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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 Sole traders, informal partnerships and outdated partnership deeds are common.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 addition to the stories covered in full in the Financial Services news feed on 15 May 2024, Subscribers may wish to note the following further developments: ECB: The growth of artificial intelligence: gains and threats to financial stability ECB: Progress in stress-testing methods for financial stability applications Council of EU: Capital Markets Union: Council endorses conclusions on financial......
The City watchdog warned on 9 May 2024 that some companies have been using faulty surveillance systems that are intended to detect market abuse. It further noted that governance around these processes is not always adequate. In Market Watch 79, the FCA stated that not all firms have directed sufficient attention and resources to governance arrangements, and advised firms to question whether greater intricacy and volume in governance genuinely result in timely, efficient and effective outcomes. Under UK rules, businesses are obliged to identify and report suspected market abuse. This can include: Trading in shares based on insider dealing Creating a false impression of the share price The FCA also observed that some companies operate complex governance structures that take substantial time to work through. According to the regulator, surveillance that employs artificial intelligence will require governance that keeps pace with the...
Beyond the items reported in detail in the Financial Services news feed on 10 May 2024, subscribers might also wish to note the following further developments: FCA Decision Notice: OPTIMUM AUTO GROUP LTD 3N Management Ltd Mc Hughs Tyres and Fuel LTD Greenbank Caravans & Trailers Limited PC Autos Hire and Repair LTD UK Parliament: 14 May 2024 - Are the UK’s Russian financial sanctions working? - Oral evidence Alongside our daily and weekly alerts, Financial Services subscribers may opt to receive intraday updates at midday and again at the close of the day, offering a real-time digest of the latest...
EU developments EFRAG and ISSB release guidance on aligning EU and global sustainability reporting standards The European Financial Reporting Advisory Group ( EFRAG) and the International Sustainability Standards Board ( ISSB) have issued guidance detailing how European and international sustainability reporting standards can interoperate. The aim is to assist businesses that plan to meet both sets of requirements, with a specific emphasis on climate reporting......
Alongside the items reported in full within the Financial Services news feed on 9 May 2024, subscribers may like to note the following further developments: FCA Board Minutes 28 March 2024 FCA: Decision Notice Crystal EPOS Limited Scott Cordy Max Automotive Ltd Ayaan Motors ......
In this issue: UK, EU and international regulators and bodies Financial crime and sanctions Prudential requirements Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Banks and mutuals Investment funds and asset management Mi FID II Islamic finance Regulation of insurance Payment systems and services Fintech and cryptoassets AI in 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 Ho L FSRC launches inquiry into FCA and PRA secondary objectives The House of Lords ( Ho L) Financial Services Regulation Committee ( FSRC) is commencing an inquiry into the secondary international competitiveness and growth objective conferred on the Financial Conduct Authority ( FCA) and the...
Aegon UK Aegon UK argued that rules covering providers of these portals do not appreciate that savers at times require safeguarding against their own inertia. Its remarks followed an FCA consultation on the oversight regime for private-sector firms running the online services. The government wants the portals to help employees track down misplaced pension pots and gain a clearer picture of their projected retirement income. Yet the government has refrained from permitting savers to carry out online transfers or to merge their savings through the online portals themselves directly......
Legal and regulatory developments At present, non-financial misconduct is still not explicitly referenced in the fitness and propriety assessment for those holding a Senior Management Function ( SMF) or a Certification Function ( CF), nor within the broader conduct rules applied more widely to staff and employees across firms. Nonetheless, the FCA has pursued non-financial misconduct cases, despite criticism arising from its action against John Frensham. Heard by the Upper Tribunal in 2024, that case created a benchmark for fitness and propriety assessments, confirming there must be a meaningful link or nexus between the misconduct and the individual’s role in financial services. The FCA’s September 2023 consultation proposed expressly bringing non-financial misconduct into the regulatory framework. In particular: bullying in the workplace is pertinent and relevant to fitness and propriety, and comparable conduct in a person’s private life is also...
