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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Last month, President Donald Trump unveiled plans to pare back US involvement in cross-border bribery prosecutions, imposing a six-month halt on enforcement of the Foreign Corrupt Practices Act ( FCPA). The US has historically been a key engine behind corporate anti-bribery actions worldwide, and the shift has sparked concern about its effect on international efforts... Jason Williams, who leads the SFO’s fraud and corruption division, said it is too early to judge the full ramifications. He added that the present uncertainty could create openings for the UK and Europe. Speaking at an event today, Williams suggested the pause might even quicken some SFO work: with the Department of Justice not pursuing FCPA matters or advancing related enquiries, the SFO can shape and run its own cases and push ahead......
The Lloyd's Market Association, International Underwriting Association and London & International Insurance Brokers' Association announced on 25 March 2025 that the programme would be the first of its kind for the market. Over recent years, the historically male-led London market, which includes Lloyd's of London, has been shaken by allegations of sexual harassment and bullying. The FCA determined that, despite repeated warnings, the number of such cases has risen over the past three years......
TIBER- EU threat-led penetration testing framework Responding to this shift, on 11 February 2025 the European Central Bank released updated guidance for the threat intelligence-based ethical red teaming, or TIBER- EU, threat-led penetration testing framework, aiming further to harmonise operational resilience testing across the European Union. TIBER- EU assesses an organisation’s robustness against advanced attacks by recreating real-world cyber threats informed by threat intelligence. This marks a notable advance. The rapid maturation of complex technologies can create weaknesses and widen an organisation’s attack surface, necessitating a proactive, adaptive cyber security posture. Although established practices such as ethical hacking and penetration testing remain worthwhile, they are no longer adequate on their own to tackle today’s intricate threat landscape. This is increasingly vital as organisations adopt AI-enabled technologies that demand specialised testing approaches to detect and reduce potential...
High Court judge Jennifer Eady said she struggled to see how CCP Graduate School Ltd’s case 'could ever have been anything more than fanciful', noting the funds had already left the account before Santander was warned of suspected fraud. The ruling records that, once Lloyds Banking Group alerted it, Santander swiftly blocked the account. It adds: ' A receiving bank in these circumstances cannot be taken to have assumed any responsibility to the third-party victim of the fraud', such as CCP. Misled by scammers, CCP, a company that previously ran a further education school in north-west London, approved the transfers in September and October 2016 from its National Westminster Bank Plc account to an account at Santander... In October 2022, CCP issued proceedings against Nat West and Santander, the first such case since a landmark July 2023 UK Supreme Court ruling that banks do not owe...
UK developments FCA amends sustainability labelling and discolsure requirements and publishes related Handbook Notice 127 The Financial Conduct Authority ( FCA) has revised its Handbook, effective 28 February 2025, reshaping sustainability labelling and disclosure obligations. The package introduces anti-greenwashing measures across several conduct of business sourcebooks, updates the labelling framework, and adjusts rules for on-demand sustainability information. The instrument also defers the deadline for firms to satisfy on-demand sustainability information requests, shifting it from 2 December 2025 to 2 April 2026. Handbook Notice 127 outlines these amendments, alongside certain other updates made by earlier instruments to different parts of the Handbook. See: LNB News 28/02/2025 34. Sources: FCA 2025/6— Sustainability labelling and disclosure of sustainability-related financial information (amendment) instrument 2025, and FCA Handbook Notice 127. FCA clarifies sustainability rules do not restrict defence sector investment The FCA has stated that its...
Tom Hayes, once a trader at Citigroup and UBS, and Carlo Palombo, formerly of Barclays, are contesting their convictions before the UK Supreme Court at what is due to be a three-day hearing in court. The proceedings could once again turn on a decade-old issue that has repeatedly gone against both former traders on several previous appeals in the past: did taking their banks’ commercial interests into account when submitting interest rates on their behalf automatically render them dishonest? Hayes and Palombo are not the only people also closely awaiting the answer to that question. Nine individuals have been convicted or pleaded guilty for rigging benchmark rates, known as the London interbank offered rate ( Libor) and the Euro interbank offered rate ( Euribor), and a successful appeal could reopen those old cases. Maia Cohen- Lask, a partner at Corker Binning, said: ' If the...
