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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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UK financial sanctions obligations apply to all businesses and persons in the UK This Practice Note examines the implications for firms authorised by the Financial Conduct Authority ( FCA) under the Financial Services and Markets Act 2000 ( FSMA 2000), as well as e‑money and payment institutions and cryptoasset businesses within the FCA’s supervisory remit (collectively, firms). Although the FCA does not directly enforce sanctions, its remit is to assess whether supervised firms maintain robust systems and controls that ensure compliance with the UK financial sanctions regime. This Note details the FCA’s regulatory requirements and expectations for sanctions screening systems and controls, informed by: the FCA’s Financial Crime Guide ( FCG); the FCA’s Financial Crime Thematic Reviews ( FCTR); supporting FCA guidance; and the Joint Money Laundering Steering Group ( JMLSG) Guidance, Part III, Chapter 4, on compliance with the UK sanctions framework. It also takes...
Scope of this Practice Note This Practice Note outlines the carve-outs from the financial promotion restriction that apply across all controlled activities. For detail and background on the restriction, see Practice Note: The financial promotion regime—essentials. The exemptions referenced in this Practice Note are contained and detailed in Part IV of the Financial Services and Markets Act 2000 ( Financial Promotion) Order 2005, SI 2005/1529 ( FPO), as amended from time to time, including, for example, by the Financial Services and Markets Act 2000 ( Claims Management Activity) Order 2018, SI 2018/1253, and the Financial Services and Markets Act 2000 ( Amendment) ( EU Exit) Regulations 2019, SI 2019/632). The exemptions concern: specific kinds of communication communications aimed at particular recipients, and communications made by particular persons The FPO sets out a list of over 70 exemptions that are available to those who are not...
Exemptions from the financial promotion restriction This Practice Note examines exemptions from the financial promotion restriction that are most pertinent to financial services practice. For broader detail on the restriction in general, see Practice Note: The financial promotion regime—essentials. The exemptions to the restriction fall into three categories and are contained in the Financial Services and Markets Act 2000 ( Financial Promotions) Order 2005, SI 2005/1529 ( FPO). They are arranged by type of activity: provisions covering every controlled activity ( FPO SI 2005/1529, Pt IV) provisions for deposits and insurance ( FPO SI 2005/1529, Pt V) provisions for specified controlled activities, excluding deposit taking ( FPO SI 2005/1529, Pt VI) provisions for controlled claims management activities ( FPO SI 2005/1529, Pt VIA, arts 73A–73J) For guidance on the exemptions applying to all controlled activities, see Practice Note: Exemptions for all controlled activities; for guidance on deposits and...
This Practice Note outlines how authorised firms approve financial promotions under section 21 of the Financial Services and Markets Act 2000 ( FSMA 2000), the regulatory framework for such approvals, and the Financial Conduct Authority ( FCA) requirements set out in chapter 4.10 of the FCA’s Conduct of Business sourcebook ( COBS 4.10). For details on the financial promotion regime under FSMA 2000, s 21, see Practice Note: The financial promotion regime—essentials. Approval by an authorised person As noted above, the financial promotion restriction in FSMA 2000, s 21 does not apply where an authorised person has approved the content of a communication. The approval should be intended to enable unauthorised persons to issue financial promotions without infringing the restriction. Although the rule requires approval to concern the content of communications, it should attach specifically to the portion of a...
Background Financial conglomerates are sizeable groups active across more than one financial arena—banking, investment and insurance. They typically have intricate structures, operate across borders, and the wider organisation may include unregulated entities (from a financial legislation perspective), as well as entities not involved in financial services or engaged in non-financial activities. Historically, the bancassurance approach has been the leading operating model for such groups. Bancassurers bring together banking and insurance within a single organisation, enabling a full range of financial products in a one-stop shopping model—from conventional banking, through mutual funds, to insurance products. For insurers, bancassurance opens new distribution channels supported by a stable customer base; for banks, it broadens the product mix and lifts profitability by selling more through the same infrastructure already in place, thereby reducing fixed and overhead operating costs (economies of scale). Financial...
