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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 Sole traders, informal partnerships and outdated partnership deeds are common.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 her first Mansion House address, Chancellor of the Exchequer Rachel Reeves set out proposals to ease parts of the post-2008 crisis rulebook to steer more investment into the British economy. She argued, in remarks published ahead of delivery, that earlier reforms created a framework that tried to stamp out risk-taking, which she believes has gone too far and led to unintended outcomes that must now be put right. She outlined a new government plan to accelerate growth by adjusting rules across financial services and insurance, aiming to unlock private investment and revive capital markets. Reeves said the package of changes would strengthen growth and competitiveness through investment and reform, calling it the most pro-growth financial services programme since the financial crisis. She added that she has written to regulatory authorities, including the Financial Conduct Authority ( FCA), the Prudential...
UK developments FSB reports significant progress on global climate disclosure standards implementation The Financial Stability Board ( FSB) has released its 2024 update on delivering consistent climate-related reporting, noting strong momentum in adopting International Sustainability Standards Board ( ISSB) disclosure standards. In 19 of the FSB’s 24 jurisdictions there are now regulations, guidelines, or strategic roadmaps in place, and 17 jurisdictions have introduced or proposed requirements grounded in the ISSB standards and the Task Force on Climate-related Financial Disclosures ( TCFD) recommendations. See: LNB News 12/11/2024 58. Sources: FSB reports on progress towards globally consistent and comparable climate-related disclosures, 2024 progress report on Achieving Consistent and Comparable Climate- Related Disclosures, and IFRS Progress Report on Corporate Climate-related Disclosures. LMA publishes draft provisions for green loans The Loan Market Association ( LMA) has issued draft green loan provisions, offering suggested clauses for inclusion in LMA loan...
In this issue: Prudential requirements Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets 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 FSMA regulated pensions activity Payment services and systems Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Prudential requirements COREPER asked to endorse agreement on CCP concentration risk treatment After the European Parliament adopted, in April 2024, a proposal for a directive of the Parliament and the Council to amend Directive 2009/65/ EC ( UCITS), Directive 2013/36/ EU ( CRD IV) and the Investment Firms Directive ( EU)...
In 2010, the lender became the first new high-street bank to launch in the UK for more than a century, but later fell foul of the FCA over shortcomings in financial crime controls dating back to 2016. Metro was hit with a £16.6m fine for failing to adequately monitor tens of millions of transactions valued at over £50bn. The deficiencies, which ran from June 2016 to December 2020, triggered a remediation programme that was only finalised in 2022. Nearly 1,500 suspicious activity reports were subsequently sent to the National Crime Agency, and the bank’s review resulted in 43 customer accounts being closed. Under the UK’s anti-money laundering regime, banks are required to submit suspected money laundering cases to the financial intelligence agency. Metro, which notified the regulator in 2019, has appeared on the FCA’s financial crime watchlist since June 2023 and was placed under...
Ashley Alder, chair of the FCA, told members on the House of Lords Financial Services Regulation Committee that it could have rolled out the so-called name and shame framework more effectively. Appearing before the parliamentary panel alongside chief executive Nikhil Rathi, Alder said the February 2024 plans drew a strong backlash. Many read the consultation as an intention to name virtually every case, he noted, though that was never what was proposed. He admitted there was a degree of miscommunication. Although he said the regulator has had many fine hours, he accepted that floating proposals to identify the subjects of its investigations was probably not among them. The push triggered widespread criticism from parliament and insurers, and the broader financial industry was also unhappy with the FCA’s aim to publish particulars of specific investigations at an earlier point......
On 11 November 2024, the FCA announced that, following the completion of a review, it had expanded the overall scope of information it may release when examining authorised individuals or firms that might have breached its rules. The review had been recommended by a tribunal in June 2023, which upheld an appeal brought by former staff of investment bank Julius Baer against an FCA ruling that barred them from working in regulated financial services. The regulator said on 11 November 2024: ‘ Under our widened approach, we will provide all material that is relevant to the facts, unless disclosure would be disproportionate, not in the public interest, or otherwise inappropriate.’ It added: ‘ This encompasses material that may undermine the case as well as material that supports it.’ According to the FCA, the change is designed to reduce the risk of...
The European Union’s executive body intends to reduce the administrative burden by drafting a single, wide‑ranging law that ‘draws from numerous dossiers to curb bureaucracy, to lighten reporting obligations’, the Commission President told assembled journalists during a press conference. Von der Leyen’s statement followed a meeting of EU heads of state and government held on 8 November 2024 in Budapest, where they......
