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Introduction to statutory interpretation The aim of statutory interpretation is to determine the legal meaning of a statute, that is, the sense that expresses the legislator’s intention. The clearest guide to that intention is the statutory wording itself, read in its context and with its overall purpose in mind, and its broader legislative setting. Courts should seek to fulfil the purpose of legislation by construing its language, so far as they can, in the manner that most effectively serves that purpose. Put differently, the courts’ default method is purposive, and every enactment is to be construed with that end in view. There is a starting presumption that the grammatical and ordinary sense of an enactment reflects the meaning intended by the legislator. Where an enactment reasonably bears only a single meaning, and no other interpretative tools or
This Practice Note addresses identifying a fiduciary, fiduciary duties and obligations, the no conflict rule, the no profit rule, a fiduciary's duty of confidence, and the remedies available for breach of fiduciary duty. Who is a fiduciary? There is no definitive catalogue of relationships that give rise to fiduciary obligations at common law in every situation universally. Certain relationships are inherently fiduciary, eg trustee and beneficiary, solicitor and client, principal and agent, business partner and co-partners, together with mortgagor and mortgagee. The obligations of some fiduciaries have been set out in statute; for instance, trustees owe a statutory duty of skill and care under section 1 of the Trustee Act 2000 (TrA 2000), and directors' relationships with their companies are addressed in the Companies Act 2006 too. For guidance on directors' fiduciary duties, see Practice Note: of directors for further detailed
Definition of ADR Alternative dispute resolution (ADR) is defined in the CPR Glossary as a collective label for methods of settling disputes other than through the usual trial process. Some courts adopt the term ‘negotiated dispute resolution’ (NDR) to describe resolution by alternative means; for ease, this Practice Note uses ADR. For guidance on how ADR is addressed in the various court guides, see Practice Note: ADR and NDR in the court guides. In essence, ADR is a means of resolving a dispute outside the court system. It typically involves a neutral third party who either helps the parties reach a negotiated outcome, or issues a determination of the dispute that is legally binding. A binding result can follow where the agreement to refer the dispute to ADR so provides. There are multiple forms of ADR processes. For an outline of the different types and their
In brief The British constitution is uncodified, meaning it does not spring from a single constitutional document or code. It draws on a wide range of written and unwritten sources. Alongside the principal written sources of law in England and Wales—legislation (which has also introduced international and human rights principles into our constitution) and the common law—the constitution also rests on two further unwritten bases within this system: the prerogative, and non-legal constitutional conventions. In addition, on one view the basic or prevailing principle of our constitution, Parliamentary sovereignty, is ultimately grounded in political fact rather than in law. Legislation Legislation is the foremost source of constitutional law. Acts of Parliament may set out detailed constitutional rules, or even pass authority to create them to ministers or to others. Under the doctrine of Parliamentary sovereignty, legislation is traditionally regarded as taking precedence over any other form or kind of
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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...
Why are the FCA's functions relevant? The Financial Conduct Authority ( FCA) sits within the regulatory framework that commenced on 1 April 2013. The Financial Services Act 2012 ( FSA 2012) amended the Financial Services and Markets Act 2000 ( FSMA 2000) and created the FCA—together with the Prudential Regulation Authority ( PRA) and the Financial Policy Committee ( FPC)—and set out their objectives, functions and powers. The FCA has a broad mandate to: regulate conduct in retail and wholesale markets supervise the trading infrastructure behind those markets, and oversee prudential regulation of firms not prudentially regulated by the PRA What are the FCA's functions? The FCA has a single strategic objective: to ensure the relevant markets for financial services function well. This is supported by three operational objectives centred on consumer protection, the integrity of the UK financial system, and...
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...