At a routine accountability hearing, Nikhil Rathi told the Treasury Committee that the financial watchdog must make judgements about the trade-off between growth and risk. He nevertheless informed parliamentarians that the FCA needs a consensus from government and Parliament. ' What matters for us is to secure as wide a consensus as possible, including in Parliament, on what the appropriate risk appetite is and how we strike those trade-offs, collectively,' Rathi said ultimately. He said that, working with government, the FCA could potentially revise rules on sanctions and anti-money laundering, along with other checks and safeguards on financial crime—which costs the sector billions of pounds a year. ' But, in doing so, we simply cannot guarantee that one or two money launderers will not get......
Standard Chartered has lost a bid to cut hundreds of millions of pounds out of a UK lawsuit by investors who claim they lost out due to the investment bank’s complicity in bribery and sanctions busting Hundreds of investment funds seek £1.5bn, saying they suffered losses after the bank minimised the extent of its role in sanctions breaches. In 2019, Standard Chartered paid US$1.1bn to US and UK regulators to settle claims it broke sanctions rules on Iran and elsewhere, which investors say underscores their action......
The ECCTA 2023 obtained Royal Assent on 26 October 2023, and is being rolled out gradually in stages across the UK. The legislation aims to bolster corporate openness and visibility, enhance the UK's capacity to combat economic crime meaningfully and widen enforcement powers—especially regarding crypto-assets, fraud prevention and relevant company rules. Before ultimately taking office in 2024, the Labour Party condemned the failure to secure criminal convictions against financial services firms for wrongdoing linked to the 2008 financial crisis. Did they have a fair argument? Were the corporate criminal liability provisions then in force adequate? Should the Labour government reopen this field to craft effective measures to address corporate wrongdoing? Regrettably, recent Conservative reforms appear to have set the UK on a course likely to underperform and potentially be hard for Labour to unwind swiftly. The chances of achieving successful...
An open letter urges Emma Reynolds, the economic secretary to the Treasury, and Meg Hillier, who chairs the parliamentary Treasury Committee, to act 'urgently' to stop the financial watchdog from carrying out its proposal to erase any emails received from 1 April 2025 once they are a year old. The letter is also addressed to Helen Charlton, chair of the FCA's financial services consumer panel, and to Michael Forsyth, a member of the House of Lords and chair of the Lords Financial Services Regulation Committee. The signatories argue the plan would 'needlessly damage the rights of consumers', and diminish the FCA's effectiveness and the broader integrity of the financial sector......
Naming and shaming: how not to regulate Most recently, the House of Lords Financial Services Regulation Committee ( FSRC) produced a reproving report on the proposals, titled ‘ Naming and shaming: how not to regulate’. It raised concerns not just about the measures themselves, but also about the FCA’s approach. The FCA’s key idea was to alter the threshold for publicising the start of an enforcement investigation — and naming the firm involved — from doing so only in exceptional circumstances (the current position) to applying a public interest test. On 12 March 2025, in what seemed an unprecedented step, the FCA announced it would not proceed with these plans. Across the industry, senior management in financial services appeared collectively relieved. In a letter to the UK Parliament’s Treasury Select Committee, the FCA nonetheless indicated it would continue with a narrow set of...
Regulatory lawyers warn that deregulation steps set out in a government policy paper on 17 March 2025 could potentially harm consumers, a risk amplified by the Financial Conduct Authority ( FCA) scaling back its enforcement agenda. John Pauley, financial services partner at Harper James, said, in his view, the government’s action plan appears more a measured wager than a wild bet, yet it clearly puts growth ahead of stability and security. He noted that the breadth of the proposals, especially the loosening of financial rules, leaves scope for unforeseen fallout across the market. Pauley also said success depends on how quickly both government and regulators can change tack if instability starts to show, and do so decisively. Other practitioners worry that response may come too late, as the government has not articulated its tolerance for consumer harm despite the FCA’s repeated requests for...
Financial sanctions systems and controls for financial services firms Sanctions reporting duties for financial services firms Sanctions list screening for financial services firms Controls for trade sanctions and proliferation financing in financial services firms FCA oversight and enforcement priorities regarding sanctions compliance For an overview of the legal and regulatory framework, consult Practice Note: Introduction to UK sanctions compliance for financial services firms......
