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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Share your insights here What changes have been made by OFSI to its guidance on financial sanctions enforcement and monetary penalties? The latest iteration of the guidance sets out four principal changes: Reworked case assessment process ( Chapter 5): The document now includes an 'indicative matrix' to gauge the gravity of a breach. This matrix aligns breach severity with specified aggravating and mitigating considerations. It identifies four tiers of seriousness. Breaches falling within level 3 (high) or level 4 (very high) are expected to attract monetary penalties, with baseline figures of up to 75% or 75–100% of the statutory maximum, respectively. Level 4 matters may additionally be passed to law enforcement for criminal investigation. A number of case factors have been introduced, altered, retitled or removed......
This piece explores how the FCA’s enforcement against HTX (the first action of its type) highlights the difficulty of policing a borderless cryptoasset sector from a single national base. It also signals how the FCA may scale its approach once cryptoassets sit fully inside the regulatory perimeter in 2027. Background HTX, known as Huobi until 2023, is a cryptocurrency exchange launched in 2013. Initially aligned with Chinese users, it shifted focus to worldwide markets, including the UK, after domestic rules tightened. In the UK, oversight of cryptoassets has progressed at a measured pace compared with other jurisdictions, which range from unrestrained openness to comprehensive prohibitions. Beyond an early move in January 2021 banning retail sales of crypto-derivatives, the first significant stride arrived in April 2022: all cryptoasset service providers operating in the UK had to register with the FCA under the Money...
Original news Source: Financial Conduct Authority, Regulatory Priorities pensions. News summary The FCA’s March 2026 Regulatory Priorities for pensions outlines a forward-looking agenda for FCA-regulated firms active in pension business, with a particular focus on the contract-based DC market. The regulator highlights four central priorities: Ensuring schemes are well run and deliver value for money Promoting effective consumer support Enabling growth and innovation Modernising pensions and long-term savings These priorities are closely tied to upcoming government reforms, especially the proposed VFM framework and other measures in the Pension Schemes Bill, with a clear signal that firms should prepare for significant operational and strategic change through 2026 and in the years ahead. What has happened? The FCA’s report explains that the pensions market is undergoing major change, driven principally by government reforms, and that its regulatory focus is tailored to this shifting...
Financial services developments Other developments Below is a concise summary of further developments not addressed in full by the Lexis+ Financial Services practical guidance team, yet still likely to be of interest: Nature in decline, economy on the line: the importance of international cooperation for managing nature-related risks Access in focus: getting serious about how we plug into UK payments HM Treasury Market Engagement Group Verena Ross' keynote speech at the ASIFMA Annual Conference, 5 March 2026 AMLA to Hold Public Hearing on Two Draft RTS......
Financial services developments FCA publishes CP26/8: Quarterly consultation paper No. 51 The Financial Conduct Authority ( FCA) has released CP26/8: Quarterly consultation paper No. 51. Response dates for the various elements are shown in brackets below. CP26/8 outlines the following proposals: introduce consequential changes to CASS 1, 7 and 8, following the proposed revision to the definition of designated investment business, to ensure the rules operate for cryptoasset activities and the broader new crypto regime (13 April 2026) move certain provisions in Article 17 of RTS 1 into the framework now provided by MAR 11A so that more equity transparency provisions are available and expressed more clearly in a single place (13 April 2026) disapply rights of action for private persons under s138D of FSMA for the remaining chapters in MAR that govern the mechanics and operation of secondary markets, where trading venue members are generally...
Financial services developments PRA publishes final policy on recognised exchanges policy and transfer of main indices The Prudential Regulation Authority ( PRA) has issued policy statement PS6/26— Recognised exchanges policy and transfer of main indices. The statement delivers feedback on responses to consultation paper CP3/25— Recognised exchanges policy and transfer of main indices, and to the subsequent CP19/25— CRR Definitions: restatement in the PRA Rulebook, but only to the extent these relate to the PRA’s proposals in CP3/25. In addition, PS6/26 sets out the PRA’s final policy position on CP3/25. The appendices to PS6/26 present the PRA’s final policy to CP3/25, namely: PRA Rulebook: CRR Firms: Recognised Exchanges Instrument 2026 ( Appendix 1) PRA Rulebook: CRR Firms: ( CRR) Amendment Instrument 2026 ( Appendix 2) corresponding CRR rules ( Appendix 3) This PS also confirms the PRA’s final policy to delete...
The review extends the FCA's Artificial Intelligence Lab work and reiterates its often-stated view that current regulatory regimes strike a fair balance: granting firms room to innovate and compete through AI, while retaining enough supervisory bite to control risks arising from deployment. The call for input sets out four linked themes that interrelate closely: the trajectory of AI technology, encompassing more capable, autonomous and agentic systems the prospective effects of AI on markets and firms, including shifts in competition and market structure and dynamics emerging consumer patterns, covering how AI might enhance outcomes, introduce novel risks, influence behaviours and reshape the demand and delivery of financial services, and future regulatory responses, including how regulators may need to adapt to keep retail markets functioning well That last theme is, by some distance, the most contentious point raised. While the financial regulators appear presently committed to a...
