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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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According to the commissioner, the FCA missed chances to block advisers being paid solely for recommending a pension transfer—breeding conflicts of interest—and to also mandate stronger adviser qualifications, as she set out in a report partly upholding complaints from 189 former plan members. The controversy arose when advisers wrongly urged members to move from the direct benefits pension programme (with calculated payments guaranteed) to direct contribution arrangements lacking that retirement security for members. Supervision of such transfers sat squarely within the FCA’s remit. In addressing the first complaint, Rachel Kent, the complaints commissioner, said: ' The FCA failed to protect affected former members of the BSPS from foreseeable harm in the context of the [defined benefit] pension market'. The relevant direct benefits pension plan underwent restructuring in 2017 after......
Financial services developments FCA proceeds with motor finance compensation scheme The FCA has finalised an industry-wide motor finance redress scheme, setting out rules in Policy Statement PS26/3 to compensate customers treated unfairly after courts ruled that firms failed to disclose key commission structures. The watchdog said a scheme is the fastest and most economical way to deliver redress while providing greater certainty for firms, investors and the wider market. Following consultation CP25/27, it has tightened the scope and lowered the expected overall cost. Agreements for motor finance entered between 6 April 2007 and 1 November 2024, where a lender paid commission to a broker, will be reviewed for compensation. Consumers will generally qualify if they were not informed about a discretionary commission model, a high-commission arrangement, or specified contractual links between lender and broker. Some cases are excluded, including...
Financial services developments FCA clarifies role on investment trust voting, conflicts and listing rules review The Financial Conduct Authority ( FCA) has issued a blog describing its responsibilities regarding investment trust voting, conflicts of interest and governance, while also outlining the scope of its forthcoming review of the UK Listing Rules for investment entities. The blog seeks to address current market discussion and set out regulatory accountabilities, making clear the boundaries of the FCA’s remit. It explains that investment trusts are subject to shareholder rights under the Companies Act 2006 ( CA 2006), including the ‘one share, one vote’ principle, with primary oversight lying with Parliament and the Department for Business and Trade ( DBT), rather than the FCA. The FCA also stresses that the listing framework applies to issuers, not to shareholders, and that the power of shareholders to hold boards to account is an...
Financial services developments FCA webpage sets out cryptoasset registration information The Financial Conduct Authority ( FCA) has issued details for firms planning to seek registration under the money laundering regulations ( MLRs) ahead of the forthcoming cryptoasset regulation regime. The webpage outlines when MLR registration is required and how to apply in line with the following timelines: before 30 September 2026 on or after 30 September 2026 after 31 July 2027 The FCA clarifies that this guidance does not apply to cryptoasset businesses that must remain FCA‑registered under the MLRs but will not need authorisation under the new FSMA regime. For those firms, the MLR gateway will continue to function as normal. Source: Cryptoasset firms: Registration under the MLRs ahead of the new FSMA regime FCA fines Dinosaur Merchant Bank Limited for CFD systems and controls failings The FCA has fined Dinosaur Merchant Bank Limited ( DMBL) £338,000 for failing to...
In this issue: Regulated activities Prudential requirements Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of derivatives Investment funds and asset management Consumer credit, mortgage and home finance FSMA regulated pensions activity Payment services and systems 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 Regulated activities The Financial Conduct Authority has issued examples of strong and weak practice to help firms shape consumer segments for targeted support. These practical illustrations build on policy statement PS25/22, Supporting consumers’ pensions and investment decisions: rules for targeted support. Source: Targeted support: firm considerations when designing consumer...
Background These linked appeals address how a UK sanction against Russia bears on obligations arising under aircraft leasing arrangements. The pertinent measure is the Russia ( Sanctions) ( EU Exit) Regulations 2019 ( SI 2019/855), regulation 28(3)(c). In response to Russia’s invasion of Ukraine on 24 February 2022, regulation 28(3)(c) was amended with effect from 1 March 2022 so that a person must not, directly or indirectly, provide financial services or funds in pursuit of, or in connection with, an arrangement whose object or effect is to make restricted goods or restricted technology available, whether directly or indirectly, (i) to a person connected with Russia, or (ii) for use in Russia. The amendment expanded a prohibition that had previously focused on military goods and military technology, bringing within scope specified civilian goods, including critical‑industry goods such as aircraft. The appellants are...
Financial services developments FCA updates perimeter report and publishes work programme and fees proposals for 2026/27 The Financial Conduct Authority ( FCA) has issued its annual work programme for 2026/27, refreshed its perimeter report, and opened consultation paper CP26/11, which sets out its proposals on the rates for regulated fees and levies for 2026/27. Responses to the consultation are requested by 30 April 2026. The Annual Work Programme sets out initiatives intended to streamline processes, remove friction where appropriate, and help firms operate more efficiently, while upholding high standards across the financial sector. It features, among other things: embedding AI in regulatory workflows to detect harm more effectively and accelerate regulatory decision-making processes using generative AI to review documents received from firms, supporting quicker, more timely decisions......
