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The All-Party Parliamentary Group (APPG) on Fair Banking has published a cross-party report titled ‘No Half Measures – a Blueprint to Beat APP Fraud’...
The National Crime Agency (NCA), Office of Financial Sanctions Implementation (OFSI) and Foreign Commonwealth & Development Office (FCDO) have jointly...
The Financial Regulators Complaints Commissioner (FRCC) has published updates on two group complaints concerning the Financial Conduct Authority...
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on draft revised Guidelines on the Supervisory...
The European Securities and Markets Authority (ESMA) has published an updated list detailing the grandfathering periods adopted by Member States under...
Automatic Exchange of Information (AEoI) in the UK—fundsFORTHCOMING CHANGES: The UK is due to implement the OECD’s Cryptoasset Reporting Framework...
The FCA Consumer Duty—implications for complaints handlingThe Financial Conduct Authority’s (FCA) Consumer Duty (the Duty) came into force on 31 July...
MIFIDPRU—Remuneration CodeInvestment Firms Prudential Regime (IFPR), MIFIDPRU and the MIFIDPRU Remuneration CodeThe UK Investment Firms Prudential...
Mortgage and home finance conduct of business—application and general requirementsThis Practice Note focuses on the types of firm to which the...
What are regulated activities?Scope of this Practice NoteThis Practice Note explains what constitutes regulated activities under the UK regulatory...
Retained EU law—training materials [Archived]ARCHIVED: This Precedent has been archived and is not maintained.These training materials consist of...
Unsecured employee loan agreement—company and employee—short-formThis Agreement is made on [insert date]Parties1[insert name of employee borrower], of...
Sustainability glossary terms (The Chancery Lane Project)These Precedent sustainability definitions, produced by The Chancery Lane Project (TCLP) as...
Environmental Targets for a Limited Partnership Agreement (Stella & Flora’s Clause) (The Chancery Lane Project)This clause consists of amendments and...
Joint and several liability clause1Joint and several liability[Except for clauses [insert],] the liabilities and obligations of [insert names of...
Financial Conduct Authority—Principles for Businesses (PRIN)This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial...
The Competition and Markets Authority (CMA) has identified several breaches by Monzo Bank Limited (Monzo) of the Retail Banking Market Investigation...
Insurance conduct regulation—COBS and ICOBSThe Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of...
Second charge mortgage regimeSecond charge mortgages definedA regulated second charge mortgage is a loan secured on a borrower’s property that is used...
FCA client money rulesBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period...
Non-UCITS retail schemes (NURS)This Practice Note explores non-UCITS retail schemes (NURS) and comments on investment powers, key investor information...
Introduction to the UK AML/CTF/CPF legal and regulatory framework for financial servicesThis Practice Note provides a detailed introduction to the...
Debt sale and purchase agreementsThe debt sale and purchase market is an important way for lenders and debt sellers to reduce balance sheet liability....
Consumer Credit Act 1974—early settlementIntroduction to early settlementBorrowers are entitled, at any time, to bring regulated agreements to an end....
FCA Handbook—introductionBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period...
Unregulated collective investment schemes—essentialsWhat are unregulated collective investment schemes?In the UK, an unregulated collective investment...
Credit limitsThis Practice Note provides an overview of the rules that apply to credit limits. A borrower will be set a credit limit on the maximum...
Consumer credit agreements—pre-contract requirementsBREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit...
What are regulated activities?Scope of this Practice NoteThis Practice Note explains what constitutes regulated activities under the UK regulatory...
MiFID and non-MiFID businessThis Practice Note summarises what MiFID business is as the term is defined in the Financial Conduct Authority (FCA)...
Part VII Transfer of Banking BusinessBackgroundAs noted in Practice Note: Insurance business transfer schemes, a regime for transferring portfolios of...
Financial Services Act 2012The Financial Services Act 2012 (FSA 2012) received Royal Assent on 19 December 2012 and went into effect on 1 April 2013....
This describes the regulated activities which authorised professional firms carry on in circumstances where these activities are complementary to a professional legal service.
A investment-scheme'>collective investment scheme (CIS) that is structured as a corporate vehicle (as distinct from a trust'>unit trust (UT)). An OEIC is defined in FSMA 2000, s 236 as a CIS which satisfies both: • the ‘property condition’: the property must belong beneficially to, and be managed by or on behalf of, a body corporate (BC) whose purpose is to invest its funds with the aim of (a) spreading investment risk and (b) giving its members the benefit of the results of managing those funds by or on behalf of that body, and • the ‘investment condition’: in relation to a BC, if a reasonable investor were to participate in the scheme he would (a) expect to be able to realise, within a period appearing reasonable to him, his investment in the scheme, and (b) be satisfied that his investment would be realised on a basis calculated wholly or mainly by reference to the value of property in respect of which the scheme makes arrangements An OEIC is also known as an investment company with variable capital (ICVC) (these terms mean the same thing and are used interchangeably)
AIFs made available to retail clients in the EU are subject to the PRIIP regulation (EU) 1286/2014 and, as such, need to provide a standardised pre-investment Key Information Document (KID) to retail investors. UCITS are exempted from these requirements until 31 December 2021 but until then are subject to the UCITS key investor information document (KIID) requirements under the UCITS Directives as implemented.