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R (Greyhound Board of Great Britain Ltd) v Welsh Ministers [2026] EWHC 670 (Admin) What are the practical implications of this case? The ruling reinforces the constitutional divide between the courts and the legislature. It explains that the scheme and framework of the Government of Wales Act 2006 (GWA 2006) embody that separation of powers, and that any judicial attempt to recognise and enforce a common law obligation on Welsh Ministers to consult prior to introducing legislation in the Senedd would trespass upon that boundary. This is not a departure from established principle; case law has already upheld comparable rules for lawmakers in Scotland and at Westminster. However, this is the first express confirmation of the position for Welsh lawmakers, and the first time this dimension of the GWA 2006 has been analysed in such depth. The court examined earlier
The solution arrived through the United Nations Compensation Commission (UNCC), a quasi‑judicial body handling mass claims, created under UN Security Council Resolution 687. By addressing environmental harm—most notably via its ‘F4’ claim class—the UNCC set a seminal benchmark shaping how international law and contemporary arbitral panels allocate financial responsibility for wartime ecological devastation. With present-day wars in areas such as Eastern Europe and the Middle East bringing dam breaches, strikes on chemical facilities, and the burning of farmland, the UNCC’s legacy endures as an essential reference point for states, global investors, and companies engaged in post‑conflict arbitration. The F4 claims: Quantifying the unquantifiable Prior to the 1990s, mechanisms in international law for war reparations overwhelmingly favoured property loss, foregone earnings, and bodily injury. The natural world was commonly treated as a mute, non-compensable victim of armed hostilities...
Understanding the farming business as a business Many farms still use long-standing structures that arose by habit, not strategy. Sole traders, informal partnerships and outdated partnership deeds are common. While once effective, such setups can cause major issues around succession, tax planning and involving the next generation. A corporate team can take a fresh, business-led view of the farm, asking: Who owns the land and other critical assets? Who manages daily operations? Who carries the risk and who enjoys the return? What is the enduring plan for succession? From this review, the team can confirm whether the current setup is fit for purpose or if an alternative — for example an updated partnership agreement, a company, a limited liability partnership, or a blended model — would better meet the family’s aims. Tax efficiency through joined-up advice Tax sits at the centre of most
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In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management EU Mi FID II Islamic finance Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Regulation of AI in FS Dates for your diary New and updated content Financial Services Enforcement Database Daily and weekly news alerts Lex Talk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies BCBS and IOSCO outline progress updates. The Basel Committee on Banking...
Financial services developments Financial and trade sanctions: FCA publishes findings from review of firms’ systems and controls The Financial Conduct Authority ( FCA) has released the results of a review examining financial services firms’ arrangements and safeguards for both financial and trade sanctions. The publication sets out illustrations of effective and poor practice, plus areas needing enhancement, designed to support compliance with sanctions law. According to the FCA, firms have advanced in stopping sanctions breaches, yet material shortcomings still persist. Alongside the findings, the FCA has entered into an Mo U with the Office of Trade Sanctions Implementation ( OTSI), defining how the two bodies will co-operate and routinely share intelligence. Since February 2022, the FCA reports it has proactively evaluated the sanctions frameworks and controls of more than 150 firms spanning a broad range of financial services sectors. This covered controls...
Financial services developments FCA urges financial promotion approvers to apply the Consumer Duty from the start of the process The Financial Conduct Authority ( FCA) has released the findings of its review into financial promotion approvers, stating that these firms need to do more to safeguard consumers. The best performers wove the Consumer Duty in from the outset of their workflows, enabling them to ensure every signed-off promotion was accurate, easy to understand and directed at the correct audience. By contrast, the FCA identified cases where firms cleared adverts carrying unproven claims, or let retail investors access promotions meant for professional clients. In some instances, approvers leaned on third‑party templates rather than conducting thorough checks themselves. The review examined ten authorised firms that sign off financial promotions for businesses not authorised by the FCA, with a focus on those approving promotions for Buy Now Pay...
Financial services developments ESMA consults on revised guidelines for allocations and confirmations under T+1 The European Securities and Markets Authority ( ESMA) has launched a consultation on refreshed guidelines for standardised procedures and messaging protocols. This exercise forms part of ESMA’s efforts to help market participants get ready for the shift to a T+1 settlement cycle. Stakeholder feedback is requested by 7 July 2026. ESMA will review the submissions and aims to issue a final report, together with the updated guidelines, by October 2026. The revisions seek to accelerate, clarify and harmonise post-trade communications right across the EU. They mirror the amendments outlined in ESMA’s Final Report on Amendments to the RTS on Settlement Discipline and assist firms in complying with tighter timelines following the move to T+1. Key changes include the...
