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Legal Terms -Financial Conduct Authority (FCA)
A corporate entity established under the Financial Services Act 2012 as one of two successor organizations to the Financial Services Authority (FSA), the other being the Prudential Regulation Authority (PRA). The objective is to oversee the delivery of financial services and markets. The Financial Services and Markets Act 2000, which formed the FSA, includes a broad restriction against any individual engaging in regulated activities unless approved or exempt. Regulated operations including investment advisory services, stockbroking, deposit acceptance, and broader consumer transactions related to mortgages, insurance, and fundamental banking services. Carrying out a controlled activity without authority constitutes an offense, unless exempted. Individuals in violation may be unable to execute transactions, and investors who incur losses may be eligible for reimbursement. The FCA possesses investigative authority for financial crime (e.g., insider trading), management of illicit proceeds, and market abuse. The FCA possesses the authority to investigate violations of the general prohibition as well as the characteristics of the business or the ownership and control of an authorized individual.
A corporate entity established under the Financial Services Act 2012 as one of two successor organizations to the Financial Services Authority (FSA), the other being the Prudential Regulation Authority (PRA). The objective is to oversee the delivery of financial services and markets. The Financial Services and Markets Act 2000, which formed the FSA, includes a broad restriction against any individual engaging in regulated activities unless approved or exempt. Regulated operations including investment advisory services, stockbroking, deposit acceptance, and broader consumer transactions related to mortgages, insurance, and fundamental banking services. Carrying out a controlled activity without authority constitutes an offense, unless exempted. Individuals in violation may be unable to execute transactions, and investors who incur losses may be eligible for reimbursement. The FCA possesses investigative authority for financial crime (e.g., insider trading), management of illicit proceeds, and market abuse. The FCA possesses the authority to investigate violations of the general prohibition as well as the characteristics of the business or the ownership and control of an authorized individual.
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Legal Terms - financial provision order
A directive for recurring payments or a single payment intended to rectify the financial circumstances of the individuals involved in a marriage (or civil partnership) and their children. Such orders may be issued subsequent to the issuance of a divorce, dissolution, nullity, or judicial separation order, or where one spouse has neglected to support or contribute adequately to reasonable maintenance for the other spouse or a child of the family. Upon divorce, dissolution, legal separation, or nullity, the court possesses the authority to issue property adjustment orders. The court possesses extensive discretion in deciding whether to issue financial provision orders, as stipulated in section 25 of the Matrimonial Causes Act 1973, which has a corresponding provision in the Civil Partnership Act 2004. It has a paramount obligation to prioritize the wellbeing of any child under 18 years of age and to endeavor to attain a clean break whenever feasible.
The Act enumerates seven factors that the court must evaluate as part of the relevant circumstances. The considerations encompass: the financial resources and anticipated needs of each party; the ages of the parties and the duration of the marriage; the standard of living experienced by the family prior to the marital dissolution; the contributions made by each party to the family's welfare, including domestic management and caregiving; and the behavior of the parties, but only in instances where disregarding such conduct would be profoundly inequitable.
A pivotal case in the House of Lords (White v White [2001] 1 AC 596 (HL)) clarified that the underlying aim of section 25 is to ensure an equitable resolution, emphasizing that there should be no bias between husbands and wives regarding their respective roles (i.e., the fact that one spouse remains at home while the other is employed is irrelevant). Assets should be evenly distributed as a default, unless a valid justification exists for deviation. Supplementary case: Lambert v Lambert [2002] EWCA Civ 1685, [2003] 2 WLR 63; Miller v Miller: McFarlane v McFarlane [2006] UKHL 24, [2006] 2 AC 618; Charman v Charman [2007] EWCA Civ 503, 1 FLR 1246
A directive for recurring payments or a single payment intended to rectify the financial circumstances of the individuals involved in a marriage (or civil partnership) and their children. Such orders may be issued subsequent to the issuance of a divorce, dissolution, nullity, or judicial separation order, or where one spouse has neglected to support or contribute adequately to reasonable maintenance for the other spouse or a child of the family. Upon divorce, dissolution, legal separation, or nullity, the court possesses the authority to issue property adjustment orders. The court possesses extensive discretion in deciding whether to issue financial provision orders, as stipulated in section 25 of the Matrimonial Causes Act 1973, which has a corresponding provision in the Civil Partnership Act 2004. It has a paramount obligation to prioritize the wellbeing of any child under 18 years of age and to endeavor to attain a clean break whenever feasible.
The Act enumerates seven factors that the court must evaluate as part of the relevant circumstances. The considerations encompass: the financial resources and anticipated needs of each party; the ages of the parties and the duration of the marriage; the standard of living experienced by the family prior to the marital dissolution; the contributions made by each party to the family's welfare, including domestic management and caregiving; and the behavior of the parties, but only in instances where disregarding such conduct would be profoundly inequitable.