Financial services developments FCA sets out 2026 regulatory priorities for payments firms The Financial Conduct Authority ( FCA) has published a statement of its Regulatory Priorities for the payments sector, addressed to firms authorised or registered under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011. The paper outlines expectations and work undertaken across four core themes: preparing for the future to support effective competition, innovation and growth; ensuring firms implement the Consumer Duty effectively; protecting financial system integrity; and keeping customers’ money safe. Under innovation and preparing for the future, the FCA states it intends to take the following actions: support industry in establishing a Future Entity for open banking support the Treasury in introducing legislation to grant the FCA powers to set new rules for the long-term regulatory framework work with the Treasury to modernise and future‑proof the regulation of payment services and...
In a brief public statement, the FCA stated that MFS has the status of an Annex 1 business, a category only subject to limited FCA oversight. For MFS, this relates to compliance with anti-money laundering ( AML), counter-terrorist financing, and rules governing the movement of funds. The FCA said Annex 1 firms are not authorised and do not fall under wider FCA regulation. The regulator offered no additional specific detail about the focus of its inquiry. A spokesperson for Alix Partners LLP, administrators to MFS, said it is aware of the FCA’s investigation and will not be making any further comment. MFS issued loans and other mortgage-like financial products. The......
Financial services developments FCA to announce approach to motor finance redress 30 March 2026 The Financial Conduct Authority ( FCA) has confirmed it will outline its approach to motor finance redress shortly after markets close on Monday 30 March 2026, following an October 2025 consultation on a compensation scheme. Source: Timing of the FCA’s motor finance announcement. Related digest: FCA publishes CP25/27 Motor Finance Consumer Redress Scheme, LNB News 08/10/2025 16 PRA fines Bank of London and its parent company Oplyse Holdings Limited £2m The Prudential Regulation Authority ( PRA) has imposed a £2m penalty on The Bank of London Group Limited and Oplyse Holdings Limited (formerly The Bank of London Group Holdings Limited) for misleading the regulator about their capital positions, failing to act with integrity, lacking openness and co-operation with the regulator, and not maintaining adequate financial resources. This marks the first occasion the PRA has fined a...
Financial services developments FCA urges firms to prepare for non-financial misconduct rules The Financial Conduct Authority ( FCA) has outlined on a new webpage the actions firms should take before the non-financial misconduct ( NFM) rules and guidance take effect on 1 September 2026. Under COCON 1.1.7FR, the conduct rules for non-banking firms will be widened to include bullying, harassment, or violence towards colleagues, where connected to an individual’s role. The FCA advises firms to consider updating their approach to: staff policies; conduct breach reporting; fit and proper assessments; and regulatory references. In December 2025, the FCA published policy statement PS25/23, which sets out the boundary between work and private life; how NFM may breach the conduct rules; reasonable steps for managers; and fitness and propriety assessments, including matters relating to private life, social media, and unproven allegations. Source:...
Financial services developments FCA restricts Beauforce Corporation Limited from carrying out regulated activities The Financial Conduct Authority ( FCA) has now barred Beauforce Corporation Limited from undertaking all regulated business. As a result, the firm is no longer permitted to deliver authorised debt advice or debt management services to customers. The regulator has further directed the company to repay funds in its bank accounts to its clients. These steps arise from FCA worries about the suitability of the firm’s senior leadership and how it has engaged with the regulator. The FCA also stated it found several issues in Beauforce Corporation Limited’s operations, including: Senior Manager suitability—the senior manager, Mr Duckett, is presently disqualified from involvement in running a company for ten years Failure to disclose information—the firm did not inform the regulator of Mr Duckett’s...
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 Regulation of derivatives 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 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 FCA report examines firms’ methods for promoting consumer understanding. The Financial Conduct Authority has released findings from its review of how firms deliver the consumer...
Financial services developments FCA sets out 2026 priorities for Wholesale Buy Side and for Wholesale Markets The Financial Conduct Authority ( FCA) has outlined its regulatory priorities for the Wholesale Buy Side and Wholesale Markets. The publications describe the FCA’s planned actions in 2025 and the year ahead, together with what it expects of firms under each theme. The FCA also advises Buy Side firms to consider its Pensions and Consumer Investments Regulatory Priority publications, which contain aligned reforms. The FCA’s Wholesale Markets priorities are: reinforce the resilience of firms and markets: amid heightened risks, firms should elevate standards of operational resilience, keep trading controls robust, and strengthen liquidity management promote efficient, competitive and innovative markets: a broad programme of reforms is under way to ensure markets function effectively, foster innovation and back economic growth support the safe and responsible use of new...