The European Commission, the EU’s executive arm, announced that the bloc will cooperate with global partners at the COP29 conference in Azerbaijan from 11–22 November 2024 to push forward actions keeping the temperature increase as near as possible to 1.5 degrees Celsius. It stressed that its chief priority at the meeting is agreeing a new collective quantified target for climate finance. The Paris Agreement, a worldwide pact concluded in 2015, commits countries to hold warming well below 2 degrees Celsius above pre-industrial levels, and to strive for 1.5 degrees Celsius. The Commission added that parties to the Paris Agreement are expected to bring international financial flows into line with climate objectives, unlocking investment by settling on a new collective quantified goal under Paris Agreement to unlock investments......
In this issue: UK, EU and international regulators and bodies Prudential requirements Operational resilience Financial crime and sanctions Consumer protection Investigations, enforcement and discipline Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK Mi FID II Regulation of insurance FSMA 2023 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 The Financial Conduct Authority has issued Handbook Notice No 123, setting out amendments to the FCA Handbook agreed by the FCA Board on 29 and 31 October 2024. See: LNB News 01/11/2024 44. The FCA has also published replies to questions not addressed during its 2024 Annual Public Meeting. The subjects of the 97 responses are listed A– Z, with grouped answers where suitable, covering matters from the Advice Guidance Boundary Review...
UK developments FCA releases disclosure examples for SDR and investment labels regime. The Financial Conduct Authority ( FCA) has set out sample disclosures and approaches covering various labels, illustrating how applicants can comply with the Sustainability Disclosure Requirements ( SDR). See LNB News 01/11/2024 41. Source: The Sustainability Disclosure Requirements ( SDR) and investment labels: pre-contractual disclosure examples. International developments TPT publishes its concluding report with overview of its work and achievements. The Transition Plan Taskforce ( TPT) has released its final report, detailing work and achievements, and emphasising global consistency in transition planning and its use in decision-making by financial institutions, corporations, governments and regulators......
The FCA has issued a written warning notice stating it plans to take action against Odey over his response to an internal disciplinary process examining allegations of sexual misconduct made against him. He repeatedly obstructed attempts by his eponymous hedge fund, Odey Asset Management LLP ( OAM), to convene disciplinary proceedings regarding his conduct. The firm acted after more than a dozen women accused him of sexual misconduct, rape and harassment. The FCA’s view is that, during the relevant period, Odey displayed a lack of integrity: his actions were intentionally aimed at disrupting OAM’s ongoing disciplinary process into his behaviour to safeguard his own interests, demonstrated a reckless disregard for OAM’s governance, and caused OAM to breach certain regulatory obligations......
Re Wealthtek LLP (in special administration) [2024] EWHC 2520 ( Ch) What are the practical implications of this case? The ruling identifies the issues likely to preoccupy the court in detail when asked by Special Administrators to sanction a proposed distribution plan in situations where returning client assets strictly in line with clients’ legal entitlements cannot, in practice, be achieved. It underscores the obligation on Special Administrators to share the fullest possible and relevant information with the bank’s customers and with the court, especially where clients lack separate legal representation at the hearing. The court in fact allowed additional time to expressly safeguard clients’ interests through the engagement of independent counsel, even though that appointment was made by the Special Administrators. The court also observed that, had more time been available, it would have been better for such counsel to be...
In this issue: Autumn Budget 2024 UK EU and international regulators and bodies; Post- Brexit regulatory developments; Accountability, culture and social governance; Prudential requirements; Operational resilience; Financial crime and sanctions; Conduct requirements; 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; Mi FID II; Consumer credit, mortgage and home finance; Regulation of insurance; Payment services and systems; Fintech and cryptoassets; Financial Services Enforcement Database; Daily and weekly news alerts; Intraday news alerts; New and updated content; Dates for your diary Autumn Budget 2024 Autumn Budget 2024—key Financial Services announcements The chancellor, Rachel Reeves, has set out the government’s Autumn Budget 2024. For financial services, the package includes: a redesign of carried interest taxation so it mirrors the economic nature of the reward;...
