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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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The government will move quickly to safeguard people using BNPL products, which let borrowers spread the price of purchases into regular instalments but can result in significant debt and harm, the Treasury said. Tulip Siddiq, economic secretary to the Treasury, said millions use Buy- Now, Pay- Later to organise their finances, yet the previous government’s dither and delay left them without protection, adding that ministers promised to act before the election and are now following through. The government also highlighted worries that, despite widespread take-up, the sector currently falls outside the FCA’s remit; FCA findings show 14m consumers used BNPL in the six months to January 2023. The FCA will finalise rules 12 months from......
The Association for Financial Markets in Europe ( AFME) flagged ambiguities in the FCA’s consultation that closed on 18 October 2024. The watchdog has suggested revising its guidance to clearly state that politically exposed persons in the UK— PEPs, including parliamentarians and senior public figures—ought to be seen as lower risk. In its submission, AFME said it remains unclear what degree of enhanced due diligence the FCA intends to bring in and apply—the extra background checks that UK subsidiaries or branches of international firms must conduct on domestic PEPs. The FCA’s premise is that UK institutions should regard domestic PEPs as lower risk by default. AFME sought explicit confirmation that this rule would not apply to UK subsidiaries within international groups in cases......
A T+1 settlement convention would mean that trades in financial markets complete one day after the transaction date, in fact, an enhancement on the current T+2 standard, under which trades complete two days after the transaction date. The taskforce’s assessment covers the UK’s settlement arrangements and is ultimately part of a series of policy initiatives intended to modernise the overall financial market infrastructure. Modifying trade settlement standard Background In financial markets, there is usually a lag between the trade date, when the parties agree the terms of a transaction, and the settlement date, when the buyer receives the securities and the seller receives the funds. This delay arises from a range of post‑trade processes, including checks that the buyer has sufficient funds and that the seller holds the securities in question, which must take place to ensure a trade completes...
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Complaints, compensation and claims management Operational resilience Investigations, enforcement and discipline Regulation of capital markets Packaged Retail and Insurance-based Investment Products ( PRIIPs) Sustainable finance and ESG Banks and mutuals Investment funds and asset management Regulation of insurance Payment services and systems Fintech and cryptoassets Regulation of AI in FS 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 Financial Services Regulatory Initiatives Forum provides interim update to regulatory initiatives grid The Financial Services Regulatory Initiatives Forum, comprising the Bank of England ( Bo E), the...
Standard Chartered plc v Guaranty Nominees Ltd and other companies [2024] EWHC 2605 ( Comm) What are the practical implications of this case? In a notable ruling for the banking and finance sector, the High Court implied a term into an offering circular for preference shares, providing that a ‘reasonable alternative rate’ would apply after the cessation of USD LIBOR. The circular had linked dividends to three‑month USD LIBOR. Although it set out fallbacks for occasions when LIBOR was not published, those provisions proved unworkable once LIBOR ceased entirely. The court then addressed what the reasonable alternative ought to be, determining that CME Term SOFR together with the International Swaps and Derivatives Association ( ISDA) Spread Adjustment—i.e., the rate published as synthetic USD LIBOR prior to 1 October 2024—was the most suitable rate on the facts. While the dispute focused on...
UK developments CFRF publishes nature-related risk handbook and technical data guidance The Climate Financial Risk Forum ( CFRF) has released Nature-related Risk: Handbook for Financial Institutions, delivering practical direction to help financial institutions start to factor nature into decision-making and take steps to integrate it within risk management. Accompanying the handbook is Nature-related Risk: Technical Data Guidance for Financial Institutions, which sets out the nature data landscape and the main uses of nature-related datasets and tools, together with their key applications. See: LNB News 10/10/2024 62. CFRF: Nature-related Risk: Handbook for Financial Institutions CFRF: Nature-related Risk: Technical Data Guidance for Financial Institutions CFRF: Short- Term Scenarios Chapter CFRF: Mobilising Adaptation Finance to Build Resilience CFRF: Adaptation Finance- Related Case Studies CFRF Adaption Working Group user survey ......
Barclays Partner Finance Barclays Partner Finance, the trading name of Clydesdale Financial Services Ltd, pressed the High Court to permit it to launch a judicial review challenging the findings of the Financial Ombudsman Service that the lender unfairly treated a customer who bought a used car in 2018. The financial disputes body concluded Barclays did not treat the customer, identified only as Ms L, fairly and reasonably because it failed to disclose the nature of the commission arrangement it had with the broker. The ombudsman further determined that Barclays paid Arnold Clark Automobiles Ltd a £1,326 commission linked to the car loan. Counsel for the bank, Ben Jaffey KC of Blackstone Chambers, said the application is being advanced on a point of law arising from what could amount to a test case, with potential consequences for future complaints. Jaffey added that Ms L has already been...