A pivotal case in the House of Lords (White v White [2001] 1 AC 596 (HL)) clarified that the underlying aim of section 25 is to ensure an equitable resolution, emphasizing that there should be no bias between husbands and wives regarding their respective roles (i.e., the fact that one spouse remains at home while the other is employed is irrelevant). Assets should be evenly distributed as a default, unless a valid justification exists for deviation. Supplementary case: Lambert v Lambert [2002] EWCA Civ 1685, [2003] 2 WLR 63; Miller v Miller: McFarlane v McFarlane [2006] UKHL 24, [2006] 2 AC 618; Charman v Charman [2007] EWCA Civ 503, 1 FLR 1246
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Legal Terms – Financial Relief
Any or all of the following: *maintenance awaiting suit orders, *financial provision orders, *property adjustment orders, and court orders for spousal maintenance during marriage and for child maintenance (see to child support maintenance). The court possesses the authority to annul transactions executed by a spouse with the object of obstructing the other spouse from asserting a claim for financial relief, or to preclude such a transaction from occurring (refer to avoidance of disposal order). Provisions for financial relief concerning children, excluding marriage actions, are consolidated in the Children Act 1989; for instance, unmarried parents and those granted a residency order can secure financial relief. Furthermore, individuals over the age of 18 possess a fundamental right to pursue financial support from their parents, contingent upon educational needs or exceptional circumstances, such as disability; however, such claims are not permissible if the applicant's parents cohabit in the same residence (FS v RS [2020] EWFC 63). The
Any or all of the following: *maintenance awaiting suit orders, *financial provision orders, *property adjustment orders, and court orders for spousal maintenance during marriage and for child maintenance (see to child support maintenance). The court possesses the authority to annul transactions executed by a spouse with the object of obstructing the other spouse from asserting a claim for financial relief, or to preclude such a transaction from occurring (refer to avoidance of disposal order). Provisions for financial relief concerning children, excluding marriage actions, are consolidated in the Children Act 1989; for instance, unmarried parents and those granted a residency order can secure financial relief. Furthermore, individuals over the age of 18 possess a fundamental right to pursue financial support from their parents, contingent upon educational needs or exceptional circumstances, such as disability; however, such claims are not permissible if the applicant's parents cohabit in the same residence (FS v RS [2020] EWFC 63). The
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Legal Terms Financial Reporting Council (FRC)
Itis a UK organization established in 1990 to advocate for elevated standards of corporate governance and financial reporting, as well as to stimulate investment. Consequently, it upholds and advocates for the UK's Corporate Governance Code and the Stewardship Code, which foster interaction between investors and boards. It also establishes standards for corporate reporting (see to Financial Reporting Standards) and for audit and actuarial practices. Finally, it supervises the regulatory functions of the actuarial profession and professional accountancy organizations, and implements autonomous enforcement mechanisms for matters of public interest.
Itis a UK organization established in 1990 to advocate for elevated standards of corporate governance and financial reporting, as well as to stimulate investment. Consequently, it upholds and advocates for the UK's Corporate Governance Code and the Stewardship Code, which foster interaction between investors and boards. It also establishes standards for corporate reporting (see to Financial Reporting Standards) and for audit and actuarial practices. Finally, it supervises the regulatory functions of the actuarial profession and professional accountancy organizations, and implements autonomous enforcement mechanisms for matters of public interest.
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Legal Terms – Financial Relief
Any or all of the following: *maintenance awaiting suit orders, *financial provision orders, *property adjustment orders, and court orders for spousal maintenance during marriage and for child maintenance (see to child support maintenance). The court possesses the authority to annul transactions executed by a spouse with the object of obstructing the other spouse from asserting a claim for financial relief, or to preclude such a transaction from occurring (refer to avoidance of disposal order). Provisions for financial relief concerning children, excluding marriage actions, are consolidated in the Children Act 1989; for instance, unmarried parents and those granted a residency order can secure financial relief. Furthermore, individuals over the age of 18 possess a fundamental right to pursue financial support from their parents, contingent upon educational needs or exceptional circumstances, such as disability; however, such claims are not permissible if the applicant's parents cohabit in the same residence (FS v RS [2020] EWFC 63). The
Any or all of the following: *maintenance awaiting suit orders, *financial provision orders, *property adjustment orders, and court orders for spousal maintenance during marriage and for child maintenance (see to child support maintenance). The court possesses the authority to annul transactions executed by a spouse with the object of obstructing the other spouse from asserting a claim for financial relief, or to preclude such a transaction from occurring (refer to avoidance of disposal order). Provisions for financial relief concerning children, excluding marriage actions, are consolidated in the Children Act 1989; for instance, unmarried parents and those granted a residency order can secure financial relief. Furthermore, individuals over the age of 18 possess a fundamental right to pursue financial support from their parents, contingent upon educational needs or exceptional circumstances, such as disability; however, such claims are not permissible if the applicant's parents cohabit in the same residence (FS v RS [2020] EWFC 63). The
- Published on
Legal Terms Financial Reporting Council (FRC)
Itis a UK organization established in 1990 to advocate for elevated standards of corporate governance and financial reporting, as well as to stimulate investment. Consequently, it upholds and advocates for the UK's Corporate Governance Code and the Stewardship Code, which foster interaction between investors and boards. It also establishes standards for corporate reporting (see to Financial Reporting Standards) and for audit and actuarial practices. Finally, it supervises the regulatory functions of the actuarial profession and professional accountancy organizations, and implements autonomous enforcement mechanisms for matters of public interest.
