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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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This Practice Note This Practice Note sets out the contractual obligations between a firm (the principal) and its appointed representative ( AR) as required by Chapter 12 of the Supervision manual ( SUP 12) in the Financial Conduct Authority ( FCA) Handbook. For a summary of an AR’s appointment and functions, see Practice Notes: Appointed representatives and A principal’s responsibility for its appointed representatives. Tougher standards for principals and their ARs applied from 8 December 2022, bringing in further rules and expectations for the agreements governing their relationship. The material in this Practice Note reflects the FCA’s latest rules and guidance on these matters. For further detail on the revised regime, see The new AR regime below and Practice Notes: Appointed representatives and A principal’s responsibility for its appointed representatives. This Practice Note addresses only the contractual position between an AR and its...
From 6 April 2015, when the pension freedoms took effect, legislation and the Financial Conduct Authority ( FCA) Handbook introduced measures requiring trustees, managers and providers of both contract-based and trust-based schemes to give members holding flexible benefits (that is, money purchase or cash balance benefits) information on their retirement choices, for example via a ‘wake-up pack’. For further detail, see the following Practice Notes: Retirement communications in FCA-regulated pension schemes Retirement communications in occupational DC schemes To offer a ‘second line of defence’ for individuals who choose not to use Pension Wise guidance when selecting a retirement route, the FCA and the Department for Work and Pensions ( DWP) have put in place provisions requiring pension providers and trustees of occupational schemes offering flexible benefits to issue suitable retirement risk warnings to members wishing to access their pension pot. This Practice Note...
ARCHIVED: This Practice Note has been archived and is not maintained. Last updated July 2019. On 21 July 2019, the Prospectus Regulation ( EU) 2017/1129 became fully effective across European Union Member States, and the Prospectus Directive was repealed. The Prospectus Regulation now determines when a prospectus must be published in relation to an offer of securities to the public in the United Kingdom, or for the admission of securities to trading on a regulated market in the United Kingdom. The FCA brought the FCA Handbook into close alignment with the Regulation by removing the Prospectus Rules in full and replacing them with the Prospectus Regulation Rules sourcebook. For further information, see Practice Note: The UK Prospectus Regulation—essentials [ Archived] and The UK Prospectus Regulation—is a prospectus required? [ Archived] This note, together with related notes on the now repealed Prospectus Rules, has been...
This Practice Note sets out the post‑ Brexit requirements of the Financial Conduct Authority ( FCA) regarding tied agents, including those recorded as FCA‑registered tied agents, and addresses, in particular, (1) the FCA meaning of a tied agent, (2) UK obligations for firms that appoint tied agents, (3) notification requirements, (4) termination requirements, and (5) record‑keeping requirements. For details on the appointed representative ( AR) regime, see the following Practice Notes: Appointed representatives A principal's responsibility for its appointed representatives Multiple principals and appointed representatives Contract requirements for appointed representatives For further information on the EU regime for tied agents, see Practice Note: EU tied agents. FCA definition of a tied agent Within the FCA Handbook, a tied agent means a person who acts for, and under the responsibility of, a Mi FID investment firm (or a third‑country investment firm) in relation to Mi FID business (or 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...
The Financial Services Enforcement Database holds comprehensive details of all substantive FCA and PRA Final Notices and, where available, Decision Notices issued from 2014 onwards. Users can search and filter by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, whether a Focused Resolution Agreement ( FRA) exists, and other measures such as referrals to the Upper Tribunal... Focused resolution agreements ( FRAs) allow those facing Financial Conduct Authority ( FCA) enforcement to contest part of the case. An FRA sits between reaching full settlement with the regulator and fully contesting the matter before the FCA’s Regulatory Decisions Committee ( RDC). They are employed to narrow the issues in an enforcement action so as to streamline the FCA’s process, with the RDC deciding the outcome on the disputed elements. This Practice Note sets out an overview of how to enter into an FRA with the...
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...
Introduction and Background This Practice Note provides an overview of climate-related disclosure duties for asset managers, life insurers and FCA-regulated pension providers as prescribed in chapter 2 of the FCA Handbook— ESG sourcebook. It addresses, among other areas: which asset managers and asset owners are in scope of the rules requirements for climate-related reports Task force on climate-related financial disclosures ( TCFD) entity and product reporting group-level disclosures and delegate reports The UK’s plans for the future of financial services—including mandatory TCFD-based disclosures—were outlined in the Chancellor of the Exchequer’s Financial Services statement in November 2020. For further detail, see Practice Note: Mandatory climate-related disclosures for UK financial institutions. In December 2021, the FCA published Policy Statement PS21/24 setting out its response to Consultation Paper CP21/17 on climate-related disclosures by asset managers, insurers and FCA-regulated pension providers, and confirmed the final rules. For commentary on the...