Treasury Committee report Following an inquiry into the obstacles SMEs face in obtaining finance, the influential Treasury Committee urged the Financial Conduct Authority ( FCA) to require banks to disclose, publicly, every quarter, how many business accounts they have shut and the reasons for doing so. This would oblige financial institutions to be clearer about why SMEs are being “de-banked” — the closing of accounts held by organisations or individuals deemed to present a financial, legal, regulatory, or reputational risk to the lender. Harriett Baldwin, the committee’s chair, said there is no escaping the reality that smaller firms have endured a torrid spell over recent years. Senior MPs also rejected proposals from the Prudential Regulation Authority to strip out SME-supportive elements from the new Basel 3.1 regime, warning it could leave British small businesses at a disadvantage compared with European and American rivals. Basel 3.1...
Duty of candour and requests for mutual legal assistance ( R (on the application of MCML Ltd (formerly ED& F Man Capital Markets Ltd) and another v Southwark Crown Court) R (on the application of MCML Ltd (formerly ED& F Man Capital Markets Ltd) and another v Southwark Crown Court [2024] EWHC 861 ( Admin) What are the practical implications of this case? This decision refreshes the tests that govern assistance sought from abroad, while underlining the barriers facing practitioners who seek to set aside search warrants granted on such requests. Errors and inaccuracies were contained in material sent by the German and Dutch authorities to HMRC, which HMRC then relied upon when applying for warrants. The judge was not told that the Financial Conduct Authority had ended its investigation into one claimant without further...
Additional developments Alongside the items featured in depth in the Financial Services news feed on 3 May 2024, subscribers may wish to note these further updates: EIOPA’s IORP Risk Dashboard flags market risk as the principal issue for occupational pension schemes. OJEU: Corrigendum to Commission Implementing Regulation ( EU) 2021/776 (11 May 2021) setting templates for certain forms and technical rules for effective information exchange under Regulation ( EU) 2018/1672 on controls on cash entering or exiting the Union. ECB: Guide on effective risk data aggregation and risk reporting ( May 2024). FCA: Decision Notices concerning A Street Motors; RIF Prestige Car Limited; DC Car Sales Ltd; Holland M/ C Limited; Heaunique Limited; ALEX CARS BRISTOL LTD; Car and Van Broker Ltd; and DHARAM GOLD EXCHANGE LTD. HM Treasury Notices: Global Human Rights (03/05/2024) and Russia...
The Economic Crime Manifesto II The All- Party Parliamentary Group ( APPG) on Anti- Corruption and Responsible Tax, alongside the APPG on Fair Business Banking, has released The Economic Crime Manifesto II (the Manifesto). It follows the 2022 document and arrives amid intense focus and action on financial crime. Over intervening years, changes at home and abroad have unfolded, sharpening attention on risks and the UK’s capacity to respond. Serving as a sequel to the 2022 edition, this iteration lands amid intensified scrutiny and momentum across the financial crime landscape. In the meantime, notable shifts have occurred both internationally and at home. As the Manifesto underscores, the risk posed by financial crime—especially fraud—now appears particularly acute in the UK. Among the stark findings it sets out, the UK’s illicit finance issues are estimated to cost around £350bn annually, approaching 15% of national GDP. The...
In this issue: UK, EU and international regulators and bodies Prudential requirements Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of benchmarks and IBOR reform Regulation of capital markets Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management Mi FID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems 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 Bim Afolami responds to Treasury Committee report on progress of the...
EU developments The Council of the EU has formally approved the Directive of the European Parliament and of the Council that revises the EU Accounting Directive (2013/34/ EU). This measure, which sets time limits for adopting sustainability reporting standards for particular sectors and third‑country undertakings, also amends the Corporate Sustainability Reporting Directive, allowing the companies concerned extra time to implement the European Sustainability Reporting Standards. The Act has now been adopted and will be published in the Official Journal of the European Union, entering into force on the twentieth day after that publication. See: LNB News 30/04/2024 43. Source: Council adopts directive to delay reporting obligations for certain sectors and third country companies. The European Parliament has, at first reading, adopted the legislative proposal for a...