The FCA is imposing the additional requirements of the Consumer Duty on compulsory reimbursement for APP fraud, a field in which the PSR, with a narrower remit, is setting and steering the rules in practice. The Duty obliges financial firms to secure good outcomes for customers. APP fraud, where criminals trick people into sending funds to accounts they control, reached £460m in the twelve months to December 2023, according to UK Finance, the industry body for the sector. ‘ This could be among the first examples of the FCA deploying the Consumer Duty to articulate expectations in the absence of specific rules in a given area, or lacking explicit powers in that area,’ said Paul Harris, a partner at Osborne Clarke LLP. On 7 October 2024 the FCA sent a ‘ Dear CEO’ letter to leaders of payment companies,...
This piece explores what that ruling means broadly for practitioners. According to the FCA, from December 2021 to September 2023, over that period, machines run by Osunkoya at several sites handled crypto transactions amounting in all to £2.6m. The message is unmistakable: the watchdog is tightening its grip on crypto activity linked to money laundering. The FCA has stated this marks its first criminal case concerning unregistered cryptoasset operations under the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017. In the last two years, the authority has visited dozens of premises believed to host crypto ATMs, and said only last month that no crypto ATM operator is lawfully operating in the UK. Therese Chambers, the FCA’s joint executive director for enforcement and market oversight, commented: ‘ If you’re using a crypto ATM, you are handing your money...
On 9 October 2024, the FCA noted that firms it regulates frequently act on instructions to execute trades from so-called aggregated accounts, which, while offering legitimate benefits such as streamlined administration, can also create risks if not properly controlled and monitored. Such arrangements can, in some circumstances, facilitate market abuse, where a single actor harms other investors, for example by purchasing shares using information that has not been made public. In its latest Market Watch newsletter, the FCA reported a rise in suspected market abuse in leveraged equity instruments linked to aggregated accounts managed by firms located overseas, particularly in jurisdictions where controls to deter market abuse may not effectively match those overseen by the FCA. Leveraged equity products depend on modest sums of capital being......
In this issue: UK, EU and international regulators and bodies Permissions, approvals and oversight Prudential rules Operational robustness Financial misconduct and sanctions Complaints, redress and claims handling Investigations, enforcement and disciplinary action Capital markets regulation Packaged Retail and Insurance-based Investment Products ( PRIIPs) Derivatives regulation Sustainable finance and ESG Banks and mutuals Investment funds and asset management EU Mi FID II Insurance regulation Payment services and systems Fintech and cryptoassets Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and refreshed content Key dates for your diary UK, EU and international regulators and bodies Amendments to EEA Agreement Annex IX ( Financial Services) published in Official Journal Twelve decisions of the European Economic Area ( EEA) Joint Committee revising Annex IX (...
EU developments EFAMA flags that ESMA's new Fund Naming Guidelines limit EU sustainable investment The European Fund and Asset Management Association ( EFAMA) has cautioned that the European Securities and Markets Authority’s ( ESMA) proposed Fund Naming Guidelines are not compliant and conflict with existing sustainable finance frameworks, such as the EU Green Bond Standard. EFAMA indicates that this misalignment could narrow the investable universe for green bond funds and, in consequence, impede the expansion of the EU corporate green bond market. See: LNB News 08/10/2024 42. Source: Fund naming guidelines put growth of corporate green bond sector at risk. Council of the EU approves climate conclusions ahead of COP 29 meeting The Council of the EU has endorsed conclusions on climate finance in advance of the United Nations Framework Convention on Climate Change ( UNFCCC) session in Baku, Azerbaijan, running from 11 to 22 November 2024 ( COP 29). The...
From 7 October 2024, UK payment firms moved under a fresh regime that compels them to reimburse fraud victims. For consumers, it feels reassuring, but it also marks a material shift in responsibility for providers. It sounds like a tidy fix for customers fatigued by relentless would‑be scammers, yet what liability do banks and payment companies actually bear? In brief, they must repay the great bulk of people duped into transferring funds to criminals via Authorised Push Payment ( APP) scams. In practice, that covers most instances where a person is coaxed into authorising a transfer to a fraudster. Banks and payment providers secured a notable win only weeks ago, persuading the Payment Systems Regulator ( PSR) to cut the maximum reimbursement from £415,000. Under the PSR’s final framework, APP fraud victims can claim up to £85,000. The payer’s provider, which sent the funds, and the...
The FCA’s biggest fine of 2024 so far signals its expectation that financial crime controls at a scaling business must mirror the organisation’s size and complexity—something lawyers say did not occur at Starling. ‘ Starling’s case is a cautionary tale for those with ambitious plans to expand,’ said James Alleyne, legal director at Kingsley Napley LLP. ‘ Breakneck growth can be commercially tempting, but if it comes at the cost of compliance, firms put themselves and their customers at needless risk and can find themselves in difficulty with the regulator.’ Alleyne points to Starling’s breach of a voluntary requirement, or VREQ, as a particularly notable element of the matter. A VREQ is where a firm voluntarily asks the FCA to restrict aspects of its business activities. Practitioners often treat the “voluntary” tag as a euphemism for “voluntary or else”, although it is...