Itis a UK organization established in 1990 to advocate for elevated standards of corporate governance and financial reporting, as well as to stimulate investment. Consequently, it upholds and advocates for the UK's Corporate Governance Code and the Stewardship Code, which foster interaction between investors and boards. It also establishes standards for corporate reporting (see to Financial Reporting Standards) and for audit and actuarial practices. Finally, it supervises the regulatory functions of the actuarial profession and professional accountancy organizations, and implements autonomous enforcement mechanisms for matters of public interest.
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Legal Terms - Financial Reporting Standards (FRSs)
As of 2016, six Financial Reporting Standards (FRSs) have been issued by the Financial Reporting Council, the entity appointed for this role under Companies Act 2006, section 464. The purpose of FRSs is to delineate the accounting treatment necessary for a company's accounts to present a "true and fair view" of the organization's status, as mandated by Companies Act 2006 s 396. FRS 102 delineates the treatment and disclosure requirements for corporations in general, FRS 105 pertains to micro-entities, while the remaining standards (100, 101, 103, 104) are applicable to specific activities or company structures. Compliance with Financial Reporting Standards is mandatory for the accounts of unincorporated entities to assess the profit subject to taxation (Income Tax (Trading and Other Income) Act 2005 § 25). All previously established standards are rendered obsolete. Companies listed in the UK must adhere to the standards established by the International Accounting Standards Board. Compliance with FRSs is mandatory for the financial statements of unincorporated entities to assess the profit subject to taxation (Income Tax (Trading and Other Income) Act 2005 s 25).
As of 2016, six Financial Reporting Standards (FRSs) have been issued by the Financial Reporting Council, the entity appointed for this role under Companies Act 2006, section 464. The purpose of FRSs is to delineate the accounting treatment necessary for a company's accounts to present a "true and fair view" of the organization's status, as mandated by Companies Act 2006 s 396. FRS 102 delineates the treatment and disclosure requirements for corporations in general, FRS 105 pertains to micro-entities, while the remaining standards (100, 101, 103, 104) are applicable to specific activities or company structures. Compliance with Financial Reporting Standards is mandatory for the accounts of unincorporated entities to assess the profit subject to taxation (Income Tax (Trading and Other Income) Act 2005 § 25). All previously established standards are rendered obsolete. Companies listed in the UK must adhere to the standards established by the International Accounting Standards Board. Compliance with FRSs is mandatory for the financial statements of unincorporated entities to assess the profit subject to taxation (Income Tax (Trading and Other Income) Act 2005 s 25).
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Legal Terms - financial year
for corporate tax spans from 1 April to 31 March. The fiscal year 2021 extends from 1 April 2021 to 31 March 2022. Corporation tax is imposed for each financial year individually. When a company prepares its accounts for a period covering two financial years, the earnings generated during that accounting period must be allocated between the two financial years to determine the amount of corporation tax owed. Since 1854, legislation has mandated the preparation of public accounts for each financial year concluding on 31 March. Contrast fiscal year. 2. In accounting, any 12-month interval for which financial statements are disseminated.
for corporate tax spans from 1 April to 31 March. The fiscal year 2021 extends from 1 April 2021 to 31 March 2022. Corporation tax is imposed for each financial year individually. When a company prepares its accounts for a period covering two financial years, the earnings generated during that accounting period must be allocated between the two financial years to determine the amount of corporation tax owed. Since 1854, legislation has mandated the preparation of public accounts for each financial year concluding on 31 March. Contrast fiscal year. 2. In accounting, any 12-month interval for which financial statements are disseminated.
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Legal Terms - Fine
1. A monetary penalty imposed on a convicted wrongdoer. Most summary offences incur a penalty of a fine with a predetermined maximum, following a standardized scale of five tiers. The current levels (2021) are as follows: level 1—£200; level 2—£500; level 3—£1,000; level 4—£2,500; level 5—unlimited. According to the Criminal Justice Act 2003, before to imposing a punishment, a court is required to investigate the financial situation of the offender, and the determined fine must also correspond to the gravity of the act. In certain instances, incarceration is stipulated for non-payment of the fine. A fine may be imposed as an alternative to, or in conjunction with, any other penalty for an individual convicted on indictment, excluding murder cases. This fine is indeterminate, meaning the amount is subject to the judge's discretion. 2. A one-time payment made by a tenant to a landlord for the acquisition or extension of a lease.
