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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 Sole traders, informal partnerships and outdated partnership deeds are common.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 Risk management and controls Operational resilience Investigations, enforcement and discipline Financial crime and sanctions Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Complaints, compensation and claims management Regulated activities Banks and mutuals EU Mi FID II Regulation of insurance FSMA regulated pensions activity Payment services and systems Fintech and cryptoassets Regulation of AI in FS 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 Law360 reports that the Association of British Insurers ( ABI) has...
UK developments FRC launches consultation on proposed UK version of ISSA 5000 The Financial Reporting Council ( FRC) has opened a consultation on a UK-specific edition of the International Standard on Sustainability Assurance ( ISSA) 5000, ‘ General Requirements for Sustainability Assurance Engagements’. The draft is for voluntary adoption by assurance providers and mirrors the international standard to lessen the burden on firms carrying out assurance engagements across multiple jurisdictions. It is also intended for use by both professional accountants and other assurance practitioners who satisfy the relevant quality management and ethical criteria. The consultation closes on 31 July 2025. See: LNB News 29/05/2025 30. Source: FRC Consultation Release: Introduction of International Standard on Sustainability Assurance ( UK) 5000. Government launches three consultations to modernise the UK sustainability reporting framework The government has initiated three consultations as part of its programme to modernise the UK’s...
Launched in October 2024 Unveiled in October 2024, the review is led by the Foreign, Commonwealth and Development Office in partnership with sanctions departments and agencies — HM Treasury ( HMT), the Department for Business and Trade ( DBT), the Department for Transport ( Df T), HM Revenue and Customs ( HMRC) and the National Crime Agency ( NCA). It advances recommendations designed to facilitate compliance with UK sanctions, strengthen deterrence against breaches, and refresh the cross‑government sanctions enforcement toolkit. In our analysis, we examine these recommendations and determine that they are unlikely to fulfil the UK government’s ambitions, as articulated in the review: to ‘support the private sector to understand and comply with sanctions’ while ‘punish serious breaches with large fines or criminal prosecution’......
The UK Competition Appeal Tribunal ( CAT) handed down a partial ruling on actions brought by retailers over multilateral interchange charges, which are determined by Visa Inc and Mastercard Inc and are transferred by traders to acquiring banks whenever they take payments by debit or credit card. The CAT concluded that charges applied before 2015, when rules were introduced for UK and Irish consumer transactions, breached competition law 'by object', so evaluating their actual effects on rivalry was unnecessary in practice. The decision upheld a central contention from the merchants that Visa and Mastercard’s interchange charges set a 'floor' beneath the rates banks can levy, thereby removing price-based competition across transactions and preventing undercutting by acquiring banks. ' The Multilateral Interchange Fee short-circuits competition and distorts the process', the judgment formally stated. ' It is precisely the purpose of the...
A courtroom bid that fell flat has yielded damning conclusions that he misled the Financial Conduct Authority ( FCA) and Barclays about the breadth of his association with Epstein over many years, rather than overturning his lifetime ban from employment in financial services for misleading the FCA. In the wake of the Upper Tribunal’s 26 June 2025 decision confirming the FCA’s prohibition on him holding a managerial post in the financial services industry, Law360 examines the seminal findings set out in the judgment... ' A difficult dilemma' Judge Timothy Herrington, writing for the tribunal, said Staley, 68, had a clear incentive to play down his connection with Epstein, a convicted sex offender whose links had already stained the reputations of numerous business leaders and public officials. In 2019, when news of Epstein’s arrest for sex trafficking broke and focus shifted to his circle, the FCA asked...
The FCA reported on 26 June 2025 that each of the 14 payments and e‑money firms it assessed fell short of mandatory standards for risk management and orderly wind‑down planning in the event of failure. ‘ None of the firms we reviewed fully met our expectations and, in particular, were not adhering to the guidance’, the FCA noted in its findings. That guidance explains how payment companies can demonstrate sufficient financial resources. The FCA’s assessment covered payment institutions such as money remitters and non‑bank card issuers, while banks were outside the scope......
