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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 Sole traders, informal partnerships and outdated partnership deeds are common.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, approvals and oversight Accountability, culture and social governance Prudential requirements Operational resilience Financial crime and sanctions Consumer protection Complaints, redress and claims management Investigations, enforcement and discipline Capital markets regulation Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Banks and mutuals UK Mi FID II Consumer credit, mortgage and home finance Payment services and systems Fintech and cryptoassets Lex Talk® Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Intraday news alerts Daily and weekly news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies IOSCO sets out 2025 work programme and priority areas The International Organisation of Securities Commissions ( IOSCO) has unveiled its 2025 programme, concentrating on strengthening financial resilience, market effectiveness and investor protection across global markets. It will also tackle risks in sustainable finance and fintech while advancing regulatory co‑operation and overall effectiveness. See: LNB News 12/03/2025 50. FCA issues Quarterly...
The Order confirms that qualifying cryptoasset staking arrangements are not considered a collective investment scheme for the purposes of section 235 of the Financial Services and Markets Act 2000 ( FSMA 2000). A collective investment scheme is widely defined to capture any arrangement for managing property of any kind that allows those taking part to obtain profits or income generated by acquiring, holding, managing, or disposing of that property. Staking: an outline Before addressing the implications of the Staking Order, it is helpful to clarify cryptostaking. Broadly, it involves locking a cryptoasset within a blockchain network to help run that network—such as by validating transactions—in return for rewards paid to the owner of the staked assets. Staking is chiefly associated with proof‑of‑stake and similar blockchain consensus models. Establishing consensus over transactions and verifying them is fundamental to how a blockchain functions....
In a letter dated 10 March 2025, the Financial Conduct Authority ( FCA) and the Information Commissioner’s Office said they also plan to convene industry leaders to explore obstacles stopping financial services firms from adopting AI. According to FCA chief executive Nikhil Rathi and Information Commissioner Jon Edwards, a recent FCA and Bank of England survey revealed that companies and trade associations harbour worries about embracing these fast-changing technologies. They noted with interest that respondents identified data protection and the consumer duty as among the top three regulatory barriers to rolling out AI across the sector, based on the survey responses cited by Rathi and Edwards. ‘ These findings appear to demonstrate a......
What is the failure to prevent fraud offence? The FTPF offence arises where a large organisation gains from fraud carried out by its associated persons. The entity may incur liability if an associated person commits a specified fraud offence intending to benefit the organisation, whether that benefit is obtained directly or indirectly. A 'large organisation' is defined by reference to three size tests; it qualifies if at least two are met: (1) more than 250 employees (2) more than £36m turnover (3) more than £18m in total assets An 'associated person' broadly includes anyone who provides services for or on behalf of the relevant organisation, such as officers, directors, employees and agents, together with subsidiaries and employees of subsidiaries. Under the new offence, an organisation can be liable—and face an unlimited fine—for a wide range of fraud offences, including fraudulent...
On 6 March 2025, the European Banking Authority ( EBA), in draft advice to the European Commission on how to operate the AML regime, observed that enforcement by national supervisors is inconsistent. It put forward a set of common indicators to judge the gravity of breaches. The authority also explained that the proposed regulatory technical standards, which sit alongside the core AML rules, would oblige regulators to rate each infringement within one of four tiers, arranged by increasing seriousness......
The High Court held that the FCA acted reasonably in partly dismissing a 2021 review that criticised the watchdog for setting too narrow a scope for compensating customers mis-sold interest rate-hedging products ( IRHPs) from 2001 onwards. Judge Clive Freedman noted that, by 2021, the considerable passage of time made establishing wrongdoing particularly challenging, and that mounting any action would have demanded substantial expenditure with no assured result. The court observed that widening any compensation scheme carried inherent uncertainty, not only because of litigation hazards, but also due to the difficulty of assessing prospects of success until extensive preparatory work had been undertaken. The judgment also emphasised the competing need to deploy resources towards more immediate and less historic mis-selling harms. In that context, the court accepted that although the review had condemned the regulator’s limited redress, the FCA’s partial rejection was...
