Featured documents
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 Sole traders, informal partnerships and outdated partnership deeds are common.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
Most recent News
Alongside the articles reported in full within the Financial Services news feed on 9 February 2024, subscribers could be interested in the following further developments of note: FCA: Shifting the dial on financial crime......
UK developments FCA publishes new webpage on the sustainability disclosure and labelling regime The Financial Conduct Authority ( FCA) has released a webpage outlining its latest actions to strengthen confidence and clarity around sustainable investment products and to limit greenwashing. The page explains how the rules apply to firms and features a table showing the implementation timetable. See: LNB News 02/02/2024 67. Source: Sustainability disclosure and labelling regime......
Alongside the items reported in full in the Financial Services news feed on 8 February 2024, subscribers may wish to note the following further developments: FCA: Cryptoasset AML/ CTF regime: feedback on high- and low-quality applications FCA: Credit reporting: Interim Working Group ( IWG) FCA: Final Notice 2024: Nicholas Andrew ......
A study by the campaign group Spotlight on Corruption says regulators and prosecutors routinely fall short of making top executives at large corporates personally answer for misconduct. By contrast, the report labels directors of small and medium-sized firms as ‘low-hanging fruit’, far more prone to convictions, bans or fines... Spotlight’s executive director, Susan Hawley, said that after each corporate scandal—from the financial crash to the Post Office—there are rightful calls for senior leaders to be held to account, yet it seldom happens. Citing Airbus’s worldwide bribery operation and Nat West’s money laundering, she said senior executives continue to dodge responsibility. This failure of accountability, she argued, harms British business, damages the UK economy and hurts the British public... Spotlight’s research shows the Serious Fraud Office ( SFO) obtained roughly £2.1bn in penalties from eight convictions and 12 deferred prosecution agreements against 20 companies between 2013 and 2023, but...
UK banks Lloyds and Santander have been contacted by the FCA following allegations that they were used by Iranian companies to move money around the world in breach of sanctions rules. According to a Financial Times article dated 4 February 2024, the two major lenders provided accounts to UK shell companies secretly controlled by the sanctioned Iranian petrochemicals group, Petrochemical Commercial Company. PCC and its subsidiary, PCC UK, have been under US sanctions since 2018, after claims they were used to raise hundreds of millions of dollars for Iran’s Revolutionary Guards and for allegedly working with Russian intelligence agencies. On 5 February 2024, the FCA said it was in touch with both banks and the UK’s sanctions enforcer regarding the allegations. It noted it was aware of the reports and, as expected, was engaging with the firms and the Office of Financial Sanctions...
In this issue: UK, EU and international regulators and bodies Authorisation, approvals and supervision Accountability, culture and social governance Prudential standards Financial crime and sanctions Complaints, redress and claims handling Investigations, enforcement and discipline Capital markets regulation Derivatives regulation Sustainable finance and ESG Banks and mutuals Investment funds and asset management Mi FID II Insurance regulation Payment services and systems Fintech and cryptoassets 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 FCA and PSR publish cost/benefit analysis ( CBA) policies The Financial Conduct Authority ( FCA) and the Payment Systems Regulator ( PSR) have issued papers...
Sam Woods, chief executive of the Prudential Regulation Authority, the Bank of England’s regulatory arm, told the Treasury Committee that its remit has a significant notable gap not seen in the EU’s regulatory framework. The single power parliament has not handed to us is the ability to impose fines, he explained during the committee’s scrutiny of the PRA’s activities. That sets us apart from the EU method. Woods added that he expects the authorities conferred on the PRA by the Financial Services and Markets Act 2023, which obtained Royal Assent in June 2023, to prove effective once translated into formal rules, though he stressed this remains currently an emerging area. Firms expected to fall within the PRA’s forthcoming oversight of so-called critical......
Additional developments In addition to the full coverage in the Financial Services news feed on 7 February 2024, subscribers may wish to note the following further developments: AFME: UK plans for stablecoins should spur DLT-driven capital markets Insurance Europe: Insurers voice serious concerns about EU tax......
Upper Tribunal ( UT) Judge Swami Raghavan ruled on 5 February 2024 that the Financial Conduct Authority's ( FCA) requirements affecting Nvayo Ltd's ability to transact new and existing business and use of its own assets would remain in place. According to the tribunal, Nvayo’s chief executive, Christopher Scanlon, was detained in the US in May 2023 on allegations of conspiring to direct and possess an unlicensed money‑transmitting business, contrary to US federal law. The UT added, in late 2023, the FCA set conditions on Nvayo which will persist until the regulator’s concerns about Scanlon and adherence to anti‑money laundering rules are allayed......
On 2 February 2024, the FCA confirmed jurors at Southwark Crown Court were directed by Judge Tony Baumgartner to return a not guilty verdict, thereby acquitting Suhail Zina accordingly. Aged 36, Suhail had been alleged to have executed trades for his brother, Goldman Sachs banker Mohammed Zina, on the basis that his younger sibling held confidential, price-sensitive information that was not in the possession of the market. ' We can confirm that the case against Suhail Zina on all counts is not proceeding,' an FCA spokesperson said 5 February 2024. ' We are unable to comment further owing to ongoing legal proceedings.' The FCA's case against 35-year-old Mohammed Zina continues......