Staley became Barclays’ group chief executive in 2015 after nearly three decades at JP Morgan. The American banker resigned in November 2021 following a UK regulatory probe into his links with Epstein, who died in prison in August 2019, weeks after being charged with sex trafficking. The FCA subsequently barred Staley from taking another top post in financial services — the first time a chief executive of a UK bank had been banned by the regulator — and imposed a £1.8m fine. He also had to forgo £17.8m after leaving Barclays, one of the UK’s largest. In a 26 June 2025 judgment, Upper Tribunal judges found Staley ought to have ensured his statements to the FCA were correct. The ruling said the FCA was now able to seek a ‘prohibition order’ preventing him from senior management and significant influence...
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Risk management and controls Financial crime and sanctions Consumer protection 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 EU Mi FID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Financial stability 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...
The government has also tabled draft legislation in Parliament. Once the statutory instrument ( SI) is approved, BNPL products will be regulated 12 months after the SI is made. Lenders should expect the framework in force by end-2026. Although the policy trajectory is set, several key points remain unresolved. Key aspects of BNPL Regime Going forward, regulated BNPL agreements will be called regulated deferred payment credit agreements—deferred payment credit, or DPC. Scope In a boost for merchants, BNPL will be regulated only where a third-party lender is involved. An anti-avoidance measure tackles reseller-style models: where a lender buys the goods and resells them as the merchant, the deal is regulated, not exempt. Most merchants offering DPC will not need FCA authorisation as credit brokers. Unauthorised merchants must have financial promotions approved by an authorised firm—usually the third-party lender, if it holds the...
The FCA has now released the PISCES sourcebook, following HM Treasury’s publication of the Financial Services and Markets Act 2023 ( FSMA 2023) ( Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025, SI 2025/583, which came into effect on 5 June 2025. The clock is ticking for would‑be PISCES platform operators to gain regulatory approval and commence operations. What is PISCES? PISCES introduces a form of intermittent private capital market in the UK. It will function as a secondary venue for trading shares in private companies. Compared with a public market, it gives private businesses greater control over how their shares are marketed and imposes a lighter ongoing compliance burden. Crucially, PISCES is not an additional market, but a distinct type of market. The FCA anticipates multiple firms will seek permission to run PISCES platforms and, at least at the outset, that several PISCES will...
The white-collar prosecutor’s pitch to ‘collaborate’ with businesses on complying with economic crime laws White-collar prosecutors’ plan to “work with” companies on meeting economic crime obligations—by sharing data, insights on trends and analysis—seems to dovetail with ministers’ rhetoric that every UK regulator should champion growth to revive the flagging economy, according to lawyers. While the government has told certain regulators, including the Financial Conduct Authority ( FCA), to factor growth into their core objectives, it has not, at least overtly, tried to steer the SFO or recast its duties. “ For the SFO it’s a tricky balance: at its core it investigates and prosecutes, it isn’t a regulator, and it has long stressed that distinction,” said Ben Morgan, a partner at Freshfields LLP and the agency’s former joint head of bribery and corruption. Unlike the FCA and other oversight bodies, the SFO’s role is set in...
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 Mi FID II Consumer credit, mortgage and home finance Investment funds and asset management 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 UK, EU and international regulators and bodies Bo E publishes PRA’s David Bailey speech outlining flexible regulatory plans to foster innovation and growth The Bank of England ( Bo E) has...
The last time the government took the country's financial regulators off the beat When the government last eased pressure on the watchdogs, the Financial Services Authority ultimately paid the price, later conceding its weak supervision had worsened the 2008 crash. Today its successor, the Financial Conduct Authority, and other regulators are inching along a tightrope, apparently pulled between the government’s growth drive and their core duty to safeguard consumers and uphold orderly markets. Appearing before Parliament’s Treasury Committee on 10 June 2025, FCA chief executive Nikhil Rathi highlighted that the UK government’s stance on crypto-assets remains unclear, urging Parliament to define the national risk appetite—high, medium or low—to provide direction. He added that assessing how much risk or harm can be tolerated is “hard to measure” when trying to strike the right balance with growth. After years of pushing decisions out to...
