Back-up tapes meaning

Financial services developments FOS publishes plans and budget for 2026/27, as award limits rise The Financial Ombudsman Service (FOS) has set out its plans and budget for the 2026/27 year. From 1 April 2026, the compulsory levy is fixed at £86m. Firms responding to complaints will face a £680 case fee, while professional representatives will be charged £80 for referrals that are upheld for the consumers they act for. Where an outcome favours the firm, professional representatives will be billed £260 and the firm’s case fee will fall to £500. These tariffs mirror those trailed in the plans and budget consultation. The Financial Conduct Authority (FCA) has also confirmed that, from 1 April 2026, the FOS award limits will increase to £455,000 for complaints about acts or omissions by firms on or after 1 April 2019 (up £10,000 on the previous year), and to £205,000 for complaints about acts or omissions before 1 April 2019 (a rise of £5,000 on the prior year). The FOS expects 199,000 new complaints...

In this issue: EU fundamentals Competition and state aid Data protection and cybersecurity Financial services Energy Environment Insurance and reinsurance Life sciences Restructuring and insolvency TMT International trade Daily and weekly news alerts New and updated content Trackers EU fundamentals The European Commission has unveiled its June 2025 infringement package, identifying EU Member States it is pursuing for breaches of obligations under EU law. This round features letters of formal notice, reasoned opinions, and referrals to the Court of Justice, targeting shortcomings such as the transposition of directives covering drinking water, waste management, air quality, public procurement, and other significant policy areas. See: LNB News 18/06/2025 25. Competition and state aid The Commission has released an updated Code of Best Practices outlining how State aid control procedures should be conducted, refining guidance on the practical handling of cases and interactions during the assessment process...

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Investigations, enforcement and discipline Prudential requirements Risk management and controls Financial crime and sanctions Regulation of capital markets Packaged Retail and Insurance-based Investment Products (PRIIPs) Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG EU MiFID II Consumer credit, mortgage and home finance Investment funds and asset management Payment services and systems Fintech and cryptoassets LexTalk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content UK, EU and international regulators and bodies BoE publishes PRA’s David Bailey speech outlining flexible regulatory plans to foster innovation and growth The Bank of England (BoE) has released a speech from David Bailey, executive director for prudential policy at the Prudential Regulation Authority (PRA), delivered at Risk...

Read this Practice Note alongside Practice Note: Disclosure under CPR 31—introduction, or the Disclosure Scheme (Business & Property Courts)—overview, according to the disclosure scheme operating in the court where the claim is being pursued (for further guidance, see: Which disclosure rules apply to my claim—flowchart?). Term Definition Artificial Intelligence (AI) — a technological means that imitates human thought processes, producing either extractive (summarising) or generative (creating) outcomes. back-up tapes — tapes holding preserved data; termed ‘back-up’ because information is copied to them and kept as a contingency. Also covers any method where data is routinely captured and stored separately for risk management. See also incremental back-ups below. bit and byte — electronic information is measured in bits, indicating storage space. 8 bits = 1 byte. 1 byte approximates to one text character; 1024 bytes = 1 kilobyte. clustering — a search approach that automatically finds similar documents and arranges them into groups. concept searches — a search method that uses algorithms to...

This Practice Note outlines the duties under Practice Direction 31B, para 7, triggered when litigation is in prospect, regarding the preservation of documents, together with the implications and factors to weigh for particular aspects of disclosure, including the handling of back-up tapes, computers, notebooks, laptops, portable storage media and handheld devices, as well as social media accounts. It also considers the potential repercussions of failing to retain disclosable material, and the practical issues that may arise. Note: this Practice Note does not address the disclosure scheme in the Business and Property Courts, where preservation obligations equally apply. For that guidance, see: Disclosure Scheme (Business & Property Courts)—overview. Obligations CPR PD 31B, which governs disclosure of electronic documents, expressly requires a legal adviser, as soon as they are instructed to deal with a dispute likely to be, or already, allocated to the multi-track, to advise their client immediately to preserve disclosable documents. In any case, establishing procedures to ensure potentially disclosable material is retained is prudent wherever you would...