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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 Sole traders, informal partnerships and outdated partnership deeds are common.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 this issue UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Consumer protection Investigations, enforcement and discipline Regulation of benchmarks and IBOR reform Packaged Retail and Insurance-based Investment Products ( PRIIPs) Dispute resolution for financial services lawyers Sustainable finance and ESG Banks and mutuals Investment funds and asset management Regulation of insurance Fintech and cryptoassets Consumer credit, mortgage and home finance 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 The FCA has released policy statement PS24/5 confirming the final regulatory fees and levy rates for 2024/25,...
Larsson v Revolut Ltd [2024] EWHC 1287 ( Ch) What are the practical implications of this case? In Larsson, the court clarified that banks and e‑money institutions that receive transfers triggered by fraud perpetrated on the payer owe no duty of care to the defrauded third party, whether framed in contract or in tort. That conclusion applies even where the victim already maintains an account with the recipient bank or EMI. As a result, claimants will have to pursue restitutionary remedies or allege accessory liability for breach of trust; both routes are demanding because they call for proof of bad faith or dishonesty by the defendant, which will be rare. Addressing the tort allegations, Mr Justice Zacaroli considered that recognising such a duty would not be an incremental development of existing authority, but a radical widening of the duty with...
UK developments FCA reminds firms of notification requirement when using an investment label The Financial Conduct Authority ( FCA) has refreshed its webpage on the sustainability disclosure and labelling regime, providing firms with guidance on how to notify the regulator of a fund’s use of an investment label. The page sets out the end-to-end notification process and supplies particulars on how to apply for any associated amendments to a fund’s name, investment objectives, or policy. See: LNB News 01/07/2024 71. EU developments Commission publishes report on climate-related risks to financial stability The European Commission has published a report on the monitoring of climate risks to financial stability in the EU......
The Wolfsberg Group In a statement, the Wolfsberg Group observed that banks have ramped up the number of reports submitted to government financial intelligence units, yet this surge has not yielded added benefit for law enforcement or curbed money laundering. Representing 12 international banks, the group urged firms to improve how they evaluate the effectiveness of their suspicious transaction monitoring. Institutions, it said, should deliver better-quality suspicious activity reports, also referred to as suspicious transaction reports. “ The group does not consider that the value extracted from the ever-rising volume of SARs/ STRs is proportionate to effective outcomes in the dispute against financial crime,” the Wolfsberg Group noted. At present, financial institutions are structuring their suspicious transaction monitoring programmes to meet technical compliance requirements, even when that leads to unproductive activities, according to the statement......
In its 25 March draft regulatory technical standards, ESMA set out essential guidance on the data that must be submitted to national competent authorities ( NCAs), which will oversee the vetting of proposed acquisitions of a qualifying holding in relevant CASPs. By way of context, Mi CA establishes a harmonised authorisation regime for running a CASP across the European Union and for accessing the EU passport. The overarching aim is to foster fair competition among CASPs and a more secure landscape for crypto-asset investors by verifying the robustness and reliability of authorised service providers, together with their leadership and shareholders, regardless of the member state that granted authorisation. Thereafter, any subsequent alteration to the governance or ownership of an authorised CASP stemming from a merger or acquisition must undergo prior scrutiny by the NCA supervising the target. This review is poised to...
The digital bank said its latest safeguards, now undergoing staff trials and due to be introduced over the coming weeks, cover known locations, trusted contacts and secret QR codes. Explaining the move, Monzo said that when you manage your financial life on your phone, it can feel like having all your money in your pocket and taking it everywhere you go. The company added that the rise in phone theft only makes this worse, with one device stolen every six minutes in London last year......
In the run-up to this deadline, the FCA released an updated web page last month outlining refreshed guidance on operational resilience, together with added insights and expectations for firms to satisfy. This article reviews the FCA’s direction, alongside that of other international regulators, on how organisations can prepare for cyber attacks. It draws out the recurring themes promoted by major supervisory bodies and points to areas that are still regarded as under-provisioned. It also notes persistent capability gaps. Background The FCA has long led efforts to set comprehensive standards for operational resilience across financial institutions. A key initiative was the 2019 consultation on operational resilience and impact tolerances for important business services, which urged regulated firms to improve their capability to withstand, respond to, and recover from disruption. The consultation reinforced messages that remain relevant today, such as the need to identify critical business...
Alongside the items reported in depth on the Financial Services news feed dated 28 June 2024, subscribers might also wish to note the following further recent updates: Council of the EU: European Central Bank opinion of 21 June 2024 on a proposal for a regulation from the European Parliament and the Council of the EU concerning certain specific reporting obligations applicable within the fields of financial services......
The Serious Fraud Office ( SFO) and the Financial Conduct Authority ( FCA) are aligned on the potential for closer collaboration and joint investigations, a senior FCA official said today. Steve Smart, the FCA’s director of enforcement, told an event that the two bodies must work together more, and do so more effectively. He said they are actively promoting deeper collaboration and the possibility of additional joint operations. Under the guidelines that govern cooperation between the agencies, they may conduct either joint or parallel investigations into the same issue. In reality, Smart acknowledged, most matters progress in parallel. He noted that in this arena, when people refer to joint operations, it usually means two organisations are each running their own parallel investigation or operation. He called this dynamic ‘interesting’ and suggested it reflects current practice more than genuine joint working. Even so, he...
UK developments FCA unveils inaugural ESG investigation into a business — Law360 reports that, on 20 June 2024, the Financial Conduct Authority ( FCA) commenced its first enforcement probe into a company regarding climate-related matters, according to lawyers from an environmental legal campaign group. See: FCA unveils inaugural ESG investigation into a business International developments ISSB issues feedback statement on IFRS Sustainability Disclosure Standards — The International Sustainability Standards Board ( ISSB) has released its 2024 feedback statement concerning the International Financial Reporting Standards ( IFRS) Sustainability Disclosure Standards......