Alongside the full items featured in the Financial Services news feed on 5 February 2024, subscribers may wish to note the following extra developments of potential interest: ECB: Interview with De Volkskrant OJEU: Case C-28/22, Getin Noble Bank ( Limitation period for actions for restitution): Judgment of the Court ( Ninth Chamber) of 14 December 2023 (request for a preliminary ruling from the Sąd Okręgowy w Warszawie — Poland) — TL, WE v Liquidator of Getin Noble Bank S. A., formerly Getin Noble Bank S. A.......
What is the background to the proposed new rules? The financial sector is witnessing a swift move from cash to purely digital payments. Back in 2007, cash accounted for 64% of transactions; by 2022, only 14% were cash based. Opportunities to obtain cash (for example, at a local bank or ATM) have also dropped markedly. Yet for many people—particularly those with limited financial resilience or who have vulnerable characteristics—cash access remains vital. In response, the FCA wants to protect the ability to get and use cash for members of society who still depend on cash-led transactions. Who would the new rules apply to? The proposed framework would affect three groups of organisations. Firms offering current accounts to personal or business customers that expect to be designated by the Treasury under Part 8B of the Financial Services and Markets Act 2000 ( FSMA 2000). These firms would be...
In this issue Authorisation, approval and supervision Banks and mutuals Prudential requirements Financial stability Operational resilience Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Markets and trading Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Investment funds and asset management Mi FID II Islamic finance Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets 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...
UK developments HMT extends Transition Plan Taskforce mandate The Transition Plan Taskforce ( TPT) has confirmed that HM Treasury ( HMT) has now prolonged its mandate until at least 31 July 2024, with a potential further three month extension to the very end of October 2024, to support the Transition Finance Market Review ( TFMR), which was launched on 22 January 2024. See: LNB News 25/01/2024 44. Source: The TPT’s mandate has been extended. New one minute guide on the FCA’s Sustainability Disclosure Requirements ( SDR) and Labelling Regime The Lexis Nexis Financial Services practical guidance team, working with knowledge counsel, Chris Ormond, and partner, Dr Andrew Henderson of Goodwin LLP, has released a new one minute guide that presents a concise summary of the key requirements of the UK Sustainability Disclosure Requirements ( SDR) and labelling regime. See: The FCA’s...
Additional developments Apart from the items reported in detail in the Financial Services news feed on 1 February 2024, subscribers may wish to note these further developments: FCA: Final Notice: Rancom Security Limited HM Treasury Notice, Myanmar, 01/02/2024 ESMA ......
Any broadening of the definition would have enabled more SMEs to bring matters to the FOS. Here, we explore the implications of that step. In March 2023, the FCA issued a call for evidence to revisit the existing SME thresholds—fewer than 50 employees and an annual turnover under £6.5m, or a balance sheet below £5m—for acts and omissions, and to assess whether they still align with the FOS policy objective: to ensure the FOS can be accessed by SMEs likely to lack the means to resolve or pursue disputes with financial services firms through the legal system, and to reinforce firms’ incentives to settle matters swiftly and informally, or to prevent disputes arising altogether The FOS The service is free to use, so referring a complaint to it carries no charge for the complainant. As it operates as a no-cost forum, there is no costs...
The FCA Retail Banking Director, David Geale Appearing before the Treasury Committee, David Geale said the regulator will be able to look back and address banks getting it wrong now, once new intervention powers arrive between July and September. MPs pointed out this comes amid banks shutting 54 branches each month, with 5,828 closures since January 2015, while alternative arrangements are emerging more slowly than they would like. Geale explained that the legislation allows the FCA to go back once the rules are live. If branches are being closed now and, when the new rules are in force, a gap is identified, the expectation is that the deficiency will be resolved at that time......
Chris Hemsley, the Payment Systems Regulator’s managing director, informed the Treasury Committee that an October deadline has been firmly set for the regime obliging banks and other payment firms to refund customers deceived into sending money to criminals. He said the watchdog has imposed obligations on payment firms to observe the new rules and repay APP fraud victims from 7 October. Companies that do not comply could face fines of up to 10% of their turnover. ‘ Across the firms, some are in good shape already, while others still have distance to travel,’ Hemsley said. ‘ They will need their own arrangements in place to answer phone calls, manage cases and look after customers.’ ‘ We have a team in place and ready. They will monitor and escalate concerns where firms are unable to comply,’ he added. He noted that some newer small banks are...
Alongside the items reported in depth in the Financial Services news feed on 31 January 2024, subscribers may wish to note these further developments of particular interest: FCA: Credit reporting: Interim Working Group ( IWG) [18 Jan update] FCA: Decision Notice: Creditmax Ltd FCA: Decision Notice: Jordan Leisure Systems Limited HM Treasury Notice, Russia, ......
The asset management sector: Are we being sufficiently innovative? Tap the hyperlink to watch the film...
Popular documents
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 ]...
Discover more from LexisNexis
