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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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The High Court has held that Santander must reimburse AXA for sums the insurer paid to victims of the PPI misselling scandal. The court found that Santander’s subsidiary, GE Capital Bank, had repeatedly fallen short of regulatory standards when selling policies. In a written ruling, Judge Julia Dias dismissed Santander's attempt to shift responsibility to a policy underwriter acquired by AXA as 'slightly laughable'. ' GE Capital Bank is liable for all the regulatory consequences of its misselling and is therefore liable for all redress and Financial Ombudsman Service ( FOS) fees paid by AXA under the regulatory regime, irrespective of whether individual complaints would have succeeded in a court of law', Dias J wrote. The judgment follows a protracted legal dispute after AXA France IARD SA and AXA France Vie SA brought proceedings against the bank in March 2021. They argued that two parts of the...
The English courts recognise the 'significant hurdles' victims of crypto fraud face The firm reported that the relative drop in fraud filings does not indicate a general, overall fall in crypto fraud, but is partly due to wider uptake of digital assets. As adoption grows over time, a broader spectrum of disputes emerges, and fraud claims become a smaller share of the whole, the report notes. The report further explains that many crypto fraud cases are filed under seal, keeping particulars confidential to avoid alerting the perpetrators, so those figures are not captured in the firm’s data. Greater awareness and closer engagement with law enforcement also means that some victims manage to reach an early resolution without commencing litigation......
Aviva’s research showed that 54% of men identify as the primary planner of retirement savings, compared with 35% of women. According to the insurer, this points to a potential disparity in confidence or involvement between genders, or that men are more inclined to claim financial know-how. The study, carried out by Censuswide for Aviva, drew on a survey of 2,000 adults. It also found that a notable share of mid-life savers admit to avoiding their pension decisions. 54% of men say they take the lead on retirement planning, versus 35% of women. Three in ten savers aged 45 to 54 confess to ‘burying their head in the sand’ about their pension. Joanne Phillips, Managing Director of Aviva’s direct wealth business, said it is ‘fascinating to see that while’......
This week, the UK’s financial regulator accused the insurance sector of misleading customers through unclear policy wording, levying steep charges for instalment payments, and too often handling claims poorly. Nevertheless, despite the damning tenor of its report on the sector, the first of a two-part study, the FCA confirmed it will not pursue additional enforcement against the industry. It said it plans to engage directly with individual firms, yet stopped short of publicly identifying them, declining to name and shame. Consumer advocates argue the watchdog must be firmer, noting insurers have had sufficient time to meet the Consumer Duty, a suite of rules obliging financial firms to deliver fair value, treat consumers fairly, and secure good outcomes for customers. “ The FCA appears to be placing considerable faith in firms to act properly and reform their behaviours in line with the Consumer Duty,” said Rocio...
On 23 July 2025, the UK Supreme Court overturned the convictions of former City traders Tom Hayes and Carlo Palombo. The justices concluded that procedural missteps by the trial judges rendered the outcomes unsafe. Their trenchant remarks about judges exceeding their remit, together with unease over how effectively the criminal appeal system corrects legal errors, have shifted attention onto the judiciary just as the government weighs scrapping jury trials in fraud cases altogether... Nick Brett, a partner at Brett Wilson, warned the ruling will only heighten concerns about further miscarriages of justice if the role of the jury is curtailed. Criminal defence lawyers have been unsettled since a major independent review, released on 9 July 2025, recommended that serious and complex fraud matters be determined by a judge sitting alone. The plan is designed to reduce the record backlog of 77,000 cases in the crown...
Known as OFSI, the Office of Financial Sanctions Implementation has revised its UK financial sanctions guidance to incorporate...
Treasury Committee hearing on financial stability At a Treasury Committee session on financial stability, the Bank of England ( Bo E) governor warned they would mount a protest if the Treasury presses too far with its deregulation aims. In the Mansion House speech on 15 July 2025, Chancellor Rachel Reeves set out proposed regulatory changes, including plans concerning ring‑fencing. Bailey said they would begin by setting out their stance plainly, in public and, if desired, before the committee. He added that this would be the starting point. He did not outline what further steps might follow, nor how they could next use what Members of Parliament describe as their wide‑ranging powers to issue recommendations, including to the Treasury. Nonetheless, he marked a clear red line around the ring‑fencing regime, which keeps retail bank accounts separate from investment banking within groups. Bailey objected to......
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK Mi FID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Lex Talk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts Updated content Dates for your diary UK, EU and international regulators and bodies FCA seeks expressions of interest from UK and Swiss firms under the Berne...