Background to the case Dana Astra IOOO (‘ Dana Astra’) is a property and construction enterprise registered and operating in Belarus, whilst its holding company, Dana Holdings, is registered in Cyprus. Dana Astra does not maintain any place of business or assets in the UK. On 31 December 2020, the UK designated Dana Astra for sanctions (shortly after the EU’s listing on 17 December 2020) under the Republic of Belarus ( Sanctions) ( EU Exit) Regulations 2019, SI 2019/600 (the ‘ Regulations’). The Secretary of State considered there to be reasonable grounds to suspect Dana Astra of being ‘complicit in the repression of civil society’ in Belarus. In particular, it was said that Dana Astra’s proprietors are closely connected to President Lukashenko; that Dana Astra had acted as sponsor of the Belarusian National Olympic Committee as the only entity that was not...
Financial services developments PRA consults on liquidity reforms to improve firms’ ability to monetise assets in times of stress The Prudential Regulation Authority ( PRA) has issued consultation paper CP5/26, entitled Modernising the liquidity policy framework, outlining proposals intended to ensure banks can swiftly convert liquid assets into cash during fast-moving stress scenarios, such as the 2023 collapse of Silicon Valley Bank. Responses are requested by 17 June 2026. In remarks on the package, the PRA’s Phil Evans said the targeted and proportionate measures would enhance firms’ capacity to monetise assets and raise operational preparedness. The proposals concentrate on specific Pillar 2 adjustments via the Internal Liquidity Adequacy Assessment ( ILAA) rules and supervisory expectations. They are designed to reinforce firms’ internal stress testing methodologies and controls, improve readiness to handle future liquidity shocks, and bolster resilience as the Bank of England ( Bo E)’s...
Financial services developments HMT and FCA outline planned reforms of the FOS HM Treasury ( HMT) has set out its final policy stance on reforms to the Financial Ombudsman Service ( FOS). The government intends to introduce primary legislation to implement these changes when Parliamentary time permits. In CP26/9, the Financial Conduct Authority ( FCA) now consults on changes within the current framework, i.e. ahead of legislation, including early roll-out of the new referral route and proposed revisions to the 'fair and reasonable' test. The deadline for responses is 11 May 2026......
In this issue: UK, EU and international regulators and bodies Prudential requirements Operational resilience Financial crime and sanctions Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Banks and mutuals Regulation of insurance Payment services and systems Fintech and cryptoassets 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 FCA issues CP26/8: Quarterly Consultation Paper No. 51. The Financial Conduct Authority ( FCA) has released CP26/8, its fifty-first Quarterly Consultation Paper. Source: CP26/8: Quarterly consultation paper No. 51. Prudential requirements The European Commission has adopted a Delegated Regulation updating the regulatory technical standards contained in Delegated Regulation ( EU) 2023/206, aligning references and terminology following amendments to Regulation ( EU) No 575/2013 (the Capital Requirements Regulation— EU CRR). The RTS detail the kinds of factors that national authorities should consider when judging the suitability of...
Financial services developments FCA restrictions imposed on Sendsii Ltd following HMRC suspension of registration The Financial Conduct Authority ( FCA) has set conditions on Sendsii Ltd that bar it from conducting any regulated activities. Following HM Revenue and Customs ( HMRC) suspending the firm’s registration on 9 October 2025, the FCA served a First Supervisory Notice on Sendsii Ltd. As a result, the company no longer satisfied the criteria for its FCA authorisation under the Payment Services Regulations 2017. Under these measures, Sendsii Ltd must not perform regulated services, including money remittance, without the regulator’s prior written approval. The firm must repay all monies held for, or on behalf of, existing customers, in accordance with relevant legal and regulatory obligations. The FCA’s webpage provides guidance for potentially affected...
Financial services developments Government fraud strategy for 2026-29 includes focus on APP fraud, cryptoassets and repealing SCA The Home Office has released its Fraud Strategy for 2026 to 2029, outlining how government intends to counter fraud affecting individuals and companies across the period. It highlights the Financial Conduct Authority ( FCA)’s intentions to prevent authorised push payment ( APP) fraud and money mule activity; the forthcoming cryptoasset framework due to take effect in October 2027; and HM Treasury ( HMT)’s proposal to revoke the current Strong Customer Authentication ( SCA) technical standards. The strategy signals a stronger emphasis on setting out clear illustrations of both effective and poor practice in addressing authorised fraud. Building on work already underway, the FCA will review methods for curbing APP fraud and mule activity, and will circulate its recommendations to the financial services sector overall over the...
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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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