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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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Scope of this Practice Note This Practice Note sets out the regulated activities of setting up, running or winding up a stakeholder pension scheme or a personal pension scheme under the Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001, SI 2001/544, art 52 ( RAO), and includes links to other material explaining how funds are regulated. The regulated activities are the establishment, operation or winding up of: a stakeholder pension scheme; or a personal pension scheme. Coverage of stakeholder pension schemes formed part of the RAO from commencement. By contrast, the regulated activity in respect of personal pension schemes was not introduced until 6 April 2007, following implementation of the Financial Services and Markets Act 2000 ( Regulated Activities) ( Amendment) Order 2006, SI 2006/1969. That amending order inserted into the RAO the specified activity of...
Background to the regulated activities of effecting and carrying out contracts of insurance The regulation of conducting insurance business in the UK can be traced to 1870, with the passing of the Life Assurance Companies Act 1870, which required any firm engaged in life assurance to lodge a deposit with the court as a form of security. Successive Acts then introduced a range of enhancements and refinements to that framework. The original UK regulatory framework was made largely obsolete by the arrival of various EU measures from the early 1970s; a directive dealing with life assurance followed thereafter within that legislative programme......
Many UK industries are overseen by their own regulator—some (though not all) also possess concurrent competition powers, giving them authority to enforce competition law within their particular sector, alongside their routine supervisory functions. The framework for supervising distinct industries in the UK is intricate because of the interaction between a regulator’s sector‑specific rules and the application of competition law, and the need to balance both sets of powers coherently in practice. This regime developed after the privatisation of various sectors and through the steady refinement of regulation over time, reflecting incremental changes rather than a single redesign within the UK context. Every regulated area is governed by its own specific and comprehensive framework, in considerable detail. Accordingly, although many issues and procedures are shared across most regulated sectors, the particulars frequently diverge in material and sometimes fundamental ways in practice....
What are covered bonds? Covered bonds are asset-backed securities ( ABS) with distinctive features: Issuer – they are brought to market by banks or other mortgage lenders Collateral – they are secured against a pool of mortgages or public sector indebtedness (the asset pool) Dynamic asset pool – the pool is maintained on a dynamic basis so that repaid or defaulted assets are replaced with new ones Dual recourse – bondholders have claims on both the issuer and the asset pool Statutory and regulatory regime – issuance takes place under a statutory and/or regulatory framework that ensures: the asset pool is segregated from the issuer’s other assets the pool is sufficient to cover repayment of the covered bonds ...
Under article 60N(1) of the Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001, SI 2001/544 ( RAO), entering into a regulated consumer hire agreement as the owner in the UK, in the course of business, amounts to a regulated activity. Further, article 60N(2) confirms that exercising, or holding the right to exercise, the owner’s rights and obligations under such an agreement is likewise a regulated activity. This Practice Note considers: the scope of these regulated activities the meaning of a regulated consumer hire agreement exemptions under RAO, SI 2001/544, arts 60O–60Q additional exclusions in RAO, SI 2001/544, art 60R exemptions potentially available under the Financial Services and Markets Act 2000 ( Exemption) Order 2001, SI 2001/1201 (the Exemption Order 2001) Regulated activities—general Section 19(1) of the Financial Services and Markets Act 2000 ( FSMA 2000) sets a general prohibition on carrying on regulated activities in the UK unless the...
This Practice Note addresses the regulated activity of managing investments... Definition Managing investments is a regulated activity under article 37 of the Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001, SI 2001/544 ( RAO). It entails exercising discretion over assets that beneficially belong to another person, where those assets consist of, or include, any investment categorised as a ‘security’, a ‘structured deposit’ or a ‘contractually-based investment’. For further detail on what constitutes a ‘security’, a ‘structured deposit’ or a ‘contractually-based investment’, see Securities, structured deposits or contractually-based investments below)... The exercise of discretion This regulated activity only arises where the investment manager exercises discretion. Where portfolio management is non-discretionary—for example, the manager purchases shares strictly on client instructions, or simply receives and forwards client orders—the work is more likely to fall within another regulated activity, such as ‘dealing in...
The general prohibition Under section 19 of the Financial Services and Markets Act 2000 ( FSMA 2000), no person may undertake regulated activities in the UK unless they are authorised or fall within an exemption. This is referred to as the general prohibition. For guidance on the territorial reach of this restriction, see Practice Note: Territorial scope of the prohibition. Under FSMA 2000, s 31, an authorised person is one who: has been granted permission by the Financial Conduct Authority ( FCA) or the Prudential Regulation Authority ( PRA) under FSMA 2000, Pt 4A to carry on specified regulated activities; or is a Gibraltar-based person with a Schedule 2A permission to carry on one or more regulated activities. Please note that this latter provision, inserted by section 22(1), (2) of the Financial Services Act 2021, is not yet in force......