Is the ‘ Consumer Duty’ on UK financial services firms a panacea that helps curb over-regulation or a source of legal uncertainty and added stress? It all depends on the respondent and the lens through which the issue is viewed. Feedback to a recent consultation on a prospective regulatory regime for cryptoassets reveals a split across the sector on whether the Duty, which obliges financial firms to deliver good outcomes for consumers, is sufficient on its own to remove the need for detailed, rules-based requirements. The Financial Conduct Authority ( FCA) faces demands to prove to ministers that it is genuinely committed to slimming down regulation. In a January 2025 letter outlining a raft of fresh initiatives to bolster economic growth, the FCA pledged to make sure future regulatory consultations ask whether the Consumer Duty could serve in place of...
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Stuart Angel and 1379 others v Black Horse Ltd and other appeals [2025] EWHC 490 ( KB) What are the practical implications of this case? This decision matters to all engaged in group litigation, and is especially relevant to those advising on lower-value, consumer group claims. Through its application of the factors identified in Morris, the court supplies further, practical guidance on when omnibus claim forms will be a convenient means of progressing group litigation. By deploying those Morris factors, the court has indicated how and when such forms may appropriately be used to organise cases. The judgment also clarifies the effect of decisions on common issues across related claims and signals clear judicial support for flexible, adaptable solutions in consumer finance disputes in this sphere. Key points to note: Morris v Williams remains the principal authority on issuing multiple claims in a single claim form;...
On 12 December 2024, ESMA released its consultation paper together with draft standards. Stakeholders had until 12 March 2025 to reply to the 22 questions posed. This release provides the first view of: a pan- European regime for open-ended loan-originating AIFs, and the evidence AIF managers may need to present to their home national competent authorities to secure a derogation to offer an open-ended loan-originating AIF The consultation is relevant to managers considering, or already operating, a semi-liquid evergreen loan-originating AIF in Europe. The consultation’s outcome, and the ensuing final standards, will influence whether European open-ended loan-originating AIFs can compete effectively on the global stage. Growth in semi-liquid evergreen funds In recent years, appetite has risen among fund managers and investors for evergreen vehicles pursuing illiquid strategies—such as private credit and private equity—that still provide some liquidity during the fund’s term. These hybrid funds often...
The ECJ held that the General Court, when reviewing the European Council’s move to sanction Igor Shuvalov, was justified in concluding there was adequate evidence that he had supported Russia since 2014 ‘on a continuous basis’. As recorded by the ECJ, the General Court considered that, by virtue of his role as president of VEB RF, Shuvalov implemented the Russian government’s economic policy and thereby contributed to Crimea’s economic development, so it could be concluded that he provided active support, the ECJ found. Shuvalov, previously deputy prime minister in Dmitry Medvedev’s cabinet and, before that, in the cabinet of now- President Vladimir Putin, had sought to set aside a February 2024 General Court judgment that upheld the Council’s sanctions on the former statesman......
These appeals mark the Supreme Court’s initial look at challenges to sanctions within the UK’s post‑ Brexit framework, and the first since its landmark ruling in Bank Mellat v HM Treasury [2013] UKSC 39 in 2014, which set out the test for assessing a measure’s proportionality. They stem from the UK’s Russia sanctions regime and follow several lower court judgments dismissing challenges to sanctions designations. At the heart of these cases is whether the measures accord with rights under the European Convention on Human Rights ( ECHR), and whether they are proportionate in light of Bank Mellat. Guidance from the Supreme Court on these key questions will have a significant bearing on future sanctions disputes. This article considers the issues raised that are likely to be examined by the UK Supreme Court in due course concerning...
The government said late on 11 March 2025 that the Payments Systems Regulator ( PSR) will be mainly consolidated into the Financial Conduct Authority ( FCA). The watchdog currently oversees payment systems, including UK banking service Faster Payments and Mastercard. The government added that the change should simplify matters for firms by creating one port of call. Prime Minister Keir Starmer said the previous government had hidden behind regulators, deferring decisions and allowing rules to swell and obstruct meaningful growth in this country. He described the move as the latest step in efforts to kick-start economic growth. Businesses have long argued the regulatory set-up is too complicated. According to the government, payment system companies must engage with three authorities: the PSR the FCA the Prudential Regulation Authority, the regulatory arm of the Bank......
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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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