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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Beyond the items reported in full in the Financial Services news feed on 30 May 2024, subscribers may wish to note the following further developments: Insurance Europe: Capital Markets Union: insurance industry sets out proposals to unlock investment across Europe Insurance Europe releases 2023–2024 annual report FCA Decision Notices: Auto Channel Ltd Carlisle Van Centre FPK Sales Limited Pro- Bike HM Treasury Notices: Russia, 30/05/2024 Somalia, 30/05/2024 UK Finance issues...
The share of upheld complaints climbed to 36% in the latest year, having been 27% or lower across each of the preceding three years overall. Complaints about closures linked to financial crime concerns or politically exposed persons have nearly trebled since 2020–2021 period. The committee is worried about the effects of account closures (debanking) on individuals and businesses. To deal with the issue properly, it needs to understand and remedy certain unhelpful and counterproductive aspects of anti-money laundering ( AML) laws. This article will set out the principal questions around crimes and immunities, the risks facing banks and the choices available to them, and, lastly, the potential for genuine change. Crimes and Immunities The Proceeds of Crime Act 2002 ( POCA 2002) bars banks from handling funds that contain any proceeds of any criminal conduct, where they know or suspect that this is the case. It also...
Prohibition on bundling Among the most hotly debated aspects of the 2014 Markets in Financial Instruments Directive ( Mi FID II) was the ban on investment managers accepting services from broker‑dealers that were effectively funded by charging clients an elevated brokerage commission. From the start of 2018, when Mi FID II took effect, research fees had to be separated and settled independently from execution charges. Asset managers were required either to meet research expenses from their own budgets—via hard dollar payments—or to use a more complex mechanism, the research payment account, which pooled contributions collected by broker‑dealers and deployed them solely to purchase research. While numerous large firms chose to absorb research outlays themselves, smaller managers frequently relied on the research payment account route or passed the costs straight through to their fund clients. The prohibition proved...
Beyond the pieces featured in full within the Financial Services news feed on 29 May 2024, subscribers may find the following extra developments of particular interest today: European Securities and Markets Authority ( ESMA): 29th Extract from the FRWG ( EECS)’s Database of Enforcement List of decisions published in the Extracts from the EECS’s Database of Enforcement The role of ESG in building an effective Capital Markets Union FCA Decision Notices: Murray Motors ( Belfast) Limited ......
Options UK Personal Pensions LLP v Financial Ombudsman Service Ltd [2024] EWCA Civ 541 What are the practical implications of this case? This decision is the newest step in Options’ prolonged bid, as an authorised SIPP operator and administrator, to resist claims by dissatisfied SIPP members who were introduced by unregulated third parties, made imprudent investments and lost their funds: see in particular Adams v Options SIPP [2020] EWHC 1229 ( Ch), Adams v Options UK Personal Pensions [2021] EWCA Civ 474, T v Carey Pensions [ DRN2076425] and S v Options SIPP [ DRN5472159]. Though adverse to Options, it underlines for practitioners how the Ombudsman’s jurisdiction departs from the courts’. The Ombudsman must resolve complaints by reference to what is, in his view, ‘fair and reasonable in all the circumstances of the case’ (section 228 of the Financial Services and Markets Act 2000 ( FSMA...
Alongside the items featured in depth in the Financial Services news feed on 24 May 2024, subscribers may wish to note these further updates: Bo E: Minutes of Money Market Committee meeting – April 2024 FCA Decision Notices: Notice of Decision 2024: Chris Madden Cars Ltd Notice of Decision 2024: Nuovo Group Ltd Notice of Decision 2024: QA ......
UK developments Clarity is central theme in FCA's greenwashing guidance News analysis: The Financial Conduct Authority ( FCA)’s anti-greenwashing rule is scheduled to take effect on 31 May 2024, prompting the UK regulator to issue industry guidance on 23 April 2024 to assist firms with compliance. For more information, see News Analysis: Clarity is central theme in FCA's greenwashing guidance, authored by Jason Halper, partner, Duncan Grieve, partner, and Alix Prentice, partner, at Cadwalader Wickersham & Taft LLP, who examine the FCA’s greenwashing guidance......