The register of overseas entities The register of overseas entities took effect on 1 August 2022. Overseas entities wishing to buy, sell or transfer land or property in the UK were required to sign up with Companies House and state their registrable beneficial owners or managing officers by 31 January 2023. Corporate transparency is now regarded as a critical component of any plan to curb or eradicate corruption, tax evasion, terrorist financing and money laundering. In the aftermath of Russia’s invasion of Ukraine, HM Government fast‑tracked the Economic Crime ( Transparency and Enforcement) Act 2022 ( EC( TE) A 2022). Under EC( TE) A 2022, an overseas entity must register with, and supply details of its beneficial owners to, UK Companies House before it can be recorded as the legal owner of UK land. EC( TE) A 2022 is, in large part, derived from the...
Background to the regulated activity of issuing electronic money Under section 19 of the Financial Services and Markets Act 2000 ( FSMA 2000), no one may perform regulated activities in the UK unless that person is authorised or enjoys an exemption. This rule is referred to as the general prohibition. For further detail on the general prohibition and how it applies territorially, see Practice Notes: The general prohibition and implications of its breach, and Territorial scope of the general prohibition. ' Regulated activities' covers specified activities undertaken by way of business that concern 'specified investments' or any form of property to which the relevant activity relates. For these purposes, 'specified' means identified by HM Treasury. The Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001, SI 2001/544 ( RAO) lists numerous activities and investments that are so specified. For more on what amounts to...
What are CCPs and what do they do? A central counterparty ( CCP) is a kind of financial institution, often called a clearing house, that enables the clearing of both over‑the‑counter ( OTC) derivatives and exchange‑traded derivatives ( ETDs) in financial markets. CCPs fall within the category of financial market infrastructures ( FMIs) within financial markets. A derivative is a financial instrument whose worth is set by reference to, and thus derived from, an underlying asset, index, rate, reference point or risk, commonly termed the underlying asset or simply the underlying. Derivatives are bilateral contracts that shift some or all of the economic risk and return tied to the underlying from one counterparty to another, without any immediate delivery of the underlying item. For OTC derivatives, terms are negotiated directly between the parties themselves, or at times arranged via a broker acting as...
This Practice Note outlines the regulated activities of giving basic advice to retail consumers on stakeholder products, and of providing advice on: securities, structured deposits and relevant investments loan-based crowdfunding agreements, and the conversion or transfer of pension benefits Providing basic advice to retail consumers on stakeholder products Under article 52B of the Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001, SI 2001/544 ( RAO), giving basic advice to retail consumers on stakeholder products constitutes a regulated activity. This encompasses advice delivered as a recommendation by a person ( P), in the course of a business carried on by P, to a ‘retail consumer’. The recommendation must concern a stakeholder product, and certain conditions attached to the provision of basic advice must be satisfied......
This Practice Note outlines the UK regime governing public offers and admissions to trading of securities that took effect on 19 January 2026, replacing the earlier EU‑derived system. It highlights the rules for making public offers and seeking admission to trading, the prospectus regime, associated liability and sanctions under the new arrangements. Regulatory framework From 19 January 2026, a refreshed UK framework applies, which revokes: Assimilated Regulation ( EU) 2017/1129 (the UK Prospectus Regulation) and related delegated regulations certain parts of Part 6 of the Financial Services and Markets Act 2000 ( FSMA 2000) that deal with when a prospectus is required and prospectus liability, and the Financial Conduct Authority’s ( FCA) Prospectus Regulation Rules ( PRR) sourcebook The replacement regime is contained in: The Public Offers and Admissions To Trading Regulations 2024, SI 2024/105 (the POATRs), and a new FCA...
STOP PRESS : In March 2025, the government signalled plans to fold the Payment Systems Regulator, and most of its functions, into the Financial Conduct Authority. The aim is to simplify the regulatory landscape, cut duplication, and let firms prioritise innovation and delivering services. While the implementation date is uncertain, HM Treasury stated in a letter that it intends to legislate at the earliest opportunity. Meanwhile, the PSR and FCA intend to work closely together. In September 2025, HM Treasury ( HMT) launched a consultation on these consolidation proposals. It suggests moving the PSR’s responsibilities—including fostering competition and innovation in payment systems and advancing the interests of consumers and businesses—into the FCA’s framework under the Financial Services and Markets Act 2000 ( FSMA 2000), or into a new FSMA 2000 part where required. The government plans to retain the current...