Financial services developments FCA consults on crypto regime perimeter guidance The FCA has opened a consultation on draft perimeter guidance for the UK’s forthcoming crypto regime. It indicates that consultations on rules for the future cryptoasset framework are largely complete, with policy statements planned for summer 2026. This guidance consultation complements that work by clarifying which activities sit within scope, with a final policy statement expected in autumn 2026. Responses are requested by 3 June 2026. Feedback is invited on the FCA’s interpretation of the perimeter for the following regulated cryptoasset activities: issuing qualifying stablecoins in the UK safeguarding, or arranging the safeguarding of, qualifying cryptoassets and relevant specified investment cryptoassets running a qualifying cryptoasset trading venue dealing in qualifying cryptoassets as principal dealing in qualifying cryptoassets as agent arranging transactions in qualifying cryptoassets arranging staking of qualifying...
Financial services developments FCA sets out open finance roadmap to 2030 The Financial Conduct Authority ( FCA) has outlined its vision for open finance to 2030, stating that in 2026 it will work with industry, consumer groups and other regulators to shape a set of practical open finance use cases. It will also partner with HM Treasury to assess options for a regulatory framework for open finance by the end of 2027. Firms that already have data access and the necessary permissions will be supported to bring open finance products to market sooner. The FCA plans to consult on its proposed long-term regulatory framework for open banking before the end of 2026. In 2026, the FCA will collaborate to set priorities for what open finance should deliver. This will involve: prioritising high-impact use cases that can deliver benefits quickly, starting with lending to SMEs and...
Garipoglu and GKPay v The Financial Conduct Authority [2026] UKUT 121 ( TCC) What are the practical implications of this case? This decision is of immediate and direct significance to financial services professionals who counsel clients confronted with FCA enforcement action and contemplating a reference to the Upper Tribunal. The judgment confirms a robust presumption that decision notices should be published once the reference proceedings have commenced. That presumption flows from the open justice principle, which covers documents in the context of proceedings and not only hearings, and from FSMA 2000, 391. Consequently, advisers should tell clients from the outset that the hurdle to prevent publication is a demanding one. The Tribunal was unconvinced that American Cyanamid supplies the correct framework for Rule 14 non-publication applications, concluding instead that the balancing exercise starts with the scales already heavily tilted towards...
The Upper Tribunal has dismissed Stephen Grant Forster's application to overturn the ban imposed by the Financial Conduct Authority ( FCA). On 7 April 2026, the panel determined that harassment by a stalker and serious health issues did not excuse, or diminish, non-adherence to his regulatory obligations. In its written reasons, it found the penalty to be a measured and proportionate reaction to his 'complete and persistent non-compliance'. The decision records, in clear terms, that it fully accepts the FCA's submissions that personal difficulties, even grave ones, cannot explain the complete failure to file even a single return over such a prolonged period, particularly where the FCA repeatedly sought to enable compliance and limited its requests to the most recent set of returns. Forster had been advising clients as a sole trader trading as Premier Research and Marketing since the 1990s,...
Financial services developments Motor finance complaints: FCA provides information for firms with one or more SMF The FCA has refreshed its webpage giving guidance to firms on motor finance complaints, adding details for organisations with one or more senior management function ( SMF). Each firm must appoint an SMF (or an equivalent where no SMF exists) with end-to-end responsibility for overseeing the delivery forecast and ensuring the scheme is complied with. In some cases, a firm may need to appoint more than one SMF, for example where separate divisions operate different systems and teams. Where firms plan to have more than one SMF supervising the scheme, they must: submit the most senior SMF’s details into Reg Data as required under CONRED 5.9.3R (2) & 6.9.3R (2) email the name and contact details of the additional senior manager responsible for oversight and overall delivery of the...
Financial services developments FCA study uses credit file information to gain vulnerability insights The Financial Conduct Authority ( FCA) has released a blog explaining how it is harnessing credit file data alongside innovative analytics to follow consumer journeys and identify financial hardship more precisely. Drawing on records from a major credit reference agency ( CRA), the work applies advanced statistical techniques to reveal fresh insights into which borrowers are prone to distress on their credit products, and when this is most likely to occur. The FCA’s objective is to build a market-wide perspective linked to its rules aimed at strengthening safeguards for customers facing repayment difficulties. The methodology monitors people’s movement between stages of financial stability, rising pressure, and acute distress. By detecting recurring patterns in credit trajectories at an early point, the FCA says it can prioritise cohorts of consumers and the firms...
Financial services developments FCA provides examples of good and poor practice in asset management authorisation applications The Financial Conduct Authority ( FCA) has released examples of strong and weak practice for firms seeking authorisation to operate within the UK asset management sector, following a review of applications submitted between 1 September 2024 and 1 September 2025. It notes that the speed of its assessments largely depends on an application’s clarity and completeness. The FCA outlines what it expects to see and highlights areas of concern relating to: office location outsourcing business models conflicts of interest understanding the regulatory status of clients redress changes to the scope of permissions fund particulars and mandates Source: Asset management: improving applications for authorisation Risk Warnings Review publishes final report on communication of investment...
In this issue: UK, EU and international regulators and bodies Financial crime and sanctions Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Mi FID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Regulation of AI in FS Dates for your diary New and updated content Financial Services Enforcement Database Daily and weekly news alerts Lex Talk®Financial Services: a Lexis®Nexis community FCA publishes discussion paper on discount rates and cost-benefit analyses The Financial Conduct Authority ( FCA) has released a report it commissioned on discount rates and appraisal periods used in the cost–benefit assessment of financial services regulation. The FCA notes that academic literature and current practice at comparable authorities do not justify altering its approach for now; however, in some...
