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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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FINMA on HSBC Private Bank ( Suisse) SA The Swiss Financial Markets Supervisory Authority ( FINMA) reported that HSBC Private Bank ( Suisse) SA maintained risky business relationships with two politically exposed persons, meaning publicly prominent figures. According to the regulator, the bank did not carry out proper checks on the assets involved — the due diligence process — nor did it adequately record transactions. In its review, FINMA stated the bank failed to recognise signs of money laundering evident in these dealings. It also did not meet the requirements for starting and maintaining customer relationships with politically exposed persons, constituting a serious breach of its due diligence duties. HSBC Private Bank ( Suisse) SA, operating in Zurich and Geneva, is owned by UK-based HSBC Bank Plc, a wholly owned subsidiary of HSBC Holdings Plc. FINMA has consequently prohibited the bank from entering into new...
In this issue: UK, EU and international regulators and bodies Prudential requirements Financial crime and sanctions Investigations, enforcement and discipline Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Banks and mutuals Regulation of insurance Fintech and cryptoassets Regulation of AI in FS 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 Council of the EU agrees position on simplifying financial reporting requirements The Council of the European Union has settled on a position on a proposal to streamline specific reporting duties across financial services and investment support. The initiative refreshes existing provisions on information sharing between the European Supervisory Authorities ( ESAs) and other supervisors in the financial sector, with the objective of easing the administrative load for sectoral authorities. See: LNB News 19/06/2024 54. UK, EU and...
According to the consultancy, smaller insurers will face fewer constraints once the Prudential Regulation Authority ( PRA)’s revisions to Solvency II come into effect later this year. In February 2024, the regulator set out a series of reforms to ease the regime’s capital requirements and reduce burdens. Among these measures, the PRA increased the income threshold at which a firm falls within the regime to £25m ( US$31.7m), representing a further £10m rise on the original proposals. Broadstone maintains that insurers not reaching the revised level will also benefit from the alteration to the threshold......
In addition to the stories covered in full in the Financial Services news feed on 17 June 2024 Subscribers might find the following further developments of interest: FSB Plenary convenes in Toronto FCA: LCC Trans- Sending Limited will stop accepting any new customers,......
The influencer phenomenon has existed for 15 years, and its power continues to grow. As the web is harnessed to promote an ever wider array of goods and services, the reach of legal rules extends to fresh and varied targets. The Financial Conduct Authority ( FCA) is bringing a case against nine high-profile figures with substantial social media followings for alleged breaches of the Financial Services and Markets Act 2000 ( FSMA), illustrating a modern use of long-standing legislation. All nine have been ordered to attend Westminster Magistrates’ Court in London on 13 June 2024. They may feel unfortunate, given that the internet teems with comparable financial promotions. Each defendant is charged under FSMA 2000, s 21: in defined situations, it is a criminal offence, when acting in the course of business, to issue an invitation or inducement to participate in...
Beyond the items reported in full within the Financial Services news feed on 14 June 2024, subscribers might be keen to note the following further key developments: ESMA in 2023 – Emphasis on safeguarding investors, risk surveillance and supervision EIOPA: 2023 Annual Report SRB’s Resolution Planning......
In this issue: UK, EU and international regulators and bodies; authorisation, approval and supervision; prudential requirements; financial crime and sanctions; conduct requirements; complaints, compensation and claims management; regulation of benchmarks and IBOR reform; banks and mutuals; investment funds and asset management; regulation of insurance; 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 Wider Implications Framework Annual Report published The second Wider Implications Framework Annual Report details how members—the Financial Conduct Authority ( FCA), Financial Ombudsman Service ( FOS), Financial Services Compensation Scheme ( FSCS), Money and Pensions Service ( Ma PS) and the Pensions Regulator ( TPR)—worked together in its second year. See: LNB News 10/06/2024 54. Authorisation, approval and supervision FCA publishes user guide for submitting modification by consent under COBS/ COLL/ SUP The FCA has issued a user...
Alongside the items reported in depth in the Financial Services news feed on 13 June 2024, subscribers may wish to note the following additional developments of interest: ESRB publishes EU Non-bank Financial Intermediation Risk Monitor 2024 FCA: Decision Notice: James Hill HM Treasury Notice, Russia, 13/06/2024 HM Treasury Notice, Central African Republic, 13/06/2024 HM Treasury Notice, Myanmar, 13/06/2024 ECB: Innovation and banking supervision ECB publishes consolidated banking data for end- December 2023 FCA: Decision Notice: Switch Cars 24/7 Ltd FCA: Decision Notice: KOPI Limited FCA: Final Notice: Global 4X Limited As well as our daily and weekly news alerts, Financial Services subscribers can choose to receive intraday updates at midday and at the close of the day, delivering a real-time summary of the very latest financial services developments that have occurred during the day. If you...
Alongside the full articles featured in the Financial Services news feed on 11 June 2024, subscribers might wish to note the following further developments for reference: ECB: Current challenges in supervision – new challenges for researchers WFE: Demystifying tokenisation: dispelling myths, explaining the muted traction......
Besides the articles featured in full in the Financial Services news feed on 7 June 2024, subscribers also could wish to note the following additional developments: ESMA: Concluding remarks: Fresh perspectives for the EU capital markets EBA issues an Opinion to the Norwegian Ministry of Finance concerning a measure altering the risk weight for the commercial immovable property The EU Parliament: Parliamentary scrutiny of the SRB discretion in......
The Association for Financial Markets in Europe ( AFME) Representing major banks and asset managers, AFME warned that the regulator’s plans are far more prescriptive than those in the EU or US and risk discouraging firms, without spurring investment in shares. The FCA intends to lift the current prohibition on bundling — that is, tying together — research costs with trade execution, giving asset managers discretion over how they pay for research, similar to the US. Even so, AFME contends the package is still too constrained overall. In its response to the FCA’s proposals, the association said the framework is not flexible enough when set against existing arrangements or options available in other jurisdictions......
In this issue: UK, EU and international regulators and bodies Prudential requirements Operational resilience Financial crime and sanctions Consumer protection Regulation of benchmarks and IBOR reform Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management Mi FID II 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 Latest Q& A UK, EU and international regulators and bodies FCA announces chair of new Cost Benefit Analysis Panel The Financial Conduct Authority ( FCA) has named Dr Felix Martin as chair of its new, independent Cost Benefit Analysis ( CBA) Panel, which the Financial Services and Market Act 2023 ( FSMA 2023)...
Opportunity for financial institutions—enhanced processing and generation of data AI systems built on foundation models—deep learning models trained on extensive data—are able to process and analyse vast, highly unstructured information, covering text, computer code, voice and images, at scale and at speed. For financial institutions, potential applications, explored further below, include more efficient risk assessment alongside capital and liquidity planning, and can also support firms in aligning products more effectively with customers. Associated risk—data quality issues Foundation models tend to reflect the biases and mistakes embedded in the data used for training, so the outputs they generate are likewise susceptible to bias and error. A further issue concerns data privacy: whether input prompts that may contain firm‑specific material can remain confidential, and whether there is a possibility of information leakage. Opportunity for financial...
The challenger bank has faced scrutiny since 2021, when the Financial Conduct Authority ( FCA) began investigating its anti-money laundering and financial crime controls and systems in that year. The watchdog is reviewing matters spanning October 2018 to June 2022. In its annual report released today, Monzo noted the FCA has narrowed the scope of the ongoing investigation. In November 2023, the FCA told Monzo it was no longer pursuing criminal liability in relation to Monzo’s compliance with the......
The consultation stemmed from a 27 February 2024 address delivered by Therese Chambers, the FCA’s joint executive director for enforcement and market oversight, unveiling the proposal—widely dubbed a plan to name and shame. It has triggered a pronounced pushback from the market, the influential financial services trade body UK Finance, the House of Lords and, most unusually, the UK chancellor. More extraordinary still, on 2 May 2024, FCA Chief Executive Nikhil Rathi was called before a House of Lords committee to explain and justify why the regulator had not halted the proposal in response to these objections. Proposal At present, those under investigation are generally not named until the FCA finishes its investigation and determines misconduct. The FCA now proposes to release details about investigations at an early point, including progress updates, as well as also announcing the closure of...
The act ushered in a series of reforms, with some measures commencing at once in October 2024 and others still awaiting implementation. Why did these reforms come about? Fraud is the most prevalent offence in the UK. As set out in the government’s 2023 Fraud Strategy, fraud accounts for over 40% of all crime yet attracts less than 1% of police resource......
Beyond the full articles featured in the Financial Services news feed on 3 June 2024, subscribers might wish to note the following additional updates and relevant items: EACH CSDR Settlement Discipline Framework – Updated Version......
Additional developments Alongside the items featured in full in the Financial Services news feed on 31 May 2024, subscribers may wish to note the following: Corrigendum to Commission Delegated Regulation ( EU) 2024/857 of 1 December 2023, which supplements Directive 2013/36/ EU of the European Parliament and of the Council in respect of......
In this issue: Brexit UK, EU and global regulators and organisations Accountability, culture and societal governance Operational resilience Financial crime and sanctions Complaints, redress and claims handling Investigations, enforcement and disciplinary action Capital markets regulation Derivatives regulation Sustainable finance and ESG Banks and mutuals Investment funds and asset management Insurance regulation FSMA‑regulated pensions activity Payment services and systems Financial Services Enforcement Database Daily and weekly news alerts Intra-day news alerts New and updated content Dates for your diary Brexit Retained EU Law ( Revocation and Reform) Act 2023 ( Commencement No 2 and Saving Provisions) Regulations 2024 SI 2024/714: These Regulations exercise the legislative powers conferred by the Retained EU Law ( Revocation and Reform) Act 2023 ( REUL( RR) A 2023) in connection with assimilated law. They bring into effect REUL( RR) A 2023, s 6 (role of the courts) from 1 October 2024. See: LNB News 29/05/2024 2......
UK developments FCA chair discusses UK asset management issues Ashley Alder, chair of the Financial Conduct Authority ( FCA), has presented an updated iteration of a speech first delivered in February 2024. His remarks ranged across the Smarter Regulatory Framework, private finance, non-bank financial intermediation and valuations, retail investments, sustainability disclosure requirements, and innovation. Highlighting the FCA’s new international competitiveness objective, Alder explained that, at each stage of decision-making, the regulator evaluates choices that further its core operational aims and judges which of these can also promote growth and competitiveness......
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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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