1. A monetary penalty imposed on a convicted wrongdoer. Most summary offences incur a penalty of a fine with a predetermined maximum, following a standardized scale of five tiers. The current levels (2021) are as follows: level 1—£200; level 2—£500; level 3—£1,000; level 4—£2,500; level 5—unlimited. According to the Criminal Justice Act 2003, before to imposing a punishment, a court is required to investigate the financial situation of the offender, and the determined fine must also correspond to the gravity of the act. In certain instances, incarceration is stipulated for non-payment of the fine. A fine may be imposed as an alternative to, or in conjunction with, any other penalty for an individual convicted on indictment, excluding murder cases. This fine is indeterminate, meaning the amount is subject to the judge's discretion. 2. A one-time payment made by a tenant to a landlord for the acquisition or extension of a lease.
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Legal Terms - Firearm
According to Section 57 of the Firearms Act 1968, every potentially lethal weapon having a barrel capable of discharging a shot, bullet, or other projectile, as well as any weapon designated as a *prohibited weapon (regardless of its lethality), falls within this definition. The widely recognized definition of lethality is that established in Moore v Gooderham [1960] 3 All ER 575. The 1968 Act established multiple offenses pertaining to weapons. The principal offences encompass: acquiring or possessing a firearm without a licence; purchasing or renting a firearm under the age of 17 or selling a firearm to an individual under 17 (analogous offences exist under the Crossbows Act 1987 concerning crossbows); possessing a firearm under the age of 14; supplying firearms to an intoxicated or mentally ill person; carrying a firearm and appropriate ammunition in a public space without a valid justification; trespassing with a firearm; possessing a firearm with the intent to endanger life; utilizing a firearm to resist or prevent a lawful arrest; possessing a firearm with the intention of committing an indictable offence; possessing a firearm or ammunition after prior conviction of a crime; and possessing a firearm at the time of committing or being arrested for offences such as rape, burglary, robbery, and other specified crimes. The Firearms Act 1982 expands the regulations of the 1968 Act to include imitation firearms that can be readily converted into actual firearms, while the 1988 Act enhanced restrictions on certain hazardous firearms, shotguns, and ammunition. The Firearms (Amendment) Act 1997, instituted following the 1996 Dunblane massacre, prohibited all privately owned handguns, defined as firearms that can be operated with one hand. Provisions favoring private secure gun clubs and some lower caliber firearms were eliminated from the enacted legislation. According to the Theft Act 1968, an individual possessing a firearm or imitation firearm during the commission of burglary is culpable of aggravated burglary. For the purposes of this Act, a firearm may encompass an airgun, air pistol, or other object resembling a firearm.
According to Section 57 of the Firearms Act 1968, every potentially lethal weapon having a barrel capable of discharging a shot, bullet, or other projectile, as well as any weapon designated as a *prohibited weapon (regardless of its lethality), falls within this definition. The widely recognized definition of lethality is that established in Moore v Gooderham [1960] 3 All ER 575. The 1968 Act established multiple offenses pertaining to weapons. The principal offences encompass: acquiring or possessing a firearm without a licence; purchasing or renting a firearm under the age of 17 or selling a firearm to an individual under 17 (analogous offences exist under the Crossbows Act 1987 concerning crossbows); possessing a firearm under the age of 14; supplying firearms to an intoxicated or mentally ill person; carrying a firearm and appropriate ammunition in a public space without a valid justification; trespassing with a firearm; possessing a firearm with the intent to endanger life; utilizing a firearm to resist or prevent a lawful arrest; possessing a firearm with the intention of committing an indictable offence; possessing a firearm or ammunition after prior conviction of a crime; and possessing a firearm at the time of committing or being arrested for offences such as rape, burglary, robbery, and other specified crimes. The Firearms Act 1982 expands the regulations of the 1968 Act to include imitation firearms that can be readily converted into actual firearms, while the 1988 Act enhanced restrictions on certain hazardous firearms, shotguns, and ammunition. The Firearms (Amendment) Act 1997, instituted following the 1996 Dunblane massacre, prohibited all privately owned handguns, defined as firearms that can be operated with one hand. Provisions favoring private secure gun clubs and some lower caliber firearms were eliminated from the enacted legislation. According to the Theft Act 1968, an individual possessing a firearm or imitation firearm during the commission of burglary is culpable of aggravated burglary. For the purposes of this Act, a firearm may encompass an airgun, air pistol, or other object resembling a firearm.