Former UBS trader Hayes Ex- UBS trader Hayes was found guilty for manipulating the London Inter- Bank Offered Rate ( LIBOR) in 2015. LIBOR was designed to indicate banks’ costs of lending to one another. The Financial Conduct Authority phased it out and, by 2024, it had ceased being used. On 23 July 2025, his conviction was quashed, as was that of ex- Barclays trader Carlo Palombo, who had been convicted in 2019 for manipulating Euribor, the European counterpart. Hayes spent five and a half years in prison following convictions on multiple counts of conspiracy to defraud through LIBOR manipulation. He first received a 15-year sentence, cut to 11 on appeal. He has spent the past ten years seeking to clear his name. He was among 20 traders prosecuted by the SFO; seven were found guilty at trial and another two entered guilty pleas. In 2023, the...
With just under twelve months until the new rules on solvent exit planning take effect, many insurers are still at the very early phases of preparation. Securing meaningful progress over summer 2025 will be vital to meet the deadline. Solvent exit analysis Under the new regime, insurers will need to create and maintain a solvent exit analysis, setting out measures for an orderly solvent exit as part of business-as-usual. This requirement applies regardless of the prospect of a solvent exit. The PRA expects a firm’s solvent exit analysis to: set out solvent exit options, e.g. loss portfolio transfers, Part VII transfers, disposals or run‑offs, that the firm could undertake include suitable solvent exit indicators to signal when a solvent exit should be triggered, and evaluate the likelihood of successful delivery address possible barriers and risks, both market‑wide and firm‑specific, to executing a solvent exit; such barriers and risks should be...
When concluded, these standards will establish the compliance framework in full across the whole of the EU and are anticipated to deliver significant changes for all AML-obliged entities. The RTS will centre on four core areas of AML compliance: risk profile evaluation, the choice of entities to be directly overseen by the newly created AMLA, customer due diligence, and a new penalties regime. On 6 March 2025, the EBA opened a consultation on the draft RTS, during which stakeholders could submit feedback. It closed on 6 June 2025, and it is unclear whether, and in what manner, the EBA will reflect the input from stakeholders received and act on it in shaping the definitive RTS ( EBA launches consultation on AML/ CFT RTS, LNB News 06/03/2025 41). Regulatory steps After the AML package was published, the European Commission sent the EBA a call for advice. Such a call is a...
R v Hayes; R v Palombo [2025] UKSC 29 Background The appellants, Tom Hayes and Carlo Palombo, challenged their convictions for conspiracy to defraud, in August 2015 and March 2019 respectively. The allegation was that, together with others, they sought to influence crucial benchmark interest rates underpinning financial markets: for Mr Hayes, the London Inter‑bank Offered Rate ( LIBOR); and for Mr Palombo, the Euro Inter‑bank Offered Rate ( EURIBOR). A benchmark is an interest rate designed to mirror the prevailing cost of borrowing within a market, providing an indicative snapshot at a given moment. Such a rate serves as a reference for numerous transactions, among them financial derivatives and similar arrangements. Contributing banks were required to provide the rate at which that institution (for LIBOR) – or a prime bank (for EURIBOR) – could obtain funds at a particular time. The...
In this issue: Key developments and horizon scanning; UK, EU and international regulators and bodies; regulated activities; authorisation, approval and supervision. Accountability, culture and social governance; prudential requirements; operational resilience; financial crime and sanctions. Consumer protection; conduct standards; complaints, compensation and claims management; investigations, enforcement and discipline. Capital markets and derivatives regulation; dispute resolution for financial services lawyers; sustainable finance and ESG. Banks and mutuals; UK Mi FID II; consumer credit, mortgages and home finance; insurance regulation. Payment services and systems; fintech and cryptoassets; regulation of AI in financial services. Lex Talk® Financial Services: a Lexis®Nexis community; Financial Services Enforcement Database; daily, weekly and intraday news alerts; new and updated content; dates for your diary; latest Q& A. Key developments and horizon scanning Financial Services and Markets Act 2023 ( Commencement No 10 and Saving...
