and where at least one market maker acts to keep the trading price of its units or shares from diverging materially from its net asset value and, where relevant, its indicative net asset value. This definition appears in the Financial Conduct Authority ( FCA) Handbook Glossary and is derived from Article 4(1)(46) of Directive 2014/65/ EU ( Mi FID II). ETFs are the most...
Joint venture The expression ‘joint venture’ has no fixed legal definition in UK law. It denotes a commercial arrangement in which two or more parties agree to combine their resources to deliver a proposed project (or other business activity) and to share the resulting gains. The term spans many scenarios, from structural arrangements that create or modify economic control of a legal entity—such as joint venture companies or partnerships—to non-structural set-ups including contractual joint projects and informal, undocumented collaborations. A joint venture can be established for a single project, a defined period, or as a continuing business relationship... they may not have the requisite knowledge, expertise, technology, resources and/or funding by splitting funding obligations, they can reduce financial risk they may gain access to new markets they can keep running their own businesses whilst also pursuing the...
This Practice Note addresses the disclosure duties applying from 6 April 2014 to occupational and personal pension schemes under the Occupational and Personal Pension Schemes ( Disclosure of Information) Regulations 2013, SI 2013/2734 (the 2013 Disclosure Regulations). For information on disclosure requirements that apply outside the 2013 Disclosure Regulations, see Practice Note: Event-specific disclosure requirements for occupational and personal pension schemes. For details of the disclosure requirements that applied before 6 April 2014 to occupational and personal pension schemes, see Practice Notes: Occupational pension schemes—disclosure requirements before 6 April 2014 ( ARCHIVED) and Personal pension schemes—disclosure requirements before 6 April 2014 [ Archived]. In this Practice Note, references to ‘trustees’ include, in the context of a contract-based scheme, the managers of the scheme. Introduction of new disclosure regime from 6 April 2014 The 2013 Disclosure Regulations took effect on 6 April 2014,...
Whether a credit agreement is regulated is determined by the Financial Services and Markets Act 2000 ( FSMA 2000), the Consumer Credit Act 1974 ( CCA 1974) and related secondary legislation and rules, most notably the Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001, SI 2001/544 ( RAO). The RAO sets out multiple exemptions tied to the agreement’s nature and core characteristics, making it essential to pinpoint the correct agreement category. This Practice Note defines ‘credit’ and ‘regulated credit agreement’ and outlines the reach of the RAO and CCA 1974, including which agreements are brought within regulation. Meaning of credit under the CCA 1974 and the RAO For the credit limb of the consumer credit framework to bite, the transaction must involve credit. Separately, the regime also captures consumer hire agreements, which do not constitute ‘credit’. Under CCA 1974, s 9(1) and RAO, SI...
This Practice Note provides an overview of the contents and structure of the Financial Conduct Authority ( FCA) Handbook. On 1 April 2013, the Financial Services Authority ( FSA) Handbook was divided between the Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA), creating two distinct handbooks: one for the PRA, setting out provisions made by the PRA that apply to PRA-authorised firms: the PRA Rulebook; and one for the FCA, containing rules, guidance and other provisions made by the FCA that apply to FCA-authorised firms: the FCA Handbook. Most provisions in the FSA Handbook were carried into the PRA's handbook (replaced by the PRA Rulebook on 29 August 2015), the FCA's handbook, or both, in line with each regulator's responsibilities and objectives, while other provisions were deleted. Although the FCA Handbook designates or adopts material formerly within the FSA Handbook,...
This Practice Note outlines various exclusions that may apply to particular regulated activities connected with investments. It provides a concise overview of the key principles of financial services regulation. In particular, it introduces the concept of the ‘general prohibition’ in section 19 of the Financial Services and Markets Act 2000 ( FSMA 2000), which states that a person must not undertake regulated activities in the UK unless that person is authorised or exempt... The general prohibition Under FSMA 2000, s 19, carrying on regulated activities in the UK is not permitted unless the person is authorised or exempt; this is known as the general prohibition. For details on the territorial reach of the general prohibition, see Practice Note: Territorial scope of the prohibition... According to FSMA 2000, s 31, an authorised person is someone who: has been granted permission by the Financial Conduct...
This Practice Note sets out a summary of the regulatory fees and levies that authorised firms in the UK must pay to support the upkeep of the regulatory system. Why and how are fees and levies imposed? As independent bodies, the Financial Conduct Authority ( FCA) and the Prudential Regulatory Authority ( PRA) do not obtain any funding whatsoever from the government. Each regulator is authorised to levy charges on the regulated community to finance their ongoing work. These regulatory fees supply the FCA and PRA with the financial resources required to discharge their statutory responsibilities under the Financial Services and Markets Act 2000 ( FSMA 2000). Fees are assessed against a framework of 'fee-blocks', with each block corresponding to a distinct segment of the financial services industry. This model promotes consistency across the wider regulated population. Authorised firms may fall within multiple fee blocks and will be...
FORTHCOMING CHANGE relating to the tax treatment of carried interest: Following a call for evidence on the taxation of carried interest conducted over summer 2024, the government used Autumn Budget 2024 to set out a redesigned regime from 6 April 2026. This will be embedded within the income tax system, with tailored rules acknowledging the distinctive nature of the reward. A consultation then examined possible new qualifying conditions for entry to the regime, with the government’s response issued in June 2025. Draft legislation for the new carried interest regime was published on 21 July 2025 for inclusion in Finance Bill 2026. The provisions will apply to carried interest arising on or after 6 April 2026. This was all confirmed at the 26 November 2025 Budget, which also noted amendments to the draft to reflect stakeholder feedback. In the interim, ahead of...
The PRA’s Fundamental Rules These high-level provisions sit within the PRA Rulebook and, taken together, set out the Prudential Regulation Authority ( PRA)’s expectations of firms. They also articulate the PRA’s general objective of advancing the safety and soundness of firms, and the insurance objective of securing an appropriate degree of protection for those who are, or may become, policy holders. The Fundamental Rules comprise: Fundamental Rule 1 — a firm must run its business with integrity. Fundamental Rule 2 — a firm must carry on its business with due skill, care and diligence. Fundamental Rule 3 — a firm must conduct itself in a prudent manner. Fundamental Rule 4 — a firm must at all times maintain adequate financial resources. Fundamental Rule 5 — a firm must maintain effective risk strategies and risk management systems. ...
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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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