The General Court of the European Union dismissed Ponomarekno’s challenge, rejecting his claim that the Council had relied on false information in finding connections to Putin, as well as his contention that the adverse impact of the sanctions on him lacked justification. The judges ultimately ruled that, on the available material before it, the Council was entitled—without assessment error—to treat the applicant as giving support to a Russian decision-maker. They also concluded that the sanctions’ consequences overall were justified by their aims, to exert pressure on Putin to end the war in Ukraine......
The FCA’s call for certainty followed Chancellor of the Exchequer, Rachel Reeves, whose Mansion House address in November 2024 and accompanying letters pressed financial regulators to recalibrate risk aversion with economic growth. Her push gained broad backing from financial firms wrestling with the entrenched demands of the FCA’s Consumer Duty regime introduced 16 months prior right across the market already. Nikhil Rathi, the FCA’s chief executive, pressed ministers to spell out their tolerance for consumer harm in a speech on 27 February 2025, restating a request he had set out in a publicised letter dated 16 January 2025. Rathi has already scrapped the need for firms to appoint a board champion under Consumer Duty, which mandates good outcomes for consumers. Firms in the sector still argue that the sheer volume and intricacy of FCA guidance suppresses innovation and overburdens compliance teams. The FCA now seeks...
In this issue: Prudential requirements Risk management and controls Financial crime and sanctions Consumer protection Conduct requirements Complaints, compensation and claims management Investigations, enforcement and discipline Sustainable finance and ESG Banks and mutuals Investment funds and asset management Mi FID II Regulation of insurance FSMA regulated pensions activity 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 Prudential requirements CP2/25: PRA consults on leverage ratio threshold changes The Prudential Regulation Authority ( PRA) has issued consultation paper CP2/25 setting out proposed revisions to leverage ratio thresholds. It plans to raise the retail deposits leverage threshold from £50bn to £70bn, aligning with nominal GDP growth since 2016. The...
The company noted in its yearly report that a ‘skilled person’, who was not identified by name, was conducting an independent assessment to update the FCA on whether firms within the Quilter Financial Planning network adhered to regulatory requirements in their provision of advice services. The financial services group stated it had identified ‘limited cases’ where clients had not received ongoing advice, after a review of its historic data, policies, and internal company procedures......
Staley is challenging the Financial Conduct Authority’s prohibition, which bars him from senior roles at regulated financial firms, in a two‑week hearing before the Upper Tribunal. This was the first time a senior banker in Britain faced such a ban, and observers view the proceedings as a litmus test for the embattled watchdog. ‘ Failing to see off Mr Staley’s challenge could be extremely damaging for the FCA,’ said Tom Bushnell, an associate barrister at Hickman & Rose. ‘ It has had a torrid time of late, not least after an all‑party parliamentary group’s scathing review last November [2024], which branded it incompetent.’ The FCA prohibited Staley and levied a £1.8m fine in 2023 after concluding he had ‘recklessly’ approved a Barclays letter to the regulator containing two misleading claims about the nature of his relationship with Epstein, a convicted...
FCA chief executive Nikhil Rathi Speaking at an Association of British Insurers roundtable on 27 February 2025, FCA chief executive Nikhil Rathi confirmed from that date, firms could opt to have a Consumer Duty board champion rather than be obliged, reflecting proposals the regulator sent to government on 16 January 2024. ' From this morning, firms will be free to decide whether to appoint a Consumer Duty board champion,' he said. The role exists to ensure the Consumer Duty, which demands good outcomes for consumers, remains a standing item for discussion at board level. In its letter, the FCA indicated it would scrap the mandate now the Duty is live and in effect. Rathi added that, over the coming weeks, the FCA would turn to the other roughly 50 growth proposals set out in that correspondence. He......
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Risk management and controls Operational resilience Financial crime and sanctions Investigations, enforcement and discipline Regulation of capital markets Dispute resolution for financial services lawyers Sustainable finance and ESG Investment funds and asset management Consumer credit, mortgage and home finance Regulation of insurance 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 The Financial Stability Board ( FSB) will shift in 2025 to overseeing how major financial reforms are executed, as set out in a letter from chair Klaas Knot to G20 finance...