This Practice Note reviews the regulation of consumer credit advertising under the Financial Conduct Authority’s ( FCA) Consumer Credit sourcebook ( CONC 3). It explains how CONC 3 connects with the financial promotion restriction in section 21 of the Financial Services and Markets Act 2000 ( FSMA 2000), sets out the overarching ‘clear, fair and not misleading’ standards in CONC 3 as applicable, and describes the FCA’s enforcement powers against non-compliant firms where the rules are breached in practice... Supervisory focus In its March 2026 Regulatory priorities: Consumer finance report, the FCA indicated it intends to consult on CONC 3, spanning financial promotions and communications, to strip out unnecessary prescription, refresh requirements and further enhance alignment with the Consumer Duty, in due course... Relationship with the FSMA 2000 financial promotion restriction CONC 3 draws on several concepts from the restriction on financial promotions by...
Impact of Brexit on CASS and the FCA’s powers and requirements After the FCA opted to exit the EU, the UK government ‘onshored’ and retained the bulk of EU and EU-derived legislation as it existed immediately prior to the UK’s exit from the European Union for domestic purposes. ‘ Onshoring’ refers to revising statutes and regulatory obligations so they operate solely within a UK framework, and covers EU measures that became part of UK law under the European Union ( Withdrawal) Act 2018 ( EU( W) A 2018). The EU( W) A 2018, as subsequently modified by the European Union ( Withdrawal Agreement) Act 2020, provided for the approval and domestic implementation of the Withdrawal Agreement concluded between the UK and the EU. That Agreement defines the terms of the UK’s departure from the EU. It also established a transition phase...
Background to the FCA’s client money requirements in relation to debt management firms In December 2012, the Financial Services Act 2012 ( FSA 2012) obtained Royal Assent, paving the way for consumer credit oversight to move from the Office of Fair Trading ( OFT) to the Financial Conduct Authority ( FCA). On 6 March 2013, the government issued a consultation detailing the foundations of the FCA’s consumer credit regime. This culminated in the Financial Services Act 2012 ( Consumer Credit) Order 2013 ( FSA ( CC) Order 2013), made on 25 July 2013 and largely commencing on 1 April 2014. Also in March 2013, as it shaped policy, the FCA’s predecessor—the Financial Services Authority ( FSA)—released a consultation paper (the March 2013 consultation) assessing the stages of the consumer credit lifecycle. It judged debt management to be a higher-risk activity, and the...
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...
ARCHIVED: This archived Practice Note summarises the arrangements made between the UK and its Crown Dependencies and Overseas Territories to exchange information on financial accounts—known as the Crown Dependency/ Overseas Territory ( CDOT) agreements—and the reporting required under those arrangements for periods up to the end of 2016, before CDOT was superseded by the Common Reporting Standard ( CRS). For details on CRS, see Practice Note: Automatic exchange of information—the Common Reporting Standard: a summary. What are the CDOT agreements? The UK entered into agreements with its three Crown Dependencies and a number of Overseas Territories to provide details of financial accounts held in those jurisdictions by UK tax residents (or passive investment companies controlled by such individuals): Crown Dependencies: Guernsey, Jersey, the Isle of Man Overseas Territories: Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Montserrat, Turks & Caicos...
How the fashion industry works The fashion sector is a globalised, multi-billion, high-velocity field, with apparel and accessories frequently conceived in one nation, produced in a second, and distributed worldwide through bricks-and-mortar retailers or via the internet to consumers around the globe. Annually, fashion houses create, make, present and market at least a spring/summer and autumn/winter line. Each develops hundreds of styles that must appeal to customers and eclipse competitors’ offerings in the eyes of the market. However striking those designs are, their commercial lifespan is often brief—a piece that tops this season can seem passé by the next year. These dynamics generate particular difficulties for makers of fashion goods, especially around shielding their designs from imitation by rivals or counterfeiters. The pace and perishability of trends amplify these commercial realities significantly. The fleeting character of fashion articles gives rise to questions...