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Investment funds and asset management EU Mi FID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Dates for your diary New and updated content Financial Services Enforcement Database Daily and weekly news alerts Lex Talk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies Katharine Braddick appointed CEO of the PRA HM Treasury ( HMT) has confirmed that Katharine Braddick will become the next Deputy Governor for Prudential Regulation at the Bank of England ( Bo E) and chief executive of the Prudential Regulation Authority ( PRA). She is scheduled to begin on 1 July 2026, for a five-year term, taking over from Sam Woods, who has held the Deputy Governor role since 2016. Source: Braddick to take the helm at the...
Financial services developments FCA webpage sets out possible changes to proposed motor finance compensation scheme The Financial Conduct Authority has issued a webpage outlining a proposed compensation scheme for motor finance customers who may have been impacted by poor disclosure of commission arrangements between lenders and brokers. Should the scheme go ahead, the FCA expects to finalise rules in late March 2026, incorporating several revisions to its initial plans. The webpage explains how the FCA aims to simplify the customer journey and ease operational demands for firms, including the likely introduction of a three-month implementation window, extended to up to five months for older agreements. It also highlights potential adjustments such as: People who complained before the scheme begins would no longer be asked to opt out. Instead, within three months of the implementation period ending, their lender would confirm whether...
Although the indicators do not materially alter the foreign bribery offence and will be well known to many legal and compliance practitioners, they mark a further move towards the global harmonisation of the criteria used to assess corruption risk. This piece reviews the IFBT’s newest guidance, considers what it means for multinational businesses, and notes developments in other recent cross-border anti-corruption efforts. International Foreign Bribery Taskforce The International Foreign Bribery Taskforce ( IFBT) brings together law enforcement bodies from the so-called Five Eyes: Australia, Canada, New Zealand, the UK and the US, to share intelligence and tackle bribery and related crime. Its members comprise specialists in foreign bribery from the Australian Federal Police; the Royal Canadian Mounted Police; the New Zealand Police and the New Zealand Serious Fraud Office; the UK Serious Fraud Office ( SFO) and the National Crime Agency; and the US Federal Bureau of...
The publication signals the FCA’s wider move towards greater openness under the revised Enforcement Guide introduced in June 2025. For the first time, the regulator has brought together its early‑stage enforcement work in a format that shows, in near real time, how the updated publicity policy is being applied. For firms and practitioners, the newsletter clarifies which cases are being launched, the types of behaviour drawing scrutiny, and how the FCA is handling early communications around enforcement. In this article, Hamilton sets out what the inaugural Enforcement Watch reveals about the FCA’s current enforcement activity, how the revised publicity policy is operating in practice, and the practical takeaways firms and advisers should draw from the regulator’s approach. Enforcement pipeline The newsletter records that, between June and December 2025, the FCA commenced 23 enforcement matters. That headline number is revealing. Following the...
Rangecourt SA (formerly Banque Havilland SA) & others v The Financial Conduct Authority Rangecourt SA (formerly Banque Havilland SA) and others v The Financial Conduct Authority and another [2026] UKUT 47 ( TCC) What are the practical implications of this case? The judgment delivers notable regulatory guidance on when co-operation will be treated as a mitigating factor in enforcement, and resists the FCA’s increasingly tight interpretation of what is ‘exceptional’. The Tribunal placed marked emphasis on post-breach conduct, particularly where a firm proactively uncovers, scrutinises and reports misconduct. It confirms that firms which promptly self-report, investigate effectively, engage external advisers and put remedial measures in place (including staffing changes) can anticipate substantive mitigation—promoting earlier internal inquiries, greater candour and swifter regulatory dialogue. The Tribunal also sets out a more precise test for co-operation: the decisive question is whether the firm’s actions...
Financial services developments FCA publishes information for cryptoasset firms using s21 approvers The Financial Conduct Authority ( FCA) has set out details for cryptoasset businesses that are currently relying on an FCA-authorised company to sign off their cryptoasset financial promotions. Firms dealing in cryptoassets that are neither authorised under the Financial Services and Markets Act 2000 ( FSMA) nor registered with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017 ( MLRs) — including firms based overseas — may engage FCA-authorised entities to approve such cryptoasset promotions (known as an s21 approver), thereby enabling them to lawfully market and communicate their offers to UK consumers......