In this issue: UK, EU and international regulators and bodies Prudential requirements Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Banks and mutuals Mi FID II Regulation of insurance Payment services and systems 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 CEO on innovation, divergence and convergence The Financial Conduct Authority’s chief executive, Nikhil Rathi, delivered remarks covering innovation, the Smarter Regulatory Framework, and how the FCA is seeking to lighten burdens and remove obstacles to accessing capital. Speaking to the Association of Corporate Treasurers, he said supervisors ‘want and need’ input from corporate treasurers, describing them as ‘a bellwether for what is really happening in the economy and the direct effects of regulation’. See: LNB News 22/05/2024 61. FCA issues Primary Market Bulletin 49 The FCA has released the...
Alongside the items reported in detail in the Financial Services news feed on 23 May 2024, subscribers might wish to note these further developments for reference here: HM Treasury Notice, Somalia, 22/05/2024 FCA Decision Notices: Impress Cars Ltd Nautilus......
Alongside the articles featured comprehensively in the Financial Services news feed dated 22 May 2024, subscribers may find of interest the following additional updates of note below: Correspondence from Citizens Advice subsequent to oral testimony on ' Insurance', issued 10 May 2024......
The Court of Appeal has certified a point of law for Tom Hayes, a former trader at Citigroup and UBS, and Carlo Palombo, an ex- Barclays banker, to take to the UK Supreme Court, while refusing them permission to appeal directly. Delivering the judgment, Justice David Bean identified an issue of general public importance: whether traders gave a 'genuine or honest answer' when submitting Libor or Euribor rates whilst bearing in mind their own commercial interests. The court also certified the related question of whether any submission must reflect an assessment of the single cheapest rate at which the banks could borrow, rather than a choice made from within a range of borrowing rates. Justice Bean said it should be for the Supreme Court to determine whether this point of law is one it ought to consider, given the Court of Appeal’s...
On 16 May 2024, Insurance Europe stated that, unlike the Late Payment Directive it is set to supersede, the new regulation would have direct effect across the EU, without needing transposition into domestic law. This, it warned, would generate legal uncertainty, as some national regimes permit longer deadlines than the regulation for settling certain claims. The draft measure would cut the existing 60-day payment window to 30 days. According to the trade association, for intricate claims it is frequently unworkable to establish so swiftly who bears liability, the loss amount and redress. Insurance Europe’s position paper argued that the insurance and reinsurance sector should be explicitly left outside the regulation’s scope. It also noted the mandatory payment clock would begin when debtors receive an invoice......
The rule obliges firms to ensure that any mention of a product or service’s sustainability features is consistent, fair, clear, and not misleading. It applies whenever a firm communicates directly in the UK, including the following specific situations: with clients in the UK about a product or service or when it issues a financial promotion, or signs off a financial promotion for communication, to a person in the UK Its arrival currently coincides with greenwashing being a leading enforcement focus for many regulators. Branding offerings as green or sustainable is widespread and viewed as a particularly key way to draw the attention of environmentally minded customers. In 2023, the European Commission found that 53% of sustainability claims were misleading or vague, and 40% lacked substantiation. These so-called green claims are increasingly facing ever growing scrutiny from regulatory authorities, activist shareholders, and...
Additional developments Beyond the pieces reported in full in the Financial Services news feed on 17 May 2024, subscribers may find the following further developments of interest: FCA: Decision Notice: ESA Auto Motive Ltd OJEU: Agreement between the European Parliament, the Council of the European Union, the European Commission, the Court of Justice of the European Union, the European Central Bank, the European Court of Auditors, the European Economic and Social Committee and the......