Insurers must negotiate a patchwork system of financial and trade sanctions. Within the UK, HM Treasury leads on the financial sanctions regime, operating via the Office of Financial Sanctions Implementation ( OFSI). Trade sanctions sit with the Department for Business and Trade, delivered through the Export Control Joint Unit (overseeing the UK’s export control system) and the Office of Trade Sanctions Implementation ( OTSI), which handles civil enforcement of most trade sanctions linked to the movement of goods involving UK firms that do not cross the UK border). The Department for Transport manages shipping-related measures, while the Foreign, Commonwealth and Development Office sets the UK’s overarching sanctions policy. UK trade and financial sanctions reflect United Nations Security Council decisions, alongside unilateral UK listings and measures with equivalent effect to financial sanctions, including those made under the...
After the Financial Services Act 2012 amended the Financial Services and Markets Act 2000 ( FSMA 2000), the Financial Services Authority was wound up and its remit divided between the Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA). The Financial Services and Markets Act 2000 ( PRA-regulated Activities Order) 2013, SI 2013/556, sets out which activities fall within PRA regulation. As a result, the PRA oversees authorisation and prudential supervision of firms undertaking PRA-regulated business. Firms authorised by the PRA are dual-regulated, being additionally supervised by the FCA for conduct matters. Firms authorised by the FCA alone are subject only to FCA oversight for both prudential and conduct requirements. For more detail, refer to FCA and PRA authorisation under Part 4A of FSMA 2000. Both FCA- and PRA-authorised firms are required to report to the FCA and/or the PRA, as...
Background to super-complaints and references The Financial Services Act 2012 revised the Financial Services and Markets Act 2000 ( FSMA 2000), setting up two routes for ensuring the Financial Conduct Authority ( FCA) receives significant information. Under FSMA 2000, s 234C, consumer organisations designated by HM Treasury may lodge a ‘super-complaint’ with the FCA. By contrast, FSMA 2000, s 234D permits regulated persons and the Financial Ombudsman Service ( FOS) to submit ‘references’ to the FCA. In June 2013, acting under FSMA 2000, s 234G, the FCA published guidance on both mechanisms, intended to broadly replicate the super-complaints model long operated by the Office of Fair Trading pursuant to the Enterprise Act 2002. Although closely related, super-complaints and references differ slightly in the nature of the information that must be provided to the FCA. The...
Scope and purpose of COBS and ICOBS This Practice Note offers a summary of the Financial Conduct Authority’s ( FCA’s) Conduct of Business sourcebook ( COBS) and Insurance: Conduct of Business sourcebook ( ICOBS) as they relate to insurers, identifies important differences in their scope, and sets out the duties COBS and ICOBS impose on insurance intermediaries. COBS and ICOBS prescribe conduct standards for insurers and intermediaries across the full product journey—from sale to claim—and require firms to treat policyholders fairly. COBS applies when a firm undertakes long-term insurance business in connection with life policies or designated investment business. ICOBS governs a firm’s general insurance business and pure protection insurance business (that is, non-investment insurance). Each sourcebook applies where a firm carries on business from a UK establishment maintained by it or by its appointed representative. Broadly, COBS is wider in scope and more...
This Practice Note This Practice Note delivers practical, detailed direction on the key elements of the Financial Conduct Authority’s ( FCA) Financial Crime Guide: a firm’s guide to countering financial crime risks ( FCG), together with the FCA’s Financial Crime Thematic Reviews ( FCTR). Read alongside, they advise firms on measures to lessen exposure to financial crime, including risks linked to: fraud money laundering ( ML) terrorist financing ( TF) proliferation financing ( PF) sanctions evasion bribery and corruption market abuse It also highlights the FCA’s current priorities on financial crime and market abuse, as reflected in its strategy, work programmes and business plans. The Note applies to firms authorised by the FCA under the Financial Services and Markets Act 2000 ( FSMA 2000), and to e‑money and payment institutions and cryptoasset businesses within the FCA’s...