Targeted support regime set to launch in 2026 The targeted support regime, due in 2026, will permit banks, financial advisers and others to recommend products to cohorts of similar customers, described as segments. Businesses employ segmentation to cluster consumers and deliver targeted support, narrowing suggestions to fit attributes commonly shared within each group. Yet the main barrier is the danger that firms could breach current rules by issuing marketing communications to investors. Regulatory lawyers are relying on the government to publish a policy paper on Tuesday 15 July 2025 setting out changes to financial services rules to make targeted support proposals workable. While commentators are generally positive about governmental backing for legal adjustments, they also note uncertainty about how the wider approach aligns with existing consumer protection measures under the FCA’s Consumer Duty. ‘ There is significant tension between what the FCA is...
Online Following IOSCO’s statement, on 28 May 2025 the European Securities and Markets Authority ( ESMA) revealed it had contacted a number of social media and platform firms, urging proactive measures to curb the promotion of unauthorised financial services and drawing attention to IOSCO’s drive (see: ESMA urges social media platforms to prevent unauthorised financial promotions, LNB News 28/05/2025 39). “ An ounce of prevention is worth a pound of cure”. Credited to Benjamin Franklin amid fire risks in Philadelphia in 1736, the maxim is equally apt for online harms in financial services, an area of mounting regulatory concern as digitalisation accelerates and retail involvement in capital markets expands. Thus far, supervisors have struggled to take effective action against those behind fraud, unauthorised activity and deceptive advertising enabled by social media. The cross‑border nature of many offenders’ operations, coupled with the practical...
In this edition: UK, EU and international regulators and bodies Authorisation, approval and supervision Accountability, culture and social governance Prudential requirements Operational resilience Financial crime and sanctions Consumer Protection Complaints, compensation and claims management Investigations, enforcement and discipline Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG UK Mi FID II EU Mi FID II Islamic finance Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Lex Talk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies FCA unveils beta of new Handbook...
Background In February 2024, the FCA, as part of its refreshed enforcement strategy, set out plans to name and shame regulated firms under investigation before any investigation had ended or any disciplinary outcome had been reached. On 27 February 2024, Therese Chambers, joint executive director of enforcement and market oversight at the FCA, delivered a speech stating that enforcement activity is designed to prevent harm and align with the aim of safeguarding consumers and markets. She said these measures directly advance the FCA’s strategic objectives of minimising and preventing serious harm while creating and upholding high standards. The FCA opened a consultation on the same day. The accompanying consultation paper, among other changes, proposed publicly declaring the start of an enforcement investigation, identifying the subject of the investigation, and issuing appropriate updates on investigations into alleged misconduct by a firm. The proposals triggered a...
James Edwards Staley v The Financial Conduct Authority [2025] UKUT 00203 What are the practical implications of this case? This decision underscores the circumstances that can trigger a prohibition order. The FCA may prohibit an individual from performing functions tied to regulated activities where it concludes they lack fitness and propriety. Such orders are protective in nature and not intended as punishment. The FCA will assess the risk to consumers and the market when considering such an order. Among various considerations is the standing and significance of the firm the individual represents, which can be pertinent to whether an order is appropriate. The Tribunal also determined that the FCA’s Decision Procedural and Penalties Manual ( DEPP) should be applied with flexibility when setting a financial penalty. Moreover, the Tribunal’s assessment of any penalty will reflect the situation as at the date the...
The Upper Tribunal ( UT) authorised the FCA to withdraw the penalty it had levied on Nailesh Teraiya, former chief executive of Indigo Global Partners Ltd, through a ruling on preliminary points dated 27 June 2025. The panel referred to steps by Skat, Denmark’s tax authority, to recoup about £71m in losses arising from a significant tax scandal. The FCA informed the tribunal that it was no longer in the public interest to press on with the sanction against Teraiya, alleged to have joined a sham trading arrangement to secure ‘repayment’ of €91.2m from Denmark, because Skat had indicated the fine might hinder its ability to recover further losses from Teraiya and others. Skat secured judgments against the trader in Dubai in January 2025, holding Teraiya jointly and severally liable for roughly £71m in total......
Justice Stephen Males said it was necessary to know what the Supreme Court will decide in a test claim expected ultimately to shape a potentially multibillion‑pound consumer compensation scheme, so Barclays’ challenge is heard on the proper legal footing. A three‑day hearing had been scheduled to start in the Court of Appeal on 1 July 2025, after Barclays in December 2024 failed in its bid to set aside an FOS decision that one customer was unfairly charged commission. However, Males J stated the Court of Appeal needs to understand how the UK’s highest court frames the landscape in a dispute involving two specialist motor finance groups— First Rand Bank and Close Brothers. It is expected that judgment will be delivered in July 2025. Males J indicated Barclays’ challenge could restart in September 2025, subject to the Supreme Court’s ruling and any...
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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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