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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Sarah Pritchard, the FCA's executive director for supervision, stated that policy proposals would come after the publication of a report on misconduct cases in both the wholesale banking and insurance markets in the year 2023. The insurance sector, traditionally dominated by men, has faced a series of scandals in recent years amid claims of sexual harassment and bullying. In 2023 the FCA conducted a survey into instances of non-financial misconduct involving wholesale brokers (an intermediary between a retail broker and an insurer), banks and insurers. Pritchard remarked during a live-streamed annual general meeting of the......
The FCA is intervening earlier in companies' affairs without conducting a full-blown probe Recent FCA figures mirror accounts from white-collar practitioners, indicating the watchdog is leaning more on its interventions team to tackle operational worries swiftly, rather than embarking on lengthier regulatory investigations. According to Jonathan Cavill, partner at Pinsent Masons LLP, the takeaway for regulated businesses is to avoid needlessly amplifying concerns the authority may have wrongly formed. He stressed that firms must think carefully about what they tell the FCA, the timing of their communications, and how their messages might be perceived, so they meet obligations not to mislead the regulator. The shift towards interventions comes as traditional enforcement probes have fallen by nearly 30% over the past year, per enforcement statistics released in September alongside the FCA’s annual report. Used unilaterally or on a voluntary basis, the...
In this issue: UK, EU and international regulators and bodies Prudential requirements Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Packaged Retail and Insurance-based Investment Products ( PRIIPs) Consumer credit, mortgage and home finance Regulation of insurance FSMA regulated pensions activity 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 UK, EU and international regulators and bodies Nikhil Rathi discusses FCA’s work on financial inclusion and its links to economic growth The Financial Conduct Authority ( FCA) has released a speech from its CEO, Nikhil Rathi, exploring the relationship between financial inclusion and economic growth. Rathi indicated that enhancing inclusion and financial capability can ease barriers to, and potentially spark, growth—pointing out, for instance, that the connection between over-indebtedness and mental health can reduce productivity in the workplace or even prevent people from working. See: LNB News...
UK development DBT publishes guidance on development of UK Sustainability Reporting Standards The Department for Business and Trade ( DBT) has issued guidance on shaping UK Sustainability Reporting Standards ( UK SRS), setting out the government's approach to establishing two UK SRS by evaluating and, where appropriate, endorsing the International Financial Reporting Standards ( IFRS) Sustainability Disclosure Standards as the global corporate reporting baseline, namely IFRS S1: General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2: Climate-related Disclosures. The government plans to reach endorsement decisions on these standards by the first quarter of 2025. This guidance outlines the government's framework for their development and adoption. See: LNB News 19/09/2024 40......
Looking ahead to the concluding phase, this piece reviews the suggested implementation model, likely subsequent actions, and broader movements across the digital assets arena that could deliver stronger legal and market clarity for launching tokenised investment funds. In the end, the strategic roadmap sits within a wider UK programme to promote the adoption of distributed ledger technology ( DLT) and other disruptive tools in financial services. DLT-enabled tokenised investment funds At their core, tokenised funds are investment structures that issue digital, or token-based, shares reflecting an investor’s stake in the fund, instead of conventional units or shares. Dealings are captured on a distributed ledger rather than a traditional record-keeping platform. DLT is, fundamentally, a duplicated, shared, and synchronised register. Accordingly, tokenised fund operators may connect specific investors to assets while using a settlement layer that is secure, reliable, and capable of...
Insurance technology company Sprout.ai In a report released on 18 September 2024, Sprout.ai highlighted findings from a Censuswide poll of 200 UK claims handlers run in July 2024. According to the study, 19% said as much as one quarter of all claims could stem from AI-related fraud, and 65% had noticed a rise in fraudulent activity since 2021. The research also indicated that 93% believed fraudsters are targeting lower-value cases under £2,000, with 47% witnessing AI-generated paperwork submitted for claims between £501 and £1,000. Roi Amir, chief executive......
What is the background to the FCA’s consultation? Automatic enrolment ( AE) launched in 2012 channelled more default saving into DC pensions. Default design in these schemes is sticky; members must overcome behavioural biases to make active choices. Evidence, including a recent Pensions Regulator blog, indicates most AE savers remain in entry‑level defaults such as the default investment strategy. Although steps since AE—such as the Occupational Pension Schemes ( Charges and Governance) Regulations 2015 ( SI 2015/879)—have been made, a narrow emphasis on charges has not invariably delivered better outcomes. Since 31 December 2021, trust‑based schemes under £100m in assets have faced enhanced value assessments under the Occupational Pension Schemes ( Administration, Investment, Charges and Governance ( Amendment) Regulations 2021 ( SI 2021/1070), yet this has done little to spur DC consolidation or strengthen value measures. Differences between schemes mean some members enjoy...
This edition includes: Prudential requirements Financial crime and sanctions Consumer protection Investigations, enforcement and discipline Regulation of capital markets Banks and mutuals Consumer credit, mortgage and home finance 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 PRA publishes near-final Basel 3.1 standards and related prudential consultations and statements The Prudential Regulation Authority ( PRA) has released a package covering the UK prudential framework, comprising four consultation papers, a policy statement and two supervisory statements, which incorporates the PRA’s near-final Basel 3.1 rules. The measures are designed to advance UK growth and competitiveness, strengthen the banking sector’s resilience, and remain consistent with global benchmarks. The Basel 3.1 standards are due to commence on 1 January 2026, with a four-year transition. Comments on the consultation papers are invited by 12 December 2024. In addition, HM Treasury has outlined how it proposes to apply the...
On 12 September 2024, the FCA announced it would deploy a reporting form to gather improved information from firms in the sector undertaking the regulated activities of credit-broking, credit information services, debt adjusting or debt counselling. In a consultation paper, the FCA stated that obtaining higher-quality data should strengthen how it identifies risks of harm and enables swifter intervention, aligning with its overarching data-led strategy. The regulator also recognised that consumers have experienced harm when it has not secured the right data......
Officials describe the ships hit by sanctions as 'high-volume offenders', the government notes indeed. Together, just three of the vessels have transported oil worth more than US$5bn since Russia invaded Ukraine in 2022. The move also follows concerns from insurers that far-reaching Western sanctions have spawned a 'shadow fleet' of tankers moving Russian oil. Under UK measures, the ships are barred from entering British harbours and from receiving approval to register with the government, the Foreign Office says. The government stated that Russia’s oil exports are Putin’s most crucial source of income to finance the war in Ukraine and account for roughly a quarter of the......
UK developments HMT extends consultation deadline on TCFD-aligned disclosure in annual reports HM Treasury ( HMT) has postponed the cut-off for its consultation on the Phase 3 Exposure Draft concerning Task Force on Climate-related Financial Disclosure ( TCFD)-aligned disclosure within annual reports. The consultation now ends on 26 September 2024. See: LNB News 10/09/2024 37. Source: TCFD-aligned disclosure Exposure Draft for Phase 3......
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Risk management and controls Financial crime and sanctions Conduct requirements Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of benchmarks and IBOR reform Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Banks and mutuals 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 UK, EU and international regulators and bodies FCA publishes CP24/18: Quarterly Consultation Paper No. 45 The Financial Conduct Authority has released CP24/18, proposing to amend the definition of ‘firm’ so that designated co‑ordination bodies are explicitly covered by the...
European General Court rejects bid to annul EU sanctions on Russia’s National Settlement Depository The European General Court dismissed an effort by Russia’s National Settlement Depository to overturn EU sanctions, finding the measures proportionate to the bloc’s aim of reducing Russia’s capacity to finance the invasion of Ukraine and supported by sufficiently detailed reasoning. The court stated that the contested acts are designed to cut Russian state revenues and apply pressure on the Russian government, thereby limiting its ability to fund its activities; consequently, targeting economic operators that provide the Russian authorities with material or financial backing aligns with that purpose and cannot be considered inappropriate. The EU introduced sanctions against the Russian government in February 2022 following the invasion of Ukraine, before expanding them to encompass entities such as the depository......
In a review published in early August 2024, the FCA detailed examples of both sound and poor conduct by eight firms against its own crypto-financial promotion rules. It also spelt out its expectations—seen by some lawyers as edging into 'regulatory creep'—and firmly warned it will act if firms do not now raise standards. Practitioners are especially uneasy about the regulator’s demand that crypto-businesses deploy the mandatory 'appropriateness assessment' to judge whether products truly suit consumers. According to Paul Harris, a partner at Osborne Clarke LLP, the FCA’s approach risks drifting from appropriateness into claimability analysis, particularly where its review concludes that firms must gather far more customer information in order to work out whether the product is genuinely and demonstrably suitable for them in practice. Legacy EU provisions under the Markets in Financial Instruments Directive ( Mi FID) clearly define what an...
On 23 April 2024, the European Parliament endorsed the European Commission’s package of payments services measures, originally issued by the Commission in 2023. The initiative aims to modernise and strengthen the EU’s digital finance ecosystem, and comprises Payment Services Directive III to be adopted alongside the Payment Services Regulation, together with the regulation establishing a framework for financial data access. The forthcoming PSD III refreshes the existing payment services directive, seeking to further hone and broaden the regulatory regime for payment services. It will also repeal and replace the Electronic Money Directive, creating a single rulebook overseeing both payment services and e‑money activities. A unified set of conditions would apply to licensing, conduct of business and prudential oversight, as e‑money institutions will be authorised as payment institutions under the payment services...
Speaker: Sarah Pritchard, executive director of markets and international Event: The Capital Markets Industry Taskforce conference Delivered: 6 September 2024 Notes: This speech is a draft and may not match the delivered version Key messages We are pressing ahead with an ambitious suite of reforms to reinforce the UK’s standing in global wholesale markets. After delivering the most significant overhaul of the listing rules in more than thirty years, we followed, within weeks, with further measures to strengthen the UK’s position as a vibrant, global financial centre. Success is not counted in days, weeks or months; it is judged by the long‑term economic growth of UK capital markets. Introduction When it first launched, the Great North Run was billed as a local fun run. It has since become one of the country’s largest races. On 1 September 2024, 60,000...
EU developments EFRAG publishes XBRL Taxonomy for ESRS sustainability statements The European Financial Reporting Action Group ( EFRAG) has unveiled its XBRL Taxonomy for European Sustainability Reporting Standards ( ESRS) Set 1, allowing ESRS statements to be digitally tagged. At the European Commission’s request, EFRAG has likewise released the XBRL Taxonomy for Article 8 disclosures. These digital taxonomies support the mark-up (‘tagging’) of sustainability reporting in a machine-readable XBRL format. This taxonomy will serve as the foundation for the European Securities and Markets Authority to draft regulatory technical standards governing the tagging of the ESRS sustainability statement. See: LNB News 02/09/2024 22. Source: EFRAG publishes the ESRS Set 1 XBRL Taxonomy......
In this issue: Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of derivatives Sustainable finance and ESG Banks and mutuals FCA urges firms to do more to help bank account access CMA publishes full text of its Nationwide Building Society/ Virgin Money merger decision Starling Bank breaches Retail Banking Market Investigation Order 2017 Investment funds and asset management Regulation of insurance Payment services and systems 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 Authorisation, approval and supervision FCA releases Q4 2023/24 data on commissions for skilled persons reports. The Financial Conduct Authority ( FCA) has set out figures for the skilled persons reviews it ordered in Q4 2023/24. In total, 27 reports were commissioned, with the greatest share in the retail investments space (10), followed by wholesale financial markets (7). Most reports...
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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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