This Practice Note explains the Financial Conduct Authority’s ( FCA) expectations for trade sanctions and counter-proliferation financing ( CPF) systems and controls for: FCA-authorised firms under the Financial Services and Markets Act 2000 ( FSMA 2000) entities under the FCA’s supervision pursuant to the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017, SI 2017/692 ( MLRs) This is especially pertinent to organisations active in trade finance, project finance and insurance. The FCA neither sets, applies nor polices trade sanctions, nor does it stipulate proliferation financing ( PF) requirements; instead, it oversees whether firms within its remit maintain sufficient systems and controls to meet the UK sanctions framework and PF duties. Robust sanctions systems and controls form a core element of adherence to the FCA’s broader financial crime prevention rules. From 2022,...
This Practice Note examines the Financial Conduct Authority’s ( FCA) supervisory and enforcement emphasis on how financial services firms comply with the UK’s financial sanctions framework. It is aimed at entities authorised by the FCA under the Financial Services and Markets Act 2000, as well as those within the FCA’s supervisory perimeter, including e‑money institutions, payment firms and cryptoasset businesses (collectively, ‘firms’)... Oversight of firms’ sanctions systems and controls, covering the FCA’s data-driven supervision and its sanctions screening tool Priority sectors and themes for FCA supervision, reflected in supervisory correspondence, multi-firm reviews and public statements The interaction between sanctions compliance and the Prudential Regulation Authority ( PRA) FCA (and PRA) enforcement where shortcomings in sanctions compliance are identified Insights from the Office of Financial Sanctions Implementation ( OFSI)’s Financial Services Threat Assessment Report, which may signal...
The general prohibition Pursuant to section 19 of the Financial Services and Markets Act 2000 ( FSMA 2000) (the general prohibition), no person may conduct a regulated activity unless authorised by the relevant regulator or otherwise exempt. Under FSMA 2000, s 23, a breach of FSMA 2000, s 19 may amount to a criminal offence. The Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001 ( RAO), SI 2001/544, art 66 ( Chapter XVII) sets out exclusions that apply to specified categories of regulated activity. These operate to remove certain activities from the scope of Regulated Activities for the purposes of FSMA 2000, s 19. For an outline of the various general exclusions in place, see RAO, SI 2001/544. RAO, SI 2001/544, art 72B, as amended, provides a general exclusion from the perimeter of regulated activities for...
ARCHIVED : This Practice Note is archived and not updated. It introduces the Bank of England ( Bo E)’s Climate Biennial Exploratory Scenario ( CBES), launched in June 2021, and reviews its design, objectives, scenarios included, and priority themes. It also references the Prudential Regulation Authority ( PRA)’s Climate Change Adaptation Report 2021, issued in October 2021, and Bo E’s publication on climate-related risks and regulatory capital frameworks, March 2023. Background and introduction The Bo E has observed that climate change creates financial risks without precedent, meaning the development of tools to manage and reduce them is similarly novel. Scenario analysis and climate stress testing are central to that toolkit, enabling examination of system-wide impacts and exposures across a variety of plausible climate pathways. Consequently, the Bo E chose to deploy its stress testing framework to evaluate how...
This Practice Note summarises the mandatory climate-related disclosures applicable to UK financial institutions and the intention to extend sustainability reporting in the UK under IFRS S1 and S2. What are the current UK requirements? In the UK, climate-related disclosures are already compulsory through corporate legislation, alongside distinct Financial Conduct Authority ( FCA) rules for certain listed issuers and financial services firms. The FCA has additionally set out some sector- and product-specific disclosure expectations. The government is reviewing the UK climate disclosure frameworks and, on 25 June 2025, issued the following consultations: a Department for Business and Trade consultation on draft UK Sustainability Reporting Standards ( UK SRS), to incorporate the ISSB’s IFRS S1 and IFRS S2 into UK law a Department for Business and Trade consultation on proposals for stronger regulatory oversight of third-party assurance over...