Financial services developments FCA opens authorisation gateway for Targeted Support The Financial Conduct Authority ( FCA) has now officially launched the authorisation gateway for targeted support. From 6 April 2026, banks, pension providers and other financial firms authorised for targeted support will be able to offer carefully tailored suggestions to defined groups of consumers sharing common characteristics. In 2025, the FCA introduced its Pre- Application Support Service ( PASS) for targeted support and also engaged extensively with a wide range of firms to clarify precisely what constitutes a high-quality, fully complete application for the targeted support regulated activity. Sources: FCA opens authorisation gateway for targeted support Advice Guidance Boundary Review [ Updated] FCA sets application period for cryptoasset permission applications The FCA has issued a formal Direction under regulation 52 of the Financial Services and Markets Act 2000 ( Cryptoassets) Regulations 2026. This applies to...
Financial services developments FCA chief executive outlines wholesale market reforms and enforcement priorities in trading conference speech The Financial Conduct Authority ( FCA) has released a speech by chief executive Nikhil Rathi, delivered at the Goldman Sachs EMEA Head of Trading conference, setting out both completed and planned wholesale market reforms, together with enforcement priorities. The UK continues to stand as a premier global financial centre, with solid fundamentals creating strong prospects for further expansion. The FCA is advancing ambitious reforms to bolster growth and competitiveness, while taking decisive action on market abuse and operational failings that undermine confidence and market integrity. In a rapidly changing environment, the UK must pursue renewal at market speed—adapting, staying agile and moving swiftly to capture opportunities. Source: Renaissance at market speed: UK wholesale finance in 2026 PSR publishes draft questionnaire for merchant survey on...
In this issue: Authorisation, approval and supervision Prudential requirements Operational resilience Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Banks and mutuals EU Mi FID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Dates for your diary New and updated content Financial Services Enforcement Database Daily and weekly news alerts Lex Talk®Financial Services: a Lexis®Nexis community Authorisation, approval and supervision The Financial Conduct Authority has unveiled streamlined annual Regulatory Priorities reports, replacing over forty portfolio letters. The slimmer format cuts publications to nine sector‑specific reports, each delivering a one‑page summary of priorities with direct links to fuller...
Financial services developments Basel Committee launches consultation on consolidated guidelines and sound practices The Basel Committee on Banking Supervision has issued a consultation on a single consolidated set of its guidelines and sound practices for banks and supervisors, designed to improve accessibility through a more user-friendly presentation. The consolidated materials reorganise existing content into a modular structure that mirrors the Basel Framework introduced in December 2019, without adding new expectations. By removing outdated, duplicative or superseded material, the Committee has reduced the volume of its guidance by approximately 75%. A draft website and an accompanying consultative document have been made available, with comments invited by 26 June 2026. Source: Basel Committee issues a consolidated version of its guidelines ESMA consults on post-trade risk reduction services exemption under EMIR 3 The European Securities and Markets Authority ( ESMA) has launched a consultation on the...
Financial services developments FCA updates Consumer Duty guidance with additional insights for smaller firms The Financial Conduct Authority ( FCA) has refreshed its Consumer Duty board reporting guidance, adding targeted insights for smaller firms. Based on its review of the first annual board reports from 180 firms, the update offers tailored recommendations for smaller firms across four areas: governance, monitoring and outcomes, compliance actions, and future business strategy, respectively. The FCA indicates smaller firms can appoint ‘critical friends’ to bolster governance oversight, draw on external data, including trade bodies, for benchmarking, and adopt proportionate methods to monitor customer outcomes. It reiterates that all firms, irrespective of size, must evidence delivery of good outcomes for customers under the Consumer Duty, while recognising the distinct challenges smaller firms face with limited resources. These points reflect themes identified across the submissions...
On 18 February 2026, Nikhil Rathi said on a podcast that the FCA would instead use the Consumer Duty to spot instances of harm. Consumer organisations have criticised the FCA for a light-touch stance on regulation after two wide-ranging probes into the insurance sector concluded with no proposals for intervention. Rathi, speaking on a Fairer Finance podcast, argued that not every issue will be resolved quickly through major interventions, additional rules, bans or guidance as he told listeners......
Financial services developments ESMA consults on CCP collateral and investment policy standards following EMIR 3 review The European Securities and Markets Authority ( ESMA) has initiated a public consultation on draft regulatory technical standards ( RTS) to amend Commission Delegated Regulation 153/2013, following the European Market Infrastructure Regulation ( EMIR 3) review. The call for input invites feedback on: conditions for central counterparties ( CCPs) to accept public guarantees, public bank guarantees and commercial bank guarantees as collateral; criteria under which debt instruments qualify as eligible financial instruments within CCP investment policy; highly secured arrangements for emission allowances lodged as margins or default fund contributions. EMIR 3 makes permanent a broader range of guarantees eligible as collateral and extends scope to clients of CCPs that are non-financial counterparties. The consultation closes on 30 April 2026, with ESMA submitting final draft RTS to...
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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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