UK developments Contracts for Difference ( Miscellaneous Amendments) Regulations 2024 SI 2024/ Draft: These draft Regulations would revise the Contracts for Difference ( Definition of Eligible Generator) Regulations 2014, SI 2014/2010 so that an individual who changes an ‘eligible generating station’ by decommissioning a section in order to replace it is treated as an eligible generator. The Contracts for Difference ( Allocation) Regulations 2014, SI 2014/2011 are likewise amended. They are intended to come into force on the day after they are made. See: LNB News 29/10/2024 23. EU developments ESAs publish 2024 joint report on principal adverse impacts disclosures under SFDR: The three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority— ESAs) have issued their third annual report on disclosures of principal adverse impacts under the Sustainable Finance Disclosure...
Court of Appeal ruling The Court of Appeal held that intermediaries were not entitled to levy commission unless they first secured the consumer’s fully informed consent, achieved through disclosure of key particulars of the fee, including its size and the way it was worked out. The court upheld three connected appeals lodged by customers against Close Brothers and First Rand Bank Ltd — which trades as Motonovo Finance — concluding that the lenders failed to bring the commission adequately to customers’ attention and are obliged to repay it. ‘ Across all three matters there was a conflict of interest and no informed consent by the consumer to the receipt of the commission,’ a panel of three Court of Appeal judges said in their judgment. The appeals were advanced by consumers who said they were unaware that, when a motor dealer arranged finance for them, the...
Historically, these lawyers were expected to take on the bulk of cases involving bribery, fraud and financial misconduct brought by the Serious Fraud Office ( SFO) or the National Crime Agency ( NCA). Businesses are, however, increasingly bringing them in to examine allegations of sexual harassment, discrimination and bullying. According to Zulfi Meerza, a former investigative lawyer at the SFO who is now at Rahman Ravelli, it is now rare to see a white-collar crime lawyer dealing solely with traditional white-collar crime matters. The shift mirrors a marked rise in the number of 'incidents'—from harassment and bullying to discrimination—that firms recorded internally between 2021 and 2023, based on a survey released on 25 October 2024 by the Financial Conduct Authority ( FCA). Despite the rise in complaints over the past three years, most were not upheld; only in 43% of cases did firms take...
Statement follows: We acknowledge the Court of Appeal ruling on the motor finance commission and are closely reviewing its outcome. In January 2024, we imposed a suspension on the period firms have to issue a final response to customers concerning motor finance complaints that involve a discretionary commission arrangement ( DCA)......
In mid- October 2024, the FCA flagged 38 concerns about social media profiles run by UK finfluencers that may feature illegal promotions, and it is questioning 20 of them under caution. Back in May 2024, the regulator stated it had brought charges against nine people linked to an unauthorised foreign exchange trading programme advertised online. According to Andrew Northage, a partner in the regulatory and compliance team at Walker Morris LLP, the FCA likely believed that the public attention from a case involving seven high-profile, UK-based defendants would serve as a warning; however, he added, such a warning is less likely to dissuade promoters and operators of illicit schemes located outside the UK, who know how hard it is for the FCA to pursue them. Overseas rules breaches The FCA’s guidance confirms that its social media financial promotion rules extend to overseas firms. These...
In this edition: UK, EU and international regulators and bodies Prudential requirements Financial stability Risk management and controls Financial crime and sanctions Investigations, enforcement and discipline Regulation of benchmarks and IBOR reform Regulation of capital markets Regulation of derivatives Sustainable finance and ESG EU Mi FID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Amendments to EEA Agreement Annex IX ( Financial Services) 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 ESMA launches survey on legal identifiers The European Securities and Markets Authority ( ESMA) has launched a survey on legal identifiers to collect evidence on the effects of allowing alternatives within reporting or record keeping obligations. Replies are requested by 12 November 2024. See: LNB News 18/10/2024 14......
Safeguarding customer funds Under the Payment Service Regulations 2017 and the Electronic Money Regulations 2011, FCA-registered payments firms and electronic money institutions—together, payments firms—must protect customers’ money by maintaining appropriate safeguarding arrangements. This safeguarding framework exists to prevent harm to customers, such as shortfalls or delays in redemption, and to reduce the risk of detriment. The need is acute during a wind-down or insolvency, particularly given that money held by payments firms is not covered by the Financial Services Compensation Scheme. The sums entrusted to such firms are significant and continue to grow: the FCA records that electronic money institutions alone held a combined £18bn of customer funds in 2023, up from £11bn in 2021. Nevertheless, the FCA considers there to be widespread failure across payments firms to implement suitably robust safeguarding practices, and it fears that this leaves customers’ funds at risk. The...
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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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