Scope of PRA regulation Whilst firms authorised by the Prudential Regulation Authority ( PRA) are overseen by the Financial Conduct Authority ( FCA) for conduct matters, the PRA is chiefly responsible for prudential oversight. Those within the PRA’s remit are the institutions with the greatest potential to affect the stability of the UK economy, including banks, building societies, insurers and certain investment firms. General objective of the PRA The PRA has a single overarching aim: promoting the safety and soundness of PRA‑authorised firms (i.e. dual‑regulated firms). This objective appears in section 2B of the Financial Services and Markets Act 2000 ( FSMA 2000), as inserted by section 6 of the Financial Services Act 2012. This objective is mainly progressed by: Regulation intended to ensure the business of PRA‑authorised persons is conducted so as to avoid adverse effects on the stability of the UK financial system; for example, the PRA sets and...
This Practice Note This Practice Note sets out how the Prudential Regulation Authority ( PRA) conducts its formal administrative procedures under the Financial Services and Markets Act 2000 ( FSMA 2000), with particular emphasis on Part XXVI ( Notices), alongside the PRA’s statements of policy and procedure for reaching decisions... Outcomes may involve supervisory steps—such as varying or imposing requirements—or formal enforcement, including a public censure or a financial penalty, directed at PRA‑authorised firms or individuals... It explains the PRA’s decision‑making routes for issuing statutory notices under FSMA 2000, namely: Supervisory Notices Warning Notices Decision Notices Final Notices Notices of Discontinuance The Note also sets out how subjects can make representations, including orally, at a hearing before PRA decision‑making bodies such as the Supervision, Risk and Policy Committee ( SRPC) or the Enforcement Decision Making Committee (...
BREXIT: At 11pm ( GMT) on 31 December 2020 (‘ IP completion day’), the transition/implementation phase that followed the UK’s exit from the EU came formally to a close. From IP completion day onwards, principal transitional measures cease and notable alterations start to apply across the UK’s wider legal framework. This note offers clear guidance on areas affected by these developments. Before you proceed with your research, please consult: Brexit and financial services: materials on the post‑ Brexit UK/ EU regulatory regime. The PRA's powers The Financial Services Act 2012 ( FSA 2012) obtained Royal Assent on 19 December 2012. Largely effective from 1 April 2013, it overhauled the UK’s regulatory architecture so that the Bank regained core aspects of its supervisory and oversight functions regarding prudential and capital standards for deposit-takers, larger, systemically important financial services firms, and insurance...
This Practice Note offers concise, high-level guidance on the UK prudential regime for banks, building societies and systemically important investment firms. It covers the Strong and Simple Framework for Small Domestic Deposit Takers ( SDDTs), the revocation of Assimilated Regulation ( EU) 575/2013 ( UK CRR) via the Financial Services and Markets Act 2023 ( FSMA 2023), and the implementation of the Basel 3.1 standards. Background to the UK regime As the UK was an EU Member State when the Capital Requirements Directive 2013/36/ EU ( EU CRD IV) and Regulation ( EU) 575/2013 ( EU CRR) came into force, the EU CRR and its level 2 measures were directly applicable in the UK, while EU CRD IV was delivered into UK law through sector-specific legislation. As of 31 December 2020 ( IP completion day), Assimilated Regulation ( EU) 575/2013 ( UK CRR) applied in the UK. The...
ARCHIVED: This Practice Note is archived and not being maintained at present or updated further. STOP PRESS: The UK’s prospectus framework, formerly grounded in the EU Prospectus Regulation, has been superseded by the Public Offers and Admission to Trading Regulations 2024 (the POATRs), with granular admission-to-trading requirements now set out in the Financial Conduct Authority ( FCA) admission rules. The FCA issued its final rules on 15 July 2025. Those final rules took legal effect on 19 January 2026. In October 2025, the FCA released Primary Market Bulletin 58 which, among other matters, provided guidance on both 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 more on the principal features of the new POATRs framework relevant to the debt capital markets, see Practice Note: The UK...
ARCHIVED: This Practice Note is archived and no longer maintained. STOP PRESS: The UK’s prospectus regime, previously derived from the EU Prospectus Regulation, has been superseded by the Public Offers and Admission to Trading Regulations 2024 ( POATRs), with all detailed admission to trading requirements now contained in the Financial Conduct Authority ( FCA) admission rules. The FCA published its final rules on 15 July 2025, which took effect on 19 January 2026. In October 2025, the FCA issued Primary Market Bulletin 58 which, among other matters, offered guidance on the timetable and approval of prospectuses (and supplementary prospectuses) and confirmed the removal of Listing Particulars as an admission document under the new framework. For more on the key aspects of the POATRs relevant to debt capital markets, see Practice Note: The UK Prospectus...
Private fund limited partnerships and limited partnerships constituted under the Limited Partnerships Act 1907 are frequently adopted as vehicles for private equity, venture capital and property funds offered to institutional investors, such as pension schemes. For an overview of the UK private equity landscape, covering the deployment of UK limited partnerships as fund entities and the oversight of fund managers within the Alternative Investment Fund Managers Directive ( Directive 2011/61/ EU) framework, as implemented and preserved (and subsequently......
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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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