In this issue: Highlights: ECON’s FIDA report; growing focus on non‑financial misconduct; PRA feedback to c70 firms on recovery planning; EBA consults on CRR3 RTS for unfinished property; UK sanctions amendments ( SI 2024/643) and updated OFSI licensing guidance; FOS update on motor finance commission complaints; FCA enforcement activity and scrutiny of plans to publicise investigations, with OFR EEA equivalence regulations and a Lords inquiry; sentences for insider dealing and perverting justice; Market Watch 79 on surveillance failings; building societies urged to embrace technology; SRB’s 2024 MREL policy; Mi FID II equivalence SI; ESMA guidelines on ESG fund names and IA SDR Q& A; reminders on virtual/hybrid unitholder meetings; new PSD reporting flowcharts and an MBFS excess mileage undertaking; Solvency II technical information, Commission request for EIOPA advice, and EIOPA’s risk dashboard; concerns over pensions dashboard safeguards; ECB opinion on PSD3/ PSR and PSR...
UK developments IA releases guidance on the FCA’s sustainability disclosure requirements The Investment Association ( IA), working with Eversheds Sutherland, has issued Q& A guidance to support implementation of the Financial Conduct Authority’s Sustainability Disclosure Requirements. See: LNB News 13/05/2024 23 Source: Implementation Guidance v1.0: The FCA’s Sustainability Disclosure Requirements ( SDR) EU developments ESMA provides guidelines on fund names using ESG or sustainability terms The European Securities and Markets Authority ( ESMA) has published its final report setting out guidelines for the use of environmental, social and governance ( ESG) or sustainability-related expressions in fund names. These guidelines will be translated into all EU languages and subsequently made available on ESMA’s website......
Within the existing regulatory framework, the authority says it cannot caution consumers that they might be dealing with a firm under a fraud investigation, Nikhil Rathi told lawmakers. The FCA currently has powers to name companies under inquiry only in exceptional public-interest cases, yet Rathi argued this still does not do enough to protect consumers from fraud. ‘ Sadly, investment fraud is not exceptional. We are investigating a large number of those situations at any one time’, he told lawmakers on parliament’s Treasury Committee. The authority set out its proposal in February. Under the plan, any decision to publicise an investigation would be made on a case-by-case basis and hinge on whether doing so serves the public interest. The idea has been widely and strongly criticised by industry, lawmakers and the government. FCA chair Ashley Alder told the committee, ‘we weren’t...
Insurance Europe letter to European Commission On 14 May 2024, Insurance Europe stated it had contacted the European Commission, cautioning that the so‑called level 2 technical discussions on putting into practice the recently concluded Solvency II review, which defines capital rules for the industry, must mirror the political ambition that has been settled. The association dispatched its letter ahead of the commission’s expert group on banking, payments and insurance commencing technical conversations on the Solvency II review on 15 May 2024. ' The fine print will determine the outcome and, to capture the potential gains, the political ambition agreed yesterday needs to be carried through into the technical specifics that will follow,' said Olav Jones, the deputy director‑general of the......
The duty covers activity involving retail customers; however, for certain firms — such as payment services and e‑money issuers — it also extends to interactions with micro‑enterprises with turnover up to £1m. Where the regulator supervises the provision of financial services to small and medium‑sized enterprises, firms engaging with those SMEs fall under the duty as well. Organisations whose customer bases straddle both sides of the perimeter find compliance more challenging. For such firms, applying the duty consistently across segments can prove especially complicated. A senior official at the FCA commented, on a personal basis, that they were not convinced the existing regulatory boundary is the best possible arrangement, observing that it is uneven and could probably be improved, while emphasising that any change is ultimately for government......
The government published its AI regulation white paper in March 2023, outlining five principles for UK regulators. Yet the FCA has not sufficiently mapped these to its own rules, even after a 14‑month window and an AI update that could have addressed the issue. Samantha Paul, senior knowledge lawyer at Bryan Cave Leighton Paisner LLP, rated the FCA’s AI update a C+, noting it is a solid beginning but fails to explain how the government’s AI compliance principles translate into the UK’s existing regulatory regime, or what this means in practice for firms. Lawyers warn the FCA is leaving banks with insufficient clarity on how its rules apply to the AI‑driven systems embedded in their businesses. Banks could, for instance, mis‑sell financial services to consumers or lack adequate systems and controls to repel an AI‑generated cyber attack. Clearer, upfront application of the rules from 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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