The Court of Appeal confirmed that the FCA has authority, under the Financial Services and Markets Act 2000, to require a redress scheme from a single firm. The regulator is additionally seeking to impose a fine of nearly £41m on Blue Crest for failing to take steps to avert what it characterised as a conflict of interest. Justice Andrew Popplewell, who headed the three-judge panel, found that the Upper Tribunal ( UT) was wrong to conclude there was no ‘reasonable prospect of success that loss could be made out’. He explained that the UT’s conclusion rested on an assumption he considered mistaken: that the loss had to be of a kind recoverable in the courts. He further stated that the position is even more compelling if, as he would hold, the FCA is entitled, in an appropriate case, to order redress for a form of loss...
UK developments FCA issues update on CP24/8: Extending the SDR regime to Portfolio Management The Financial Conduct Authority ( FCA) has refreshed its webpage for consultation paper CP24/8: Extending the SDR regime to Portfolio Management, noting it is reviewing feedback carefully to ensure the framework safeguards consumers while also acknowledging and accommodating practical challenges firms may face. The regulator recognises that some asset managers are taking longer than anticipated to meet the sustainability disclosure requirements ( SDR) and labelling rules, and that this could have implications for portfolio managers. These points have been emphasised to the FCA through consultation responses and wider industry engagement. The FCA plans to publish a policy statement, along with further detail on implementation, in Q2 2025. See: LNB News 27/09/2024 27. Source: CP24/8: Extending the SDR regime to Portfolio Management [ September 2024 update]. For more...
The launch of OTSI is accompanied by legislative changes to the UK's sanctions enforcement framework via the Trade, Aircraft and Shipping Sanctions ( Civil Enforcement) Regulations 2024, SI 2024/948. The most significant changes are as follows: OTSI gains authority to levy civil fines for certain breaches of trade sanctions. Penalties may reach £1 million per contravention, or 50% of the breach’s value if higher, and can be imposed on a strict liability footing. These reforms do not cover infringements involving the movement of goods across the UK’s borders, or those relating to military and dual‑use goods; such matters stay solely with HMRC under the existing criminal penalties regime. Nor do the new measures apply to violations of the Russian Oil Price cap or to internet‑related sanctions concerning Russia and Belarus. OTSI will take on selected trade licensing...
In this issue: UK, EU and international regulators and bodies Accountability, culture and social governance Prudential requirements Financial crime and sanctions Investigations, enforcement and discipline Regulation of benchmarks and IBOR reform Regulation of capital markets Sustainable finance and ESG Banks and mutuals Investment funds and asset management EU Mi FID II Regulation of insurance FSMA regulated pensions activity Payment services and systems Fintech and cryptoassets Regulation of AI in FS Post- Brexit regulatory developments 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 international regulators and bodies EBA outlines work programme for 2025 The European Banking Authority ( EBA) has released its programme of work for 2025. As set out in its plan, alongside other priorities next year, among other mandates, the EBA will progress implementation of the EU Banking Package ( CRR III/ CRD VI), begin oversight of critical third-party IT service providers under the Digital...
The policy statement set out the definitive rules and guidance to deliver the OFR, intended to streamline the ability to market certain investment funds formed outside the UK in the UK, including to retail clients. While the FCA handbook rules and guidance largely reflect the proposals in consultation paper 23/26, several notable changes have been introduced: removing the proposed 30-day interval between notifying the FCA of changes to OFR funds and the point at which those changes could take effect in the UK; and clarifying when the FCA should be informed about alterations to a fund's fundamental characteristics. This article explores the amendments, how the OFR will be rolled out, and what fund operators and their legal advisers should be doing now to meet the regime. Background Given Brexit ended so-called fund passporting rights, the FCA established a transitional arrangement allowing previously...
In September 2024, the Office of Financial Sanctions Implementation ( OFSI) issued a £15,000 fine to a concierge and management firm that processed property transactions connected to a designated individual — the first instance of the regulator penalising a company for a Russia sanctions breach. Many observers and commentators thought OFSI would treat this watershed sanction as a warning shot to head off future violations. However, the authority has used the case to spotlight compliance lessons arising from Integral Concierge Service’s missteps. “ The core message that businesses should take sanctions seriously and install measures to curb their risks is indeed sound, and penalties are needed to keep that message current,” said John Binns, a partner at BCL Solicitors. OFSI’s tone is practical, notable from a regulator whose perceived lack of zeal for enforcement has prompted criticism of its appetite for...
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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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