Aircraft represent high-value assets, vulnerable to damage and capable of causing significant destruction. Securing appropriate insurance is therefore essential for financiers; policy wording and its legal impact often warrant closer scrutiny than is usual in other forms of asset finance. This Practice Note addresses insurance where an aircraft owner, as lessor, leases an aircraft to an airline as lessee. If a bank or other lender has financed the aircraft, the matters identified as relevant to a lessor will likewise apply to the aircraft financier. This is because, in many aviation finance structures, the financier will typically take security over the lessor’s rights against the lessee under the lease... The nature of insurance contracts An insurance contract is an agreement to indemnify against loss arising from specified perils (for example, loss resulting from damage to, or destruction of, the insured asset). The contract is formed between the...
This Practice Note explains the professional indemnity insurance ( PII) obligations for architects, with specific guidance on the Architects Registration Board ( ARB) minimum standards. Regulatory setting Who is the regulator? The ARB is the statutory regulator for architects under the Architects Act 1997 (the Act). Under section 13, the ARB must issue a code setting out the standards of professional conduct and practice expected of registered architects: the Architects Code: Standards of Professional Conduct and Practice. A revised Code of Conduct took effect on 1 September 2025 (the ARB Code), superseding the 2017 edition. Non-compliance with the ARB Code does not, in itself, amount to unacceptable professional conduct or serious professional incompetence; however, it will be considered in any proceedings before the ARB’s Professional Conduct Committee. From June 2022, the Building Safety Act 2022 broadened the ARB’s powers, enabling it to assess architects’ competence, set relevant...
Insurance & Reinsurance case tracker—2020 [ Archived] ARCHIVED: The Insurance & Reinsurance case tracker—2020 has been archived and is no longer maintained. For the latest decisions, please see: Insurance & Reinsurance case tracker—2021 [ Archived]. This tracker covers insurance and reinsurance cases in the High Court, Court of Appeal, Supreme Court and the Court of Justice of the European Union (including both the General Court and the Court of Justice). It is prepared from our monitoring and analysis of relevant court activity. It presents the status of cases reported from January 2020, including forthcoming matters, and was updated on a fortnightly basis. Abbreviations European Court of Justice/ Court of Justice of the European Union — ECJ Court of Justice of the European Union- General Court — CJEU- GC Privy Council — PC Supreme Court — SC Court of Appeal — CA High Court — HC ...
In many cases, identified tax exposures can be mitigated or removed by arranging a tax insurance policy. Mirroring the deployment of warranty and indemnity ( W& I) cover in mergers and acquisitions ( M& A) transactions (see Practice Note: Warranty and indemnity insurance in M& A transactions), tax insurance has emerged as a widely adopted tool for tackling contingent tax liabilities. Once primarily applied to discrete tax concerns uncovered during the deal process, a maturing market has seen tax insurance utilised across a growing range of non-transactional scenarios. For guidance on the practical matters a tax lawyer should weigh when advising on an M& A share sale where a party intends to obtain either W& I insurance or tax risk insurance, see Practice Note: Insured M& A transactions—a tax lawyer's guide. This approach addresses contingent tax risks within deals and beyond,...
Trade credit insurance generally protects a policyholder against unpaid receivables arising from protracted default (i.e. when an invoice is not settled after its due date), buyer insolvency, or political risk. By shifting credit exposure off the policyholder’s balance sheet, it can strengthen profit and loss accounts, and may lead to lower bad debt provisions. Types of risk insured Trade credit insurance risks are commonly divided into commercial and political risks: Commercial risk: usually the buyer’s insolvency resulting in a payment default, or the buyer’s failure to pay for the goods on the due date Political risk: the possibility that a government buyer or a country blocks completion of a transaction or does not meet its payment obligations. Examples include: regulatory or legislative freezes on payments ...
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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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