Criminals have adjusted to shifts in EU rules on payment services to dupe people into surrendering their personal details, the European Banking Authority ( EBA) has warned. In turn, the EBA has set out steps, complementing European Commission plans, to reduce the threat of payment scams, noting that customer authentication requirements, which have curbed fraud-based theft of consumer data, have prompted offenders to alter their methods. The EBA, in its opinion, said criminals have been able to rework their approaches, giving rise to more sophisticated fraud, notably by exploiting social engineering. An increasing share of scams now hinges on manipulating victims, or blends social engineering with technical deception to trip up consumers, the EBA said. Such schemes include authorised push payment attacks aimed at consumers, as well as other comparable fraud patterns observed by the authority......
In addition to the stories covered in full in the Financial Services news feed on 1 May 2024 OJ: Council Implementing Regulation ( EU) 2024/1271 (29 April 2024) implementing Regulation ( EC) No 1183/2005 on restrictive measures re the Democratic Republic of the Congo OJ: Council Implementing Decision ( CFSP) 2024/1240 (29 April 2024) implementing Decision 2010/788/ CFSP on restrictive measures re the Democratic Republic of the Congo FCA: Memorandum of Understanding between the Gambling Commission and the Financial Conduct Authority Council of the EU: proposal to amend Regulation ( EU) No 575/2013 on credit risk, CVA risk, operational risk, market risk and the output floor FCA: Decision Notice: Middlesex Cars Ltd PRA: Regulatory Digest – April 2024 FCA: Decision Notice: Investoz Ltd (formerly CLR Auto Ltd) FCA: Decision Notice: MS Cars Worksop Limited HM Treasury: updated Russia financial sanctions guidance ESMA: annual transparency calculations for non-equity instruments, bond liquidity data and...
An open letter dated 26 April 2024 bears signatures from a spectrum of bodies, among them UK Finance and the Association of British Insurers. It presses the Chancellor of the Exchequer to confront the FCA’s plans, which, the signatories contend, would undermine the UK’s competitiveness. The regulator outlined proposals in February 2024 that, it claimed, would strengthen the deterrent impact of enforcement and permit it to name publicly the targets of its inquiries. The coalition, which also features The City UK and the Personal Investment Management & Financial Advice Association, argued the plans are out of step with other markets and supervisors. They warned this would render the UK an ‘international outlier’ on enforcement. ‘ As drafted, the proposals are likely to harm the competitiveness of the UK’s financial services industry by deterring investors, and to produce poorer outcomes for...
High Court Judge Philippa Whipple found 'no merit' to MCML's case that the search of its business premises was 'disproportionate and unnecessary'. She stated there were very serious suspicions about MCML’s historic behaviour (previously ED& F Man Capital Markets Ltd), adding that it was naive to contend that production orders would have been effective and sufficient in the circumstances. According to the judgment, in September 2022 Judge Deborah Taylor granted search warrants at Southwark Crown Court after HM Revenue and Customs applied for them, following a request for legal assistance from authorities in both Denmark and Germany. As the written judgment notes. The ruling records that Judge Taylor concluded there were reasonable grounds to believe the suspects’ conduct, constituting an offence under Danish law, had been carried out. In June 2023, the broker was issued with a £17.2m penalty by the Financial Conduct...
In addition to the stories covered in full in the Financial Services news feed on 29 April 2024 Subscribers may wish to note the following further developments: OJ: Council Implementing Regulation ( EU) 2024/1243 of 26 April 2024, giving effect to Regulation ( EU) 2023/888 on restrictive measures responding to actions destabilising the Republic of Moldova OJ: Council Implementing Regulation ( EU) 2024/1249 of 26 April 2024, giving effect to Regulation ( EU) No 401/2013 on restrictive measures relating to the situation in Myanmar/ Burma OJ: Council Decision ( CFSP) 2024/1242 of 26......
At first reading, the European Parliament formally approved the legislative proposal for a directive of the European Parliament...
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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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