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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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The demands of the Consumer Duty introduced by the FCA have blurred the boundary between advice and guidance. Information presented as free guidance can be taken to mean paid-for advice. Regulatory lawyers say the duty’s insistence on good consumer outcomes, alongside unclear signals from the City watchdog on what counts as ‘advice’, is clouding the compliance landscape for financial advisers. This room for misunderstanding has triggered legal unease about how impartially the Financial Ombudsman Service ( FOS) might resolve complaints alleging poor advice under the new consumer protection regime created by the duty. By lifting the compliance threshold and prioritising outcomes, the duty increases the likelihood of advisers slipping up when assisting consumers. A further concern is that advisers, faced with two fresh and potentially conflicting compliance rule books, may hold back from offering constructive guidance or advice. According to Clive...
Mr Justice Martin Chamberlain dismissed Ildar Uzbekov’s High Court action accusing Revolut Ltd of unjustly “de‑banking” him in April 2020, relying on press articles that hinted at possible money laundering on his part. Uzbekov had pursued nominal damages and a declaration that the lender improperly closed his account, arguing the coverage was planted as part of a “shadowy smear campaign” against him. However, the judge held that, even were Uzbekov to show Revolut breached contract by relying on inadequate material, that would not establish the accