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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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UK developments FCA publishes final greenwashing guidance and proposes extension of sustainability disclosure and labelling regime to portfolio managers With the anti‑greenwashing rule set to take effect on 31 May 2024, the Financial Conduct Authority ( FCA) has issued its finalised guidance, FG24/3, for firms. The FCA has also put out consultation paper CP24/8, proposing to widen the sustainability disclosure requirements ( SDR) and labelling regime to portfolio management, with responses requested by 14 June 2024. See: LNB News 23/04/2024 9. Sources: FCA confirms anti‑greenwashing guidance and proposes extending sustainability framework FG24/3: Finalised non‑handbook guidance on the Anti‑ Greenwashing Rule CP24/8: Extending the Sustainability Disclosure Requirements ( SDR) regime to Portfolio Management......
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 Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets AI in financial services regulation Financial Services Enforcement Database Intraday news alerts Daily and weekly news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies Bo E and FCA update their Mo U HM Treasury ( HMT) has issued a refreshed memorandum of...
Alongside the full pieces featured in the Financial Services news feed on 24 April 2024, subscribers may find these further updates of note: ECB: Exchanging perspectives for better bank governance Insurance Europe: Mismatched: insurers request clarity on timeline to implement EU resolution law Request for proposal: EPC seeks Operational Scheme Manager for the EPC Directory Service ......
In addition to the items reported in depth in the Financial Services news feed on 23 April 2024, subscribers might be keen to note the following developments: FCA Decision Notices: Efficiency Boilers Ltd Sheewater Home Limited Vehicle Lease Ltd Harry Stockwell (formerly known as Lowcost Cars) Lynton Roy Bate Clarus Motorpark Limited Brookfield Garage Limited Commercial Fleet Systems UK Limited......
CCP Graduate School Ltd v National Westminster Bank Plc and Santander UK Plc [2024] EWHC 581 ( KB) What are the practical implications of this case? CCP marks only a modest move towards recognising a retrieval duty, as the claim merely survived a strike out/summary judgment application, and a definitive ruling on such a duty may remain some distance away, especially if banks opt to settle early or otherwise avoid the prospect of judicial dicta on the issue. Nonetheless, with reimbursement rules for authorised push payment ( APP) fraud due to begin on 7 October 2024 under the Payment Services Regulator’s requirements, the urgency for a common law remedy for APP victims may diminish. What was the background? In this matter, the claimant asserted it was the victim of APP fraud. Its sole director, Mr Pathirana, was induced by fraudsters to direct CCP’s bank, National...
Additional developments Alongside the items featured in full in the Financial Services news feed on 22 April 2024, subscribers may wish to note the following further updates: FCA: Decision Notice: SPS Dental Sales Limited IA updates Smaller Companies sectors definitions Bo E: Not-so-private questions − speech by Nathanaël Benjamin FCA seeks members for its advisory committee on secondary markets Bo E: Not-so-private questions − speech by Nathanaël Benjamin FCA seeks members for its advisory committee on secondary markets UK Finance issues report to facilitate commercial Variable Recurring Payments FCA: Decision Notice: Sky Blue Financial Services Ltd As well as our daily and weekly news alerts, Financial Services subscribers can choose to receive intraday alerts at midday and again at the end of the day, delivering real-time summaries of the latest financial services...
In addition to the stories covered in full in the Financial Services news feed on 19 April 2024 Subscribers may wish to note the following further developments: FCA: Decision Notice: Copymark ( Services) Limited FCA: Decision Notice 2024: Dream Charter Limited FCA: Decision Notice: Ryan Mulgrew PRA: Update on the Bank of England and Financial Conduct Authority Memorandum of Understanding EBF: Banking Federation recommendations for Europe’s incoming powerhouse AFME ......
UK developments Bo E article explores ways to measure climate-related financial risks using scenario analysis The Bank of England ( Bo E) has issued an article on how financial institutions can deploy scenario analysis to quantify climate change risks. It explains extending macro-climate scenarios to conduct fine-grained, asset-level risk assessment, with illustrations spanning sovereign bonds, corporate bonds and residential mortgages. See: LNB News 17/04/2024 35. Source: Measuring climate-related financial risks using scenario analysis. FCA greenwashing rules need to be stronger to be effective The Financial Conduct Authority’s ( FCA) new anti-greenwashing measures take effect in May 2024. The analysis is written by Jingchen Zhao, professor of law and co-director of the Centre for Business and Insolvency Law at Nottingham Trent University Law School. See News...
In this issue: UK, EU and international regulators and bodies Accountability, culture and social governance Prudential requirements Operational resilience Financial crime and sanctions Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Investment funds and asset management Regulation of insurance Consumer credit, mortgage and home finance Payment services and systems Financial Services Enforcement Database Intraday news alerts Daily and weekly news alerts New and updated content UK, EU and international regulators and bodies EBA, EIOPA and ECB publish governance framework for Data Point Model alliance The European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Central Bank have introduced a shared governance structure to guide their joint work on the Data Point Model ( DPM) 2.0 standard. Through the DPM...
Alongside the full coverage in the Financial Services news feed of 18 April 2024, subscribers may find these further developments of interest: FCA Decision Notices Etemaad Money Transfere Ltd Helen Maria Owens Panther Works Ltd Philip Bown Stephen Edward Jeffery Landmark Financial Resources ( Mortgages) Limited FCA: Complaints Commissioner’s final reports (updated) HM Treasury Notice, Iran, 18/04/2024 European Parliament Amendment 3: ESG rating activities—transparency and integrity ( COM(2023)0314 – C9-0203/2023 – 2023/0177( COD)) Amendment 2: Regulation ( EU) No 806/2014—early intervention, resolution conditions and funding ( COM(2023)0226 – C9-0139/2023 – 2023/0111( COD)) Amendment 2: Directive 2014/59/ EU—early intervention measures, resolution conditions and financing Amendment 3: Directive 2014/59/ EU—early intervention measures, resolution conditions and financing ( COM(2023)0227 – C9-0135/2023 – 2023/0112( COD)) Amendment 5: Directive 2014/59/ EU—early intervention measures, conditions for......
Additional developments Alongside the full coverage in the Financial Services news feed on 17 April 2024, subscribers may wish to note the following further developments: Treasury Committee: Inflation within the insurance industry and Correspondence Treasury Committee FCA: Decision Notice: 247 Commercial Vehicles Ltd FCA: Decision Notice: Craig Aspin FCA: Decision Notice: Mr George Beatty (trading as GB Auto Sales) European Parliament: Irene Tinagli on behalf of the Committee on Economic and Monetary Affairs Report A9-0029/2023 Jonás Fernández amending Directive 2013/36/ EU concerning supervisory powers, sanctions, third-country branches, and environmental, social and governance risks ( COM(2021)0663 – C9-0395/2021 – 2021/0341( COD)) AMENDMENTS 001-001 by the Committee on Economic and Monetary Affairs Report Jonás Fernández A9-0029/2023 amending Directive 2013/36/ EU regarding supervisory powers, sanctions, third-country branches, and environmental, social and governance risks Amendment 1 AMENDMENTS BY THE EUROPEAN...
In addition to the stories covered in full in the Financial Services news feed on 12 April 2024 Subscribers may wish to note the following further developments: FCA: Decision Notice 2024: Central Dental Care FCA: Decision Notice: Lukey Cassette Boilers ( UK) Ltd FCA: Decision Notice: Zalda Limited SI: FINANCIAL SERVICES AND MARKETS ACT 2023 2023 c. ......
Beyond the articles reported in depth in the Financial Services news feed on 11 April 2024, subscribers could also find the following extra developments of particular interest: UK Finance: The Parker Review: Progress and challenges for ethnic diversity......
In this issue: UK, EU, and international regulators and bodies Authorisation, approval and supervision Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Banks and mutuals Mi FID II Consumer credit, mortgage and home finance 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 Dates for your diary UK, EU, and international regulators and bodies Authorisation, approval and supervision FCA publishes regulated fees and levies rates proposals for 2024-25 The Financial Conduct Authority has released consultation paper CP24/6: FCA regulated fees and levies: rates proposals for 2024-25. It is inviting views on rules enabling fees and levies to be...
This marks the first stage of the regulator’s climate‑related financial disclosure regime to be enforced, covering all FCA‑authorised firms, with rules on the labelling and marketing of investment products arriving later this year from July (see FCA, PS23/16: Sustainability Disclosure Requirements ( SDR) and investment labels, 28 November 2023). The regime extends to regulated activities undertaken by private enterprises, listed companies and public sector bodies alike. These measures are intended to ensure that statements made by regulated entities about the sustainability credentials of supposedly green products and services are fair, clear, not misleading, and consistent with the sustainability profile of the product or service. Yet are the new rules sufficient to resolve the problem of misleading information about a company’s green credentials and its products and services? Are these anti‑greenwashing provisions anything more than a greenwashing exercise themselves? They play well in public...
EU developments European Commission publishes PSF intermediate report on monitoring capital flows to sustainable investments The Platform of Sustainable Finance ( PSF), which advises the European Commission, has released an intermediate report concerning the ‘monitoring of capital flows to sustainable investments’. The report’s intention is to set out an architecture enabling measurement of the effective contribution of finance towards meeting the objectives of the European Green Deal, providing a basis for tracking how finance supports these goals over time consistently......
In addition to the stories covered in full in the Financial Services news feed on 10 April 2024 Subscribers might also wish to note the following further developments: FCA issues a Decision Notice concerning Mr Kenneth Shuttleworth The ESAs open their first recruitments......
The EU’s General Court has overturned sanctions on the businessmen, striking their names from the list of designated individuals and ordering their delisting after their funds and assets had been frozen in the wake of the Russian attack in 2022. In its reasoning, the court stated that none of the grounds set out in the initial acts was sufficiently evidenced, so the inclusion of Mr Aven and Mr Fridman on the contested lists was not warranted. The judges held that, although there is material indicating the men maintained links with Putin and his entourage, the European Council, which made the designations, did not prove they supported Kremlin policies or the war, or that they offered any support or assistance to Moscow......
Alongside the articles reported in detail within the Financial Services news feed on 9 April 2024, subscribers might be keen to note the following key further updates: ISDA: Building Smart Contracts ESMA publishes first overview of EU securities......
The Financial Services Compensation Scheme stated that sums recovered will help reduce levy charges for authorised firms, or increase pay-outs to impacted customers. The FSCS handles compensation for clients of failed financial services businesses. However, awards are capped at £85,000 per individual. The FSCS also noted that £2m of funds clawed back between 1 2023 and 31 March 2024 would be directed towards extra redress for customers whose losses exceeded the £85,000 threshold, beyond the standard compensation cap......
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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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