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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Corporate Sustainability Due Diligence Directive Belgian officials, overseeing EU legislative negotiations as the current holder of the Council of the EU’s rotating presidency, reported that a meeting of national envoys failed to break the deadlock. They noted that a final compromise on the Corporate Sustainability Due Diligence Directive had been tabled for Coreper ambassadors to endorse, but, despite the presidency’s efforts, sufficient backing did not materialise. For adoption, the proposal required a qualified majority: at least 15 Member States, together accounting for a minimum of 65% of the EU’s citizens. However, Germany and Italy, along with Bulgaria, the Czech Republic, Estonia, Finland, Hungary, Lithuania, Luxembourg, Malta and Slovakia, all abstained, and Sweden voted against the measure. Austrian officials said they were unable to take......
St James's Place plc ( SJP) allocated a provision against its 2023 pre-tax earnings, reducing the group's after-tax cash outcome to £68.7m. A year before, the firm posted earnings of £410m. The wealth manager said it anticipates drawing on the provision over the next three years. This adjustment reflects an effect on reported cash. ' We experienced a significant rise in clients lodging complaints related to demonstrating and delivering historic ongoing servicing,' said SJP chief executive, Mark Fitz Patrick......
Beyond the articles featured in full within the Financial Services news feed on 28 February 2024, subscribers might wish to note these further developments also of interest: FCA: Decision Notice: JM Financial ( UK) Limited FCA: Decision......
The Court of Appeal The Court of Appeal unanimously threw out Eugene Shvidler’s bid to have the sanctions against him ruled unlawful. The judges concluded the government had reasonable grounds to believe the oil magnate derived financial advantage from his association with Russian billionaire Abramovich, the former owner of Chelsea Football Club. The Anglo- American businessman was designated by the UK in March 2022 due to his personal and commercial links with Abramovich. The Court of Appeal further determined that targeted measures are indefinite in nature and add to the overall force of the sanctions regime, introduced in response to Russia’s invasion of Ukraine and breaches of international law. Shvidler had sought to reverse a refusal of his challenge to the Foreign Office’s March 2022 decision to sanction him following Russia’s assault on Ukraine. He alleges that Grant Shapps, then transport...
The Competition Appeal Tribunal threw out Walter Merrick’s assertion of a ‘causal link’ between cross‑ European charges and prices paid in the United Kingdom, dampening not just his hopes but those of the 46 million consumers he fronted. The dispute stems from the European Commission’s 2007 ruling that Mastercard had infringed EU competition rules by the manner in which it levied so‑called multilateral interchange fees on merchants. “ We therefore dismiss the [class representative’s] contention that the [ European Economic Arena] MIFs set during the infringement period… exerted any material causative effect, as alleged, on the level of interchange fees—bilateral or multilateral—applicable to UK domestic transactions,” wrote Judge Peter Roth in the 74‑page judgment for the purposes of the claim advanced by Mr Merrick therein......
In addition to the stories covered in full in the Financial Services news feed on 26 February 2024 Subscribers may wish to note the following additional updates and notices: EU Council affirms the renewal of Jose Manuel Campa as Chairperson of the EBA FCA: Decision Notice: Any Automotive Limited FCA: Decision Notice: MJL Focus Marketing Ltd Alongside our regular daily and weekly alerts, Financial Services subscribers can opt in to intraday updates at midday and at the end of the day, providing a summary in real time of the latest financial services developments that have occurred that day. If you would like to receive these intraday alerts, please email...
What are the report’s key findings? UK enforcement bodies continue to struggle to bring prosecutions against senior leaders in major companies and lack concrete, clearly defined strategies for pursuing individual responsibility and accountability. Even when companies are fined, action against specific individuals remains exceptionally rare. Directors of small and medium-sized enterprises ( SMEs) are far more likely to be convicted, fined and disqualified than peers at larger businesses; moreover, penalties imposed on big firms tend to be smaller relative to turnover. The Financial Conduct Authority ( FCA) has done little to enforce the new Senior Managers and Certification Regime ( SMCR) in practice, and has in fact issued fewer fines and prohibition orders against individuals over the past decade. Although the Competition and Markets Authority ( CMA) and the Insolvency Service have sought to disqualify directors at large...
historical motor finance commission arrangements and sales In January 2024, the FCA announced it would commence a review into the 'historical motor finance commission arrangements and sales' at several firms, after the Financial Ombudsman Service backed customers in complaints concerning conduct predating a January 2021 ban. That prohibition on discretionary commission models targeted car dealers and credit brokers who paid staff commissions tied to how much they increased borrowers’ car loan interest rates......
In this issue Edinburgh reforms UK, EU and global regulators and institutions Culture, accountability and social governance Prudential rules Financial stability Operational resilience Financial crime and sanctions Consumer protection Complaints, redress and claims handling Investigations, enforcement and disciplinary action Capital markets regulation Dispute resolution for lawyers in financial services Derivatives regulation Sustainable finance and ESG Investment funds and asset management Mi FID II Consumer credit, mortgages and home finance Insurance regulation Payment services and systems Artificial intelligence in financial services Financial Services Enforcement Database Daily and weekly news updates Intraday updates New and updated content Dates for your diary Edinburgh reforms Government responds to Treasury Committee report on the Edinburgh Reforms The government has issued its reply to the Treasury...
EU developments ECB publishes range of articles on risk management and resilience topics The European Central Bank ( ECB) has issued a selection of articles, penned by members of its Supervisory Board, for the Euro Fi magazine......
The Investment Delivery Forum Formed in July 2023 by the Association of British Insurers, the Investment Delivery Forum said forthcoming regulatory reforms for insurers will release billions for so‑called productive investment, including technology start‑ups and green infrastructure, over the coming decade. The easing of Solvency II capital rules, scheduled for June 2024, broadens the universe of assets available to insurers, the trade body also noted. The forum said several practical proposals in the published report would let insurers begin allocating capital with minimal delay once the new rules are in force. Among the recommendations is handing executive agencies greater authority to set longer‑term strategic plans. Bim Afolami, economic secretary to the Treasury, said in the report that it is 'encouraging' to see......
This piece considers these questions by exploring the scope—and the inherent ambiguity—of the new offence... The new offence Section 199 of the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023) states that a large organisation commits the failure to prevent fraud offence if it does not stop an associated person from committing a fraud offence, where that associated person intends to benefit, directly or indirectly, either: the organisation the person to whom, or to whose subsidiary, the associated person provides services on the organisation’s behalf Qualifying fraud offences are set out in ECCTA 2023, Schedule 13. An organisation is not guilty of the failure to prevent fraud offence if it is, or is intended to be, the victim of the fraud itself. There is a defence where, at the time the fraud offence occurred, the organisation had reasonable fraud...
The firm collapsed in 2019 and, in November 2023, the UK’s financial regulator censured it after a probe found LCF had sold unregulated and misleading minibonds to investors. Last week, the Financial Conduct Authority issued a £31,800 penalty and barred a former LCF director for approving the company’s misleading financial promotions. Claimants — including joint administrators Finbarr O’ Connell, Adam Stephens, Colin Hardman and Lane Bednash of Evelyn Partners — have provided evidence indicating that LCF conducted business......
In addition to the stories covered in full in the Financial Services news feed on 16 February 2024 Subscribers may wish to note the following further developments: FMSB unveils ACCA special report: Risk cultures and banking: where next? Council of the EU: Directive of the European Parliament and of the Council amending Directives 2011/61/ EU and 2009/65/ EC......
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Conduct requirements Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Banks and mutuals Mi FID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems EEA Agreement Annex IX ( Financial Services) Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Key dates for financial services practitioners UK, EU and international regulators and bodies Ho L committee calls for ‘ Office for Regulatory Performance’. The House of Lords Industry and Regulators Committee has issued a report on how UK regulators perform, their...
EU developments Sustainability reporting standards for listed SMEs and specific sectors to be postponed The Council of the EU and the European Parliament have struck a provisional deal to defer by two years the adoption of the European sustainability reporting standards ( ESRS) for third-country companies, SMEs and selected sectoral areas, thereby amending Directive ( EU) 2022/2464 (the Corporate Sustainability Reporting Directive)... Publication of this ESRS package moves from 30 June 2024 to 30 June 2026. Listed SMEs and companies in specific sectors will benefit from an extra two years to get ready for the revised reporting requirements. The timetable for third-country (ie non- EU) companies is unchanged: CSRD obligations and associated ESRS will apply for financial years starting on or after 1 January 2028. See: LNB News 08/02/2024 32. Source: Council and Parliament agree to delay...
BVCA Despite being Europe’s largest and worth £2.5trn, the UK pensions market trails other nations, according to industry body the BVCA. The association said its panel’s purpose is to help UK savers make more from their investments. It intends to lift performance by removing the obstacles that stop pension schemes backing fast‑growing businesses. It will review international examples to inform its approach. The group will also examine how to channel additional capital into those companies. “ We will carefully assess how pension funds in other countries have managed to invest successfully in UK funds,” said Kerry Baldwin, managing partner at IQ Capital Partners LLP and chairing the panel. Baldwin added that the panel will “get to the root of the technical and structural barriers that restrain investment by UK pension funds”......
Beyond the articles presented in detail within the Financial Services news feed on 14 February 2024, subscribers could also find value in these other developments of note here: Bo E: Minutes of Money Market Committee meeting – December 2023 ......
Nvayo Ltd v Financial Conduct Authority [2024] UKUT 00035 ( TCC) What are the practical implications of the case? This decision will be valuable to practitioners aiming to secure a stay of an FCA supervisory notice that imposes requirements under the EMRs 2011 ( SI 2011/99), reg 11. Under reg 7 of the EMRs 2011, the FCA may, on authorising a firm, attach whatever requirements it considers appropriate. Read together, regs 7 and 11 permit the FCA to later impose further requirements on various grounds, including safeguarding consumers. The Upper Tribunal’s discretion to pause such requirements pending the substantive hearing is found in the UT Rules ( SI 2008/2698), r 5(5). The Tribunal may exercise that power only if satisfied that doing so would not prejudice: the interests of any persons (consumers, investors or otherwise) whom the notice is intended to protect the smooth...
In addition to the stories covered in full in the Financial Services news feed on 12 February 2024 Subscribers may wish to note the following additional developments: OJ: Case C-231/23, Eurobank Bulgaria — Order of the Court ( Ninth Chamber) of 18 December 2023 (request for a preliminary ruling lodged by the Sofiyski rayonen sad — Bulgaria) — ‘ Eurobank Bulgaria’ AD (reference for a preliminary ruling — Article 99 of the Rules of Procedure of the Court of Justice — questions whose answers may clearly be inferred from the Court’s established case-law — consumer protection)......
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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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