Financial services developments FCA keeps restrictions in place on Bazar Money Transfer Limited The Financial Conduct Authority ( FCA) has issued a second supervisory notice keeping restrictions on Bazar Money Transfer Limited ( BMTL) under the Payment Services Regulations 2017 ( PSRs), finding the firm no longer satisfies criteria for registration as a small payment institution and presents risks to consumers. According to the FCA, its first supervisory notice in November 2025 arose because the firm appeared to have been operating an unregistered cryptoasset business, contrary to Regulation 56 of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 ( MLRs) and Regulation 14 of the PSRs; failed to act in an open and co‑operative manner with the regulator as required by Principle 11 of the FCA’s Principles for Business; and supplied information that seemed inaccurate or misleading. The latest notice records that the FCA has...
Financial services developments FCA and PRA update Skilled Persons Panels and lots The Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA) have set out their Skilled Person Panels and the twelve subject categories, referred to as ‘lots’, applying from 1 April 2026 until 31 March 2030. Sources: Skilled person reviews Skilled Person Panel Skilled Person Panel Lot Descriptions PRA Supervision webpage Bo E and PRA Skilled person panel Lot descriptions EIOPA publishes technical specifications for small and non-complex insurance undertakings and groups The European Insurance and Occupational Pensions Authority ( EIOPA) has issued the technical specifications for small and non-complex undertakings ( SNCUs) and groups ( SNCGs)......
Listed on the London Stock Exchange ( LSE), Carillion was a prominent international construction, project finance and support services company with operations in the UK, Canada and the Middle East. Background On 10 July 2017, Carillion disclosed, among other matters, an anticipated provision of £845 million, of which £375 million related to projects within Carillion Construction Services (provision here meaning, in accounting terms, an amount reserved from profits to meet a likely future liability or loss of uncertain timing or amount). This in effect eliminated Carillion’s profits for the preceding six years. Based on earlier statements by Carillion Construction Services, the market had not foreseen such a provision at all in advance. The share price dropped 39% on the day of the announcement and 70% within three days. Given the apparently misleading communications to the market, the FCA commenced enforcement action......
In this issue: UK, EU and international regulators and bodies Prudential requirements Risk management and controls Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Banks and mutuals Investment funds and asset management Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Regulation of AI in FS Dates for your diary New and updated content Financial Services Enforcement Database Daily and weekly news alerts Lex Talk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies ESAs publish spring 2026 joint risk update The three European Supervisory Authorities—the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European...
Financial services developments FCA and Bo E seek members for new Transaction and Post-trade Reporting Taskforce The Financial Conduct Authority ( FCA) and the Bank of England ( Bo E) are inviting expressions of interest from market participants to join a newly constituted Transaction and Post‑trade Reporting Taskforce. Alongside the call for interest, the authorities have issued the group’s terms of reference. The taskforce will contribute to shaping a long‑term regulatory approach aimed at harmonising transaction and post‑trade reporting requirements across the UK Mi FIR, UK EMIR and UK SFTR reporting regimes. The deadline for applications is 23 April 2026. Interested stakeholders should note the timeframe and requirements set out therein. Submissions are invited from participants......
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...
This measure, a lightly revised iteration of the Criminal Division’s long-standing counterpart, extends to all corporate criminal cases save those implicating antitrust breaches. It displaces every US Attorney’s Office and component-specific corporate enforcement policy now in force, except for the Antitrust Division’s leniency framework. It lands just a fortnight after the US Attorney’s Office for the SDNY unveiled its own corporate enforcement programme tailored to financial crimes. That programme diverged in multiple substantive respects—many more advantageous to self-reporting companies—from the department’s traditional handling of corporate enforcement. Below we outline the new policy and consider its likely impact across the DOJ generally and the SDNY programme in particular. Criminal Division’s policy goes national The department-wide framework largely mirrors the Criminal Division’s approach. Announcing the new policy, Assistant Attorney General A Tysen Duva observed that the ‘division has a long and storied history of corporate...
Kession Capital Ltd (in Liquidation) v KVB Consultants Ltd and others [2026] UKSC 11 Background This appeal concerns the regulation of financial services under FSMA, which bars any person from carrying on a financial services business unless authorised by the FCA. Individuals or firms holding FCA authorisation are described as ‘authorised persons’. Under FSMA 2000, s 39, an authorised person may allow another to conduct a financial services business as its representative; that other person is called an ‘appointed representative’. Section 39 requires that the appointment is effected by a contract specifying the kinds of business (‘business of a prescribed description’) the appointed representative is permitted to undertake. The authorised person must, in writing, accept responsibility for the appointed representative’s activities ‘in carrying on the whole or part’ of that specified business. Accordingly, an authorised person can restrict the permission granted so that the...
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When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...
This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...
Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...
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