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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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What are the practical implications of this case? This first‑instance ruling confirms that the safeguarding obligations under the EMRs 2011, SI 2011/99 do not establish a statutory trust. It mirrors the Court of Appeal’s determination that the PSRs 2017, SI 2017/752 similarly do not give rise to a statutory trust. The outcome is practically significant for insolvency practitioners: they can proceed on the footing that merchant monies received by firms regulated under either regime fall within the general asset pool, albeit subject to the relevant safeguarding requirements in the regulations. In addition, the judgment provides pragmatic procedural pointers for scenarios where practitioners are unable to remit client monies—for instance, where the merchant cannot be identified or fails to supply banking particulars—thereby suggesting steps that may properly be taken to address such impasses while maintaining compliance with the safeguarding framework......
It is not only dedicated AI watchdogs drawing attention; financial legislators across Europe are now deeply engaged. In April 2024, the UK’s Financial Conduct Authority ( FCA) and the Bank of England set out strategic plans for supervising AI, and from January 2025 the EU’s Digital Operational Resilience Act will apply, bringing fresh duties to safeguard the robustness and security of technology systems, including AI. Data protection authorities have moved swiftly too, issuing guidance, opinions and enforcement measures. This piece summarises the principal laws and regulations applying to AI at fintech companies and offers practical suggestions on how to navigate them, and where to focus limited legal and compliance resources. Background AI has transformed fintech, driving major progress across use cases including fraud detection, anti‑money laundering, onboarding, personalised products and forecasting. Recent rapid advances present abundant opportunities, further boosting the efficiency, accuracy and...
What are the key findings of this Report? The Report identifies four principal findings: legislative reform: the previous UK administration introduced sweeping legislative, operational and policy changes to deploy sanctions against kleptocracy. This encompasses creating the Combatting Kleptocracy Cell ( CKC) within the National Crime Agency ( NCA) and setting up a new Office of Trade Sanctions Implementation ( OTSI) fragmented regulatory framework: a major impediment to enforcement is the UK’s fragmented sanctions system. Multiple agencies and their enforcement activity lack a coherent strategy, transparency and coordination limited civil enforcement: there has been little inclination to levy or publicise civil penalties for violations, shown by the Office of Financial Sanctions Implementation ( OFSI) having only ‘named and shamed’ one company and issued a single fine for post‑invasion breaches of the Russian sanctions regime. OFSI and HMRC, which enforce trade sanctions, have tended to prefer gentle...
In this issue: UK, EU and International regulators and bodies Authorisation, approvals and oversight Prudential standards Operational resilience Financial crime and sanctions Consumer protection Conduct obligations Complaints, redress and claims handling Investigations, enforcement and disciplinary action Capital markets regulation Sustainable finance and ESG Banks and mutuals Mi FID II Consumer credit, mortgages and home finance Insurance regulation Payment services and systems Fintech and cryptoassets Financial Services Enforcement Database Intraday news alerts Daily and weekly news alerts New and updated content Dates for your diary UK, EU and International regulators and bodies Evaluation of the PRA’s approach to its secondary competitiveness and growth objective released. The Prudential Regulation Authority ( PRA) has issued a review of its secondary...
UK developments HMT publishes consultation and guidance on TCFD-aligned disclosure in annual reports HM Treasury ( HMT) invites views on the proposals in its Phase 3 Exposure Draft for Task Force on Climate-related Financial Disclosures, aligning disclosure within annual reports. The draft focuses on recommended reporting across the TCFD framework’s Strategy pillars. Submissions are requested by 19 September 2024. See: LNB News 25/07/2024 67......
Following a ruling by the Competition Appeal Tribunal ( CAT), class representative and consumer campaigner Walter Merricks may advance two of his four proposed appeal grounds before the Court of Appeal, as he seeks to reinstate claims for losses predating June 1997 over allegations that Mastercard levied excessively high swipe charges from 1992 to 2008. In particular, the CAT has permitted him to contest its findings that a judgment of an EU high court cannot be invoked to contend that the limitation clock does not begin to run 'before the claimant knew that it has suffered harm as a result of the unlawful conduct', and that the tribunal wrongly grafted onto his case a 'reasonable discoverability requirement' as to whether he could reasonably have uncovered the wrongdoing sooner. On the EU point, the CAT said that although it maintains its position, 'we accept that a...
Regulatory lawyers say a first test will come at the end of July 2024 By late July 2024, an initial proving point arrives: it is the deadline for financial firms to disclose any shortcomings in their first annual board report mandated by the Consumer Duty, brought in by the FCA in 2023 under the previous government. Specialists note the regulator’s sweeping definition of “vulnerable customers” has left companies grappling for practical terminology to demonstrate adherence to this element of the Duty, which obliges them to deliver good outcomes for consumers. Commentators also predict that, if submissions at the cut-off reveal high levels of failure and the FCA does not respond decisively, the new government will move to set firmer boundaries. Labour is prioritising financial inclusion and has indicated a more interventionist stance, including proposals for a Regulatory Innovation Office to strengthen...
The Prudential Regulation Authority ( PRA) The Prudential Regulation Authority ( PRA), which oversees banks, building societies and credit unions, has granted Revolut New Co Ltd, the online banking subsidiary of Revolut Group Holdings Ltd, which states it has over 9m UK customers and 45m globally. Francesca Carlesi, UK Chief Executive of Revolut New Co Ltd, said: ' Today's announcement represents a major step forward for Revolut and for our customers ... It is a profound responsibility to be a bank in the UK, and we will work tirelessly to provide products and services'......
Former Citigroup and UBS trader Tom Hayes, together with ex- Barclays banker Carlo Palombo, are to make a final attempt to overturn their convictions for submitting false interest rate figures when they appear before the Supreme Court to be heard in the case. In 2015, Hayes was found guilty of a Libor-rigging conspiracy and received an 11-year prison sentence. Palombo was later convicted in 2019 over Euribor manipulation and handed a four-year sentence. UK Supreme Court justices will consider the proper interpretation of the benchmark definitions, after the Court of Appeal stated in May 2024 that their cases raise a point of law of general public importance. At the heart of the issue is whether traders provided a 'genuine or honest answer' when they submitted Libor or Euribor rates while taking account of their own commercial interests. The court also certified that the legal...
EU developments ESMA publishes opinion on the Sustainable Finance Regulatory Framework The European Securities and Markets Authority ( ESMA) has issued an opinion on the Sustainable Finance Regulatory Framework, outlining potential longer-horizon enhancements. While ESMA recognises the framework as already mature and equipped with measures to deter greenwashing, it notes that, over time, the regime can be refined to broaden investors’ ability to reach sustainable assets and to bolster the smooth operation of the sustainable investment value chain. See: LNB News 24/07/2024 52......
In this issue: 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 capital markets Packaged Retail and Insurance-based Investment Products ( PRIIPs) Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management 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 Authorisation, approval and supervision FCA publishes 2024/25 final rates and fees The Financial Conduct Authority ( FCA) has released the 2024/25 final rates and fees for its annual funding requirement ( AFR). The page further explains the factors the FCA weighs when working out annual fees, plus details on fee blocks, additional fees and thresholds. See: LNB News 23/07/2024 34. Prudential requirements European Commission postpones FRTB for one year The European Commission has approved a Commission Delegated...
Vneshprombank LLC v Bedzhamov; Kireeva (as bankruptcy trustee of Georgy Bedzhamov) v Bedzhamov [2024] EWHC 1048 ( Ch) What are the practical implications of this case? The court’s construction of the Russia ( Sanctions) ( EU Exit) Regulations 2019, SI 2019/855, reg 11 (‘ Regulation 11’) is unlikely to surprise criminal practitioners; the real practical weight of the ruling lies in its broader analysis of what amounts to a ‘reasonable cause to suspect’. Regulation 11 imposes an objective yardstick: based on the information actually known to the decision-maker, would a reasonable person suspect the funds are those of a designated person—would, rather than might or could? The court also indicated it would not accept at face value claims that prior owners within a corporate chain had truly relinquished all control. Prepared to look beyond corporate formalities, the judgment sets out useful pointers for...
Judges at the UK’s highest court confirmed in July 2023 that the Quincecare duty does not stretch to individual customers who are duped into sending money to another bank account under false pretences. When a customer’s instruction is plain, a bank owes no duty of care to check, clarify, or verify what it has been authorised to carry out. The ruling effectively closed the door to victims of authorised push payment fraud ( APP) seeking to advance this form of claim. Figures indicate that people caught out by this online crime in the UK lost about £460m ( US$595m) in 2023. Even so, the Supreme Court left open the prospect that a bank could face a claim for failing to take reasonable steps to recover funds already paid out—a residual ‘retrieval duty’......
As Winston Churchill observed at the Lord Mayor’s Luncheon in 1942, this is no finale—nor even the beginning of one—more likely the end of the opening chapter. So it is with the FCA’s Consumer Duty. A torrent of imagery has been offered, yet those delivering change or advancing board reporting gain scant practical direction: boiling frogs boiling kettles, not oceans golden threads the art of the possible The last two years of implementation mark only the first stage of a wholesale mindset shift for firms—and for the FCA—across retail markets. With its outcomes focus, the Duty requires firms to define what ‘good’ looks like for their business and the processes most likely to secure positive results for all customers. Meanwhile, the FCA is starting to close the gaps, setting a cadence of studies and feedback that appears likely to...
The convention has stood at the vanguard of global action against bribery and remains indispensable, given corruption erodes fair markets, hampers economic growth, weakens democratic institutions and damages the rule of law. Over the past twenty-five years, it has raised public consciousness and spurred statutory reforms across numerous countries, reshaped business behaviour and energised civil society. Yet it has also confronted enduring obstacles, including patchy enforcement and political headwinds. This piece reviews the convention’s achievements and difficulties, and underscores its role in expanding transparency and accountability around the world. Background The convention is a binding international accord among signatories that commit to outlaw the bribery of foreign public officials and to undergo rigorous peer evaluation of progress in putting the convention into effect. Parties must hold companies and individuals to account through effective and proportionate penalties, and extend mutual legal assistance to overseas...
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Accountability, culture and social governance Prudential requirements Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Banks and mutuals Investment funds and asset management Mi FID II 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 ESAs highlight role of behavioural insights in supervisory and policy work The three European Supervisory Authorities — the European Banking Authority ( EBA), the European Insurance and Occupational Pensions Authority ( EIOPA) and the...
The FOS, serving as a neutral adjudicator in rows between customers and financial services firms, reported handling slightly more than 47,000 grievances regarding insurance products. These totals place insurance firmly among the most complained-about areas. Car and motorbike insurance topped the list with 16,300 cases, a 38% rise on the prior year’s numbers. In addition, the rate at which these complaints were upheld jumped by 38% in the financial year to March 2024 overall, increasing from 30% across the preceding 12 months. The FOS noted that the most common complaints about insurance related to delays in payouts on claims,......
EU developments ESMA issues guidelines and statement on corporate sustainability reporting The European Securities and Markets Authority ( ESMA) has issued its final report covering the Guidelines on Enforcement of Sustainability Information ( GLESI), alongside a public statement addressing the initial application of the European Sustainability Reporting Standards. These publications aim to foster consistent application and oversight of sustainability reporting requirements......
In April, Barclays lodged a bid for a judicial review of the Ombudsman’s ruling that its car finance arm had improperly paid a broker commission. The customer involved did not know any commission had been paid. To reach a judicial review hearing, the bank must first secure leave from the High Court. The FOS is thought to be opposing the application. A spokesperson stressed that borrowers taking out motor finance must be treated fairly, with complete clarity over the costs. They added that the service has now heard from over 30,000 individuals worried they were overcharged for their finance......
The directive marks the culmination of a complex process. First, the EU needed to add the breach of EU sanctions rules to the catalogue of EU crimes. This occurred on 22 November 2022 via Decision 2022/2332, the first expansion of the list since the 2007 Treaty of Lisbon. Soon after that decision, the European Commission tabled a draft directive to foster a common, effective sanctions enforcement approach across member states. The directive has now entered into force, and member states have 12 months to transpose it into national law. In this article, we sketch the main contours of the new directive, including fresh offences, potential liability for infringements and a clearer route for voluntary self-disclosures. Key aspects Scope The directive applies to breaches of ‘restrictive measures’ adopted under Article 29 of the Treaty on the European Union or Article 215 of the Treaty on 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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