Family office The expression ‘family office’ spans numerous circumstances and there is no universally settled definition. Nonetheless, the Family Firm Institute characterises a family office as a distinct vehicle, separate from the trading business (and sometimes formed using proceeds realised after disposing of a family company), holding a diversified wealth portfolio for the family’s benefit ( Family Enterprise; understanding Families in Business and Families of Wealth, Wiley 2014, not reported by Lexis+®). Family offices are, in the main, and almost exclusively, the domain of high net worth—and more commonly ultra high net worth—families with varied assets and intricate affairs. Such intricacy can generate the prospect of disputes. Still, with a well thought-out, carefully considered framework, supported by coherent strategy and family governance mechanisms, a family office can deliver substantial advantages. These accrue not only to the family members concerned but, through their...
This Practice Note outlines the key rules for taxing income, capital gains, lifetime gifts and estates on death (inheritance tax), together with stamp duty land tax, on the basis of an individual who is UK-resident and domiciled. As tax legislation is frequently amended, this note is not, and must not be, treated as a replacement for specific professional advice where required. Income tax Individuals are charged to income tax on their overall income, with distinct regimes applying to different income streams and to qualifying outgoings that can be set against that income. The main categories of income include: pay from employment, or profits from a trade, profession or vocation (on which national insurance contributions are also due) rents from furnished or unfurnished property or land interest and dividend receipts overseas income (which may already have suffered foreign tax) A personal allowance is deducted from an...
ARCHIVED: This Practice Note is archived and is not being maintained. On 10 June 2015, the Fair and Effective Markets Review ( FEMR) issued its concluding report. Spanning 106 pages, it addresses a broad array of topics and issues across fixed income, commodities and currency markets ( FICC) and sets out 21 proposals for improvement. The FEMR document is expected to mark the opening stage of an extended programme of changes to how the FICC markets function and the regulations to which they are subject. Deficiencies in the FICC markets FEMR was prompted by worries that confidence in the wholesale markets had ebbed after a number of prominent enforcement actions concerning FICC markets. The review began in June 2014. The Bank of England ( Bo E), the Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA) collaborated to assess whether...
ARCHIVED: This Practice Note has been archived and is not maintained. This archived Practice Note collates extradition appeal decisions by month, beginning in January 2021. For notable appeals from prior years, see the following Practice Notes: Extradition appeals tracker—2021 decisions [ Archived] Extradition appeals tracker—2020 decisions [ Archived] Extradition appeals tracker—2019 decisions [ Archived] Extradition appeals tracker—2018 decisions [ Archived] Extradition appeals tracker—2017 decisions [ Archived] If you already know the judgment date, use the list below or the links on the left to jump to the appropriate table. Otherwise, search within this Practice Note using [ CTRL]+[ F] by case name, citation, or a suitable keyword. Extradition appeal cases by month: January 2022 February 2022 March 2022 April 2022 June 2022 July 2022 August 2022 September 2022 October 2022 ...
ARCHIVED: This Practice Note is archived and no longer updated, and is not being maintained at present. It is kept for historical reference and to offer practitioners a brief snapshot of developments in extradition case law during 2021. Practitioners should be aware that the European Union ( Future Relationship) Act 2020 ( EU( FR) A 2020) delivers domestic implementation of the EU– UK Trade and Cooperation Agreement ( TCA). Specifically, section 29 of EU( FR) A 2020 states that domestic law takes effect subject to whatever modifications are necessary for the purposes of giving effect to the TCA. That provision could, in principle, engage any item of domestic legislation. Section 6 of the European Union ( Withdrawal) Act 2018 ( EU( W) A 2018), as amended, stipulates that unmodified retained EU law as at IP completion day—and questions about its validity, meaning or...
The Export Credits Guarantee Department ( ECGD) is the UK’s official export credit agency and a government department, working with the Department for Business and Trade. It operates as UKEF, which supports UK exporters through guarantees, insurance, direct lending and unbiased guidance. UKEF is a key source of backing in periods of both financial calm and financial turmoil. For background on export credit agencies generally, see Practice Note: Export Credit Agencies and export credit support. Purpose of UKEF UKEF exists to boost UK exports by maintaining the competitiveness of British exporters against overseas competitors that benefit from their own export credit agency support, thereby helping to protect UK jobs and the wider economy. Its role is to complement, not compete with, the commercial market, aiming to ensure that no viable UK export falls through for lack of finance or insurance. Much of UKEF’s...
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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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