The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note explains the rules for the cancellation of client agreements. The rules, which are contained in chapter 15 of the Financial Conduct Authority's (FCA) Conduct of Business sourcebook (COBS 15) are relevant for:
most firms who provide retail financial products based on 'designated investments' (as defined in the glossary to FCA Handbook), and
firms who have distance contracts with consumers for 'designated investment business' (as defined in the glossary to FCA Handbook) or as part of the activity of issuing electronic money
COBS 15 implements Article 6 of Directive 2002/65/EC (the Distance Marketing Directive) and Article 186 of Directive 2009/138/EC (the Solvency II Directive).
The following contracts can be cancelled by consumers within the time limits indicated:
Where one transaction gives a consumer more than one right to cancel, firms need to give them the longest cancellation period applicable
Firms can give consumers longer or additional rights, but these rights need to be at least as favourable to the consumer.
Cancellation time limits begin either:
from the day contacts are concluded (except for life policy contracts, where the time limit begins from the time when consumers are informed contracts are sealed), or
from the day consumers receive the contractual terms and conditions and any other pre-contractual information required under COBS or the Packaged Retail and Insurance-based Investment Products Regulation (Regulation (EU) 1286/2014) (PRIIPs Regulation)
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Practical completion marks the end of the construction period of a project, when the works are 'finished' and the employer can occupy and/or use them. Practical completion also typically marks the start of the defects liability period/maintenance period.As explained below, practical completion is an
This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.You should also consider if the proceedings will be
What is a res judicata?A res judicata is a decision given by a judge or tribunal with jurisdiction over the cause of action and the parties, which disposes, with finality, of a matter decided so that it cannot be re-litigated by those bound by the judgment, except on appeal.Final judgments by
LiabilityFalse imprisonment consists of the complete deprivation of liberty without a lawful basis. Claims will in practice be made against a public body that exercises detention powers, usually a local police force, the Secretary of State for the Home Department or the Secretary of State for
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.