The activities which required a consumer credit licence from the office of fair trading under the Consumer Credit Act 1974 before 1 April 2014 now broadly require an authorisation, under Financial Services and Markets Act 2000 (FSMA 2000), FSMA 2000, Pt 4A, from the Financial Conduct Authority (FCA). There is a general prohibition under FSMA 2000 that no one may carry on a regulated activity in the UK, or purport to do so, without being authorised or exempt. If a person or firm does so, there are a number of significant consequences. These include:

This Practice Note covers the statutory and regulatory rules governing the directors’ report of quoted and unquoted companies, including content requirements, the requirements to include a corporate governance statement and a directors’ responsibility statement. The directors' report has an important function in providing shareholders with information about the company's business which may not be ascertainable from the financial information given in the accounts. The rules governing the preparation of the directors’ report are set out in Part 15 of the Companies Act 2006 (CA 2006), along with basic content requirements. Detailed provisions governing the content of directors' reports are set out in regulations made under CA 2006, s 416(4). The exact requirements depend on the size of the company. Government withdraws draft corporate reporting regulations In October 2023 the UK government announced that it would be withdrawing the draft Companies (Strategic Report and Directors’ Report) (Amendment) Regulations 2023 after consultation with companies raised concerns about imposing additional reporting requirements. The draft regulations were laid before Parliament in July 2023 and would have create several new corporate reporting

This Practice Note sets out the requirements of the 2024 protocol on the disclosure of information between family and criminal agencies and jurisdictions, which applies to the exchange of information and material between criminal and family agencies and jurisdictions from 1 March 2024, as revised in September 2026. It relates to all private and public family law proceedings, including contemplated public law proceedings, and all material held by the police. The protocol distinguishes between requests for information and requests for material made using the Annexes to the protocol. Requests made using the guidance and forms annexed to the protocol fall into two categories, ie a Part A request, which relates to disclosure from the police into family proceedings and a Part B request, which relates to disclosure sought by an investigator and police access to family proceedings information and material, as well as voluntary disclosure by a third party to the police. The protocol also sets out the procedure for linked directions appointments, ie where the local authority, the Crown

FORTHCOMING CHANGE relating to the tax treatment of carried interest: Following a call for evidence on the tax treatment of carried interest that ran over summer 2024, at Autumn Budget 2024 the government announced that it would introduce a revised tax regime for carried interest from 6 April 2026 that would sit within the income tax framework, subject to special rules to take account of the unique characteristics of the reward. A consultation on potential new qualifying conditions for access into the new regime followed, with a government response to this being issued in June 2025. Draft legislation for the new tax regime for carried interest was published on 21 July 2025, for inclusion in Finance Bill 2026. The new rules will have effect for carried interest arising on or after 6 April 2026. All this was confirmed at the Budget on 26 November 2025, where it was also noted that some changes had been made to the draft legislation to reflect stakeholder feedback. Pending the coming into force of the new regime,

Commercial analysis: Artificial Intelligence (AI) is revolutionising the franchising sector and transforming the way businesses operate and engage with customers. This raises pertinent questions about how this disruptive technology is already reshaping, and anticipated to further impact, the franchising sector. Fiona Boswell, partner at Knights plc, explores the current and anticipated effects of AI on franchising, highlighting its potential to streamline operations and enhance customer experiences, and considers some of the growing concerns surrounding its adoption.

Like their conventional counterparts, takaful operators (ie Islamic insurance providers) have a number of ways to distribute their Shari’ah—compliant life insurance products (referred to as family takaful products) and their non-life insurance products (referred to as general takaful products) to the public. Such distribution channels include the takaful operators’ direct sales force, independent insurance brokers and e-tools. An additional distribution channel is bancatakaful. What is bancatakaful? Bancatakaful refers to the distribution of takaful products through banks, be it Islamic or conventional, provided that the conduct of bancatakaful activities is in line with the principles of Islam (Shari’ah). Essentially, it is when a bank acts as an agent of the takaful operator to enable the takaful operator to utilise the bank’s network. The key rationale for takaful operators to use banks as distribution channels for their takaful product is so that they can: • tap into the banks’ existing customer base • associate themselves with reputable banks and benefit from the banks’ experience in product distribution • maintain smaller direct sales