In this issue: UK, EU and international regulators and bodies Prudential requirements Operational resilience Financial crime and sanctions Consumer protection Investigations, enforcement and discipline 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 Updated Practice Notes Dates for your diary UK, EU and international regulators and bodies CJEU judgment in Republic of Latvia v Kingdom of Sweden DGS Directive case published in the Official Journal The Official Journal now carries the 30 April 2024 ruling by the Court of Justice of the European Union ( CJEU) ( First Chamber) in Republic of Latvia v Kingdom of Sweden ( Case C-822/21). The...
Upper Tribunal refuses FCA’s application to amend its statements of case with alternative allegation and dismisses privacy applications ( Burdett & Goodchild v FCA) Burdett v The Financial Conduct Authority [2024] UKUT 156 ( TCC) What are the practical implications of this case? The Tribunal’s handling of the Privacy Applications confirms that the default position strongly favours publishing decision notices, a stance not readily displaced simply because a participant might suffer personal embarrassment. Of greater moment, the Tribunal’s approach to the FCA’s bid to amend its statements of case reaffirms the earlier ruling in Bluecrest Capital Management ( UK) LLP v FCA [2023] UKUT 00149 ( TTC). By declining permission, the Tribunal signalled a marked reluctance to entertain jurisdiction over allegations that were not comprehensively set out within an FCA warning notice at the warning stage by the FCA in this...
Financial Services news feed on 25 June 2024 Alongside the items reported in depth, subscribers might find the following further updates of interest from this edition of the feed: FCA: Decision Notice: Ravenshaw Motors Ltd FCA: Decision Notice: Ashworths Of London......
Client Earth, a not-for-profit based in London, said the FCA replied to its Freedom of Information request, revealing it began a probe in July 2023. The regulator gave no detail about the sort of firm involved or the character of the alleged misconduct. No details were given on the type of firm or precise behaviour under suspicion. In its response dated 7 June 2024 to Client Earth’s query, viewed by Law360, the FCA said one enforcement investigation had been opened concerning climate-related matters, including greenwashing. The letter indicated that seven full-time members of staff are working on the case. The FCA added it could not identify the company at this stage because disclosure 'would be likely to prejudice the exercise' of its......
Alongside the articles covered in depth within the Financial Services news feed dated 24 June 2024, subscribers may wish to note notably the following further updates and items of interest: GLEIF: Tackling Corporate Fraud: How the v LEI Creates Tamper-proof and Trusted Documents FCA appoints members for the UK Secondary Markets Advisory Committee FCA: Decision Notice: Aplliancentre Ltd......
Additional developments Alongside the items featured in full within the Financial Services news feed on 21 June 2024, subscribers may wish to note these further updates: ESMA names new members to its Securities and Markets Stakeholder Group FCA: Decision Notice: Appliancentre Ltd As well as our daily and weekly news alerts, Financial Services subscribers can opt to receive intraday alerts at midday and at the end of the day, offering a real time summary of the latest financial services developments occurring that day. To receive our intraday alerts, please email lexispslfinancialservices@lexisnexis.co.uk and state whether you prefer the midday alert, the afternoon alert, or both......
EU developments RTS on the disclosure of information related to the principal adverse impacts on sustainability factors under the Securitisation Regulation published in Official Journal Commission Delegated Regulation ( EU) 2024/1700, concerning regulatory technical standards ( RTS) that define, for simple, transparent and standardised ( STS) non- ABCP traditional securitisations and STS on-balance-sheet securitisations, the scope, approaches and format of disclosures, including methodologies and presentation requirements, on the principal adverse impacts of assets funded by the underlying exposures on sustainability factors under Regulation ( EU) 2017/2402 (the Securitisation Regulation), has now been published in the Official Journal. See: LNB News 18/06/2024 12......
As the regulator stresses the duty is not a 'once and done exercise', businesses have little cause for celebration. And 31 July 2024 is more than a mere anniversary. It marks two major milestones and represents two key junctures: the date from which corporate boards should have finalised their assessments of how the duty has been embedded; the deadline for the duty to apply to 'closed products'. The duty, in force since 31 July 2023 for new or open products and services, requires firms to act to deliver good outcomes in relation to products and services, price and value, consumer understanding and customer support. Just before the duty came into force, Financial Conduct Authority ( FCA) chair Ashley Alder said it would make 'a very, very significant difference to consumers'. Now the regulator is quietly optimistic. ' Many firms have already made great...
According to the judgment, Rotenberg’s past role as the majority shareholder of Gazprom Drilling — Russia’s largest drilling enterprise overseen by the gas giant Gazprom — was, on its own, insufficient to establish that he derived advantage from Russian decision-makers. Yet, when RT- Invest Transport Systems obtained the management of an electronic toll-collection project valued at about €108m without a competitive tender, Rotenberg benefited once he assumed the post of managing director, the General Court determined. As a result, the freezing of Rotenberg’s assets — a Moscow resident whose fortune was estimated at US$1.1bn in 2018 — was considered justified to help bring an end to Russia’s actions in Ukraine, the court ruled. The Council of the EU imposed sanctions on Rotenberg in September 2022 after Russia’s invasion of Ukraine in February 2022......
Additional developments Beyond the pieces covered in depth in the Financial Services news feed on 20 June 2024, subscribers may wish to note the following extra developments: BIS: Sabine Mauderer: Reaching net zero – the perils of passive bystanders FCA encourages victims to seek compensation 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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