At a session before Parliament’s Treasury Committee, FCA chief Nikhil Rathi said certain jurisdictions show a “very high” tolerance for crypto risk and are pushing it to retail users with scant regulatory safeguards, while the UK’s position remains uncertain. “ What is our risk appetite?” he asked. “ Parliament will weigh this. Is it high, medium, or low? Give us direction.” Rathi noted that the FCA accepts there is a “growth and competitiveness” case for crypto‑assets. He added the government has consistently stated that driving economic growth is its paramount aim. Yet, he cautioned, trading crypto‑assets carries the possibility of harm at both individual and societal levels, which is troubling, reflecting the risks he described to the committee directly......
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Consumer protection Conduct requirements Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of benchmarks and IBOR reform Regulation of capital markets Dispute resolution for financial services lawyers Regulation of derivatives Banks and mutuals Investment funds and asset management Regulation of insurance Payment services and systems International—financial services and related sectors Fintech and cryptoassets Regulation of AI in FS 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 Latest Q& As UK, EU and...
In a consultation published on 6 June 2025, the FCA indicated it would relax ‘assessment of value’ disclosure rules following sector feedback that the obligations are burdensome and deliver limited benefit for investors. These requirements also overlap with its Consumer Duty, which demands good outcomes for consumers. In their annual assessment of value statements, fund firms set out whether fees are warranted and, where they are not, what corrective steps are planned or have been taken. However, the FCA has concluded that, given low consumer engagement, the expense of producing these reports is not justified. FCA interim buy-side director Nike Trost said the revisions would have a tangible effect, cutting costs and saving time so asset managers can focus on what matters to their investors. The regulator will keep the underlying standards for value assessments while scaling back the extent of public...
John Bedford, a partner at Dechert LLP, observed that a number of companies have approached him to clarify whether they can trade in securities that have remained frozen or otherwise blocked since Russia’s invasion of Ukraine more than three years ago. Others are exploring if they should start laying groundwork now to re-enter the Russian market after a prolonged hiatus, mindful of the lengthy lead time needed to re-establish and stabilise operations. Any prospective geopolitical reset becomes more complex if the UK and EU decline to follow America’s lead, leaving advisers to grapple with applying divergent, and potentially conflicting, regimes. For multinational businesses, obtaining permission in a single jurisdiction is far from straightforward, as they risk breaching, or being seen to breach, rules in other territories. Bedford warned that, even where firms consider themselves subject only to US sanctions or believe...
Banks and payments firms in the UK could see 'confirmation of payee' functionality expanded to include payment transaction data as their regulator looks to shore up defences against APP fraud. Under the proposed enhancement, banks may swap indicators such as how long an account has been open and how frequently it is used, helping both sending and receiving institutions judge the risk of a payment, according to the PSR’s new policy chief, Claire Simpson, speaking in her first interview since taking the role. Since 7 October 2024, the PSR has required banks and payment firms to reimburse most APP fraud cases, capped at £85,000. ‘ Confirmation of payee’ is a compulsory name-check intended to cut misdirected transfers. When a customer pays a new recipient, their bank verifies that the name provided for the payee matches the name on the receiving bank’s...
On 4 June 2025 at Southwark Crown Court, the Serious Fraud Office ( SFO) accused United Insurance Brokers Ltd of corporate misconduct, arising from its purported failure to prevent employees of a US-based intermediary from paying bribes to a state official in the South American country during the period October 2013 to March 2016......
In this issue: UK, EU and international regulators and bodies Authorisations, approvals and oversight Prudential obligations Financial crime and sanctions Consumer protection Complaints, redress and claims management Investigations, enforcement and disciplinary matters Sustainable finance and ESG Banks and mutuals Investment funds and asset management Investment funds and asset management Insurance regulation FSMA-regulated pensions activity Regulation of AI in FS 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 Latest Q& A UK, EU and international regulators and bodies Commission tables €193.26bn EU budget for 2026 to drive key priorities The European Commission has tabled its draft 2026 EU budget, fixing overall...
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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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