What is merger in judgment and its relationship with 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. For further guidance, see Practice Note: The doctrine of res judicata. Merger in judgment is a doctrine that treats a cause of action as extinguished once judgment has been given on it so that the claimant's sole right is a right on the judgment. It is a substantive rule about the legal effect of an English judgment, which is regarded as 'of a higher nature' so that the inferior remedy is merged in the higher and therefore supersedes the underlying cause of action (King v Hoare). Autrefois acquit and autrefois convict enforce the doctrine of merger in judgment in the criminal law (Rogers v R (1994) 181 CLR 251 (at pp 256,

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 default or consent are included within this definition, but not decisions on procedural grounds and decisions which are not final in any sense. The purpose of the doctrine is to provide finality to litigation and to protect parties from being vexed by the same matter twice. A judgment: • in personam—binds the parties and their privies • in rem—binds anyone, privy or otherwise (ie it is a judgment which binds 'the whole world') A party may wish to set up a res judicata: • as an estoppel against their opponent’s claim or defence; and/or • as the foundation of their own claim or defence For guidance on the key

The answer to this question is likely to turn on the construction of the easement granted to the dominant owner, including matters such as whether it is a right to drain sewage generally onto the servient land or only to the old septic tank in particular, and the extent of any obligations on the servient owner. Subject to the terms of the easement, there is no general right (or obligation) for either party to alter the route of an easement

This Q&A assumes that the donor had full mental capacity when they made their Will. The donor of a lasting power of attorney (LPA) gifted a bank account to X under their Will. Does the gift adeem if the donor's attorney under a LPA closes that bank account? Lasting powers of attorney An LPA is a legal document that enables an individual (or donor) to appoint one or more people (known as attorneys or donees) to make decisions on their behalf. Unlike a general power of attorney created under the Powers of Attorney Act 1971, an LPA continues to take effect after the incapacity of the donor. For more on the powers of an attorney, see Practice Note: LPAs—the attorney's duties and powers. The doctrine of ademption A specific gift is said to be adeemed if the testator no longer owns the subject-matter of the gift

FORTHCOMING CHANGE: The government is exploring options to potentially simplify the process and administration of double tax treaty (DTT) relief from UK withholding tax on payments of UK source yearly interest to non-UK lenders. For more information on the consultation published on 13 July 2026, see News Analysis: Legislation Day: Draft Finance Bill 2027—Tax analysis—Finance. The double taxation treaty passport scheme (DTTP scheme) enables a borrower to apply for and obtain an expedited authorisation to pay UK source interest to a non-UK lender in accordance with the reduced rate of withholding tax (which could be 0%) provided for in the relevant double tax treaty (DTT) with the UK if the lender has already obtained a passport certifying that it is resident in the relevant jurisdiction and entitled to the benefit of the relevant DTT between that jurisdiction and the UK. The current DTTP scheme took effect for loans entered into (or transferred) on or after 6 April 2017 and the terms, conditions and guidance for the current DTTP scheme were updated

What is the structure of the natural gas industry in GB? The GB natural gas industry can be broadly divided into three sectors: • upstream—the upstream sector involves exploration for and production of natural gas, both onshore and offshore. In the UK, petroleum production and exploration is regulated pursuant to the Petroleum Act 1998, which establishes a licensing regime. The upstream sector also includes the preliminary processing of the petroleum and transportation by pipeline to onshore terminals • midstream—the midstream label is usually used to describe the gathering, transportation, processing and storage of petroleum, to the extent it is not upstream or downstream (see below). It also includes the liquefaction, transportation and gasification of liquefied natural gas (LNG) • downstream—the downstream sector covers the transmission, distribution, marketing and sale of natural gas, as well as products derived from natural gas. There is some overlap between what is considered to be midstream and downstream, but generally what happens to natural gas once it enters a regional pipeline transmission system is considered to be downstream The