UK developments LMA publishes response to HM Treasury's UK green taxonomy consultation The Loan Market Association ( LMA) has submitted its views to HM Treasury’s consultation on the UK green taxonomy, backing the government’s aims yet urging against making its development a near-term priority. While recognising a taxonomy’s role in improving transparency and deterring greenwashing, the LMA flags major delivery hurdles, including complexity and significant resource demands. It also points out that the Financial Conduct Authority’s newly introduced anti-greenwashing rule already achieves many of the intended outcomes. See: LNB News 07/02/2025 45. Source: Response to UK Green Taxonomy Consultation. LMA publishes response to EU Commission's sustainability reporting simplification initiative The Loan Market Association ( LMA) has issued a position paper on the EU Commission’s sustainability omnibus simplification proposal, setting out five key recommendations for reform. The LMA underscores the importance of careful calibration to avoid creating fresh,...
Long-trailed changes appended to the Crime and Policing Bill 2025, laid before Parliament by Home Secretary Yvette Cooper on 25 February 2025, aim to broaden corporate criminal liability and fortify investigations to recoup the assets of fraudsters. The draft law would likewise curb the financial risks borne by enforcers in litigation. Here, Law360 flags three aspects of the government’s new Bill you may have overlooked. Corporate criminal liability widens The centrepiece for white-collar specialists is a plan to extend the spectrum of offences for which a corporate body can face criminal liability when they are committed by senior managers. After years of prosecutorial frustration, the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023) overhauled the legal test, allowing authorities such as the Serious Fraud Office ( SFO) to hold companies liable for economic offences carried out by their senior managers. These fresh...
Jim Harra, who leads HM Revenue and Customs ( HMRC), wrote in a letter to lawmakers on the UK’s Treasury Select Committee stating that last year recorded the highest number of inquiries opened into suspected sanctions breaches. Twenty-seven of these were connected to potential Russian breaches, Harra noted. Those totals contrast with 2023, when 22 cases were opened, with 20 of them linked to Russia. In 2021, no criminal sanctions cases were initiated, the letter added. HMRC oversees the enforcement of sanctions breaches associated with the import and export of goods, according to his correspondence......
In a brief oral judgment, Justice Peter Roth noted that, although a £200m settlement is 'plainly a very disappointing outcome' for a claim once valued at £14bn, much has changed since the proceedings started nearly a decade ago. ' Considering the position today, we have no doubt that a settlement of £200m on the proposed terms is just and reasonable overall,' Justice Roth said, speaking on behalf of the tribunal of three people......
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Risk management and controls Operational resilience Financial crime and sanctions Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Banks and mutuals Investment funds and asset management Mi FID II Consumer credit, mortgage and home finance Payment services and systems Fintech and cryptoassets Financial stability 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 outlines new email retention approach to sharpen regulatory efficiency The FCA has set out a comprehensive rationale for its revised email management approach, coming into force on 1...
The payments titan and Merricks, who acts for roughly 44 million shoppers, are asking the CAT to accept that the bargain they reached in December 2024 to conclude the dispute over interchange fees falls within the bounds of 'just and reasonable'. The compromise is opposed by the litigation backer, Innsworth Capital Ltd. As with all settlements agreed in claims under the collective action regime, the CAT must decide whether the £200m proposed by Mastercard represents a fair and reasonable sum in compensation. Merricks’ case had previously been valued at about £11bn. Innsworth states in filings that it has spent in excess of £45m financing the action against Mastercard—including £18.1m paid to Merricks’ solicitors, who launched the claim at Quinn Emanuel Urquhart & Sullivan LLP before moving to Willkie Farr & Gallagher ( UK) LLP, and £6.3m on counsel. Innsworth contended that the...
Lloyds Banking Group Plc reported that it has recognised a provision for possible remediation costs within its fourth-quarter results. However, the bank cautioned that substantial uncertainty still surrounds the eventual financial effect. This new sum set aside by Lloyds is in addition to the £450m recorded in February 2024, following the FCA’s January 2024 announcement then of an investigation into discretionary commission arrangements in the motor finance sector. The FCA had already prohibited the practice back in 2021......
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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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