The sanctions regime applies to all businesses This Practice Note sets out what that means for your organisation. See also Practice Note: Sanctions—systems and controls, which gives practical guidance on creating systems and controls to secure compliance with the financial sanctions regime. What are sanctions? Sanctions are international measures designed to: encourage a shift in the behaviour of a particular country or regime apply pressure on certain countries or regimes to meet specified objectives prevent and suppress the financing of terrorism They are also deployed as a last‑resort enforcement tool where international peace and security are at risk. Sanctions can be directed at countries, regimes, organisations, individuals and entities. For fuller explanations, see Practice Notes: Understanding the financial sanctions regime and Understanding the UK trade sanctions regime. The law The sanctions regime applies to every business. Sanctions are commonly grouped by the nature of the...
Scope of this Practice Note The Financial Advice Market Review ( FAMR) commenced in August 2015, co-led by HM Treasury ( HMT) and the FCA. It examined how government, industry and regulators could pursue separate and collaborative actions in order to foster a marketplace delivering cost-effective and accessible financial advice and guidance for all consumers. This Practice Note centres on those measures recommended by FAMR that influenced UK regulation of financial advice, including the breadth of the advice gap and the reasons it exists for individuals without substantial assets, the rules-based hurdles facing advisory firms, and the issues posed by novel and evolving technologies. Consequently, it does not set out every recommendation contained in the FAMR final report. FAMR was subsequent to the Retail Distribution Review ( RDR), which brought in revised rules effective from 31 December 2012, designed to raise...
ARCHIVED This Practice Note is archived and no longer maintained. It covers the Finance Act 2022 ( FA 2022), which received Royal Assent on 24 February 2022. Retained for historical reference, it traces the legislation’s journey from draft publication through Parliament to enactment, outlines the principal provisions, and signposts significant milestones and documents, including published amendments pertinent to its passage... Progress of FA 2022 FA 2022—measure by measure For an overview of the draft Finance Bill 2022 released on 20 July 2021, see News Analysis: Legislation Day: Draft Finance Bill 2022— Tax analysis. For details of measures announced on Budget Day, 27 October 2021, see News Analysis: Autumn Budget 2021— Tax analysis. For comprehensive tracking of the consultations referenced, see: Tax—consultation and legislation tracker... Progress of FA 2022 This section sets out FA 2022’s progress from the publication of draft provisions to the...
ARCHIVED: This Practice Note is archived and no longer updated. It summarises the Finance Act 2021 ( FA 2021), which obtained Royal Assent on 10 June 2021. Kept for historical reference, it traces the legislation’s route through Parliament and outlines each provision in the Act, with relevant links The tracker is split into two parts: Progress of FA 2021 FA 2021—measure by measure For an overview of the draft Finance Bill 2020–21 published on 21 July 2020, see News Analysis: Draft Finance Bill 2020–21— Tax analysis. For an overview of the further provisions released on 12 November 2020, see News Analysis: Further provisions for draft Finance Bill 2021— Tax analysis. For details of measures announced on Budget day, 3 March 2021, see News Analysis: Spring Budget 2021— Tax analysis. For comprehensive monitoring of the consultations mentioned, see: Tax—consultation and legislation...
This Practice Note summarises the Finance Act 2020 ( FA 2020), which received Royal Assent on 22 July 2020. It is retained for historical interest, mapping the legislation’s journey through Parliament and outlining each measure in the Act with relevant links. The tracker is divided into two parts: Progress of FA 2020 FA 2020—measure by measure For an overview of the draft FB 2020 released on 11 July 2019, see News Analysis: Draft Finance Bill 2019–20— Tax analysis. For analysis of the draft legislation issued on 19 March 2020, see News Analysis: Publication of Finance Bill 2020 and consultations. For comprehensive tracking of the consultations referenced, see Tax—consultation and legislation tracker. Progress of FA 2020 This part of the Practice Note records how FA 2020 progressed through Parliament. 11 July 2019 — Draft legislation published ( Draft) 5 September 2019 —...
ARCHIVED This Practice Note is archived and no longer updated. It covers the Finance Act 2017 ( FA 2017), which obtained Royal Assent on 27 April 2017. Kept for historical reference, it traces the legislation’s passage through Parliament and summarises each measure in the Act with relevant links. For details on the Finance ( No 2) Act 2017—containing provisions removed from FA 2017 on 25 April 2017 following the announcement of the 2017 general election—see Practice Note: Finance ( No 2) Act 2017—progress through Parliament [ Archived]. For full tracking of the consultations referenced, see: Tax—consultation and legislation tracker. Contents Progress of FA 2017 FA 2017—measure by measure Measures anticipated but omitted from FA 2017 or the Finance ( No 2) Act 2017 Progress of FA 2017 This section of the tracker records FA 2017’s movement through Parliament. 5 December 2016 — Draft...
ARCHIVED This archived Practice Note reviews the pension reforms introduced by the Finance Act 2011, including changes to the lifetime and annual allowances, pension input periods and Scheme Pays; the easing of the obligation to take benefits at age 75; the lifting of age‑75 limits on lump sums and lump sum death benefits; issues around double taxation; and the disguised remuneration rules. It is not maintained and is supplied for background reference only. The Finance Act 2011 ( FA 2011) received Royal Assent on 27 July 2011. FA 2011 put into law revenue‑raising proposals set out by HM Treasury in July 2010 and confirmed on 14 October 2010, following concern that prior proposals advanced by the previous government singled out higher earners only and added complexity to the tax system as a whole......
For additional frequently used film and TV terms, see: Film and TV glossary A– B, Film and TV glossary C– D, Film and TV glossary E– H, Film and TV glossary I– L, Film and TV glossary M– P, Film and TV glossary R– S. Term Directive The EU Term Directive, Directive 2006/116/ EC (codified), sought to harmonise national durations of protection for copyright works, which were typically set at the life of the author plus 70 years. In the UK, it was brought into effect by the Duration of Copyright and Rights in Performances Regulations 1995, SI 1995/3297. As EU‑derived domestic legislation, those Regulations form part of assimilated law and continue to have effect in the UK—see Practice Note: Assimilated law. See also: The Term Directive: Laddie, Prescott & Vitoria: The Modern Law of Copyright...
For more common film and TV terms, see: Film and TV glossary A– B, Film and TV glossary C– D, Film and TV glossary E– H, Film and TV glossary I– L, Film and TV glossary R– S, Film and TV glossary T– W. Meme An image, video, snippet of text, or similar item that satirises or amuses, typically spreading rapidly online, with users often adapting or varying it as they share it on. Mime Within copyright law, mime is treated as a form of dramatic work. Moral rights Under the Copyright, Designs and Patents Act 1988 ( CDPA 1988), authors are granted personal rights (moral rights) that sit alongside, but separate from, their economic rights. Whereas copyright concerns financial interests, moral rights protect the author’s public reputation and the integrity of the work linked to them. the right to be named as author or director (the right of...
ARCHIVED : This Practice Note is archived and not maintained. It gives guidance on tax reliefs available to British films and television programmes made or in development before 1 April 2025. From 1 January 2024, a new tax credit, the audiovisual expenditure credit ( AVEC), replaced the prior regime. Productions made, or still in development, before 1 April 2025 can continue to claim the old reliefs until 31 March 2027. New productions beginning on or after 1 April 2025 can claim only AVEC. This Note focuses on the former scheme, not AVEC; for AVEC, see Practice Note: The UK film and television audiovisual expenditure credit scheme. In the UK, creative sector tax reliefs under the Corporation Tax Act 2009 ( CTA 2009) apply to British films and television programmes. This Practice Note covers: the creative sector tax reliefs introduced by the Finance Act 2014; ...
For other frequently used film and TV expressions, consult: Film and TV glossary A– B, Film and TV glossary C– D, Film and TV glossary E– H, Film and TV glossary I– L, Film and TV glossary M– P, Film and TV glossary T– W. Radio Pro Ltd Radio Pro Ltd takes submissions from independent musicians via Radio Pro.eu. Anyone performing music in a public venue may require a licence. Artists can upload tracks to Radio Pro.eu and the platform will, on their behalf, present them directly to commercial and creative clients— TV programmes and series, films, adverts and documentaries—for a fee set by the artist. See Practice Note: Collecting societies. Recapture or turnaround provision ‘ Recapture’ states that a licence will lapse and all rights will automatically return to the author/owner after a defined period if, by its end, the producer has not carried out...
Film and TV glossary A– B | Film and TV glossary C– D | Film and TV glossary E– H | Film and TV glossary M– P | Film and TV glossary R– S | Film and TV glossary T– W Incidental inclusion (‘passing shot’ use) Including a copyright-protected work only incidentally within an artistic work, sound recording, film or broadcast does not infringe that copyright. For example, a film shot on location at the South Bank in London would not breach rights in buildings or in music audible in the background when their presence is incidental. What qualifies as ‘incidental’ hinges on the facts of each matter. See Practice Note: Copyright—permitted acts and defences. Independent Press Standards Organisation ( IPSO) IPSO is an independent, self-regulatory body that handles complaints about the editorial content (not advertising) of newspapers, magazines (not books) and their websites, as well as about...
Background to the regulation of regulated mortgage contracts and home finance transactions The oversight of regulated mortgage contracts, along with home reversion plans, home purchase plans, and regulated sale and rent back agreements (together termed ‘home finance transactions’), emerged at different stages. In 2000, HM Treasury signalled its plan to regulate mortgage lenders, and in December 2001 it updated those proposals to bring mortgage intermediaries within scope. On 31 October 2004—widely called M Day—both lenders and intermediaries dealing in regulated mortgage contracts ( RMCs) became subject to regulation. Subsequently, the Regulation of Financial Services ( Land Transactions) Act 2005 ( RFS( LT) A 2005) was passed, empowering the Financial Conduct Authority ( FCA), and before it the Financial Services Authority, to supervise activities akin to those already regulated for RMCs, but where the provider acquires land rather than merely advancing funds for 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...
This Practice Note explores the FCA Handbook’s rules and guidance on remuneration incentives set out in Chapter 19F of the Senior Management Arrangements, Systems and Controls sourcebook ( SYSC 19F). SYSC 19F contains four categories of remuneration incentives: Mi FID remuneration incentives ( SYSC 19F.1); IDD remuneration incentives ( SYSC 19F.2); funeral plan remuneration incentives ( SYSC 19F.3); and public offer platform remuneration incentives ( SYSC 19F.4). Application of remuneration incentives rules SYSC 19F.1 applies to: common platform firms, excluding collective portfolio management investment firms Mi FID optional exemption firms third-country firms, but only for activities undertaken from a UK establishment SYSC 19F.2 applies to an insurance distributor that carries on insurance distribution activities from an establishment maintained by it, or by its appointed representative, in the UK. SYSC 19F.3 applies to any firm engaged in regulated funeral plan...
This one minute guide offers a concise overview of the essential features of the UK Sustainability Disclosure Requirements ( SDR) and Labelling regime. Following its October 2022 consultation ( CP 22/20), the Financial Conduct Authority ( FCA) released its response and the final SDR rules in Policy Statement ( PS 23/16) on 28 November 2023. In April 2024, the FCA also issued final guidance on the new anti‑greenwashing rule ( FG 24/3). For background, see News: FCA confirms new sustainability disclosure and labelling regime, LNB News 28/11/2023 67, and News Analysis: FCA sets sustainability disclosure rules for investments. For general information on sustainable finance and environmental, social and governance ( ESG) matters relevant to the financial services sector, see: Sustainable finance and ESG—overview. For details of the FCA’s priority areas on sustainable finance and ESG, see Practice Note: Sustainable finance and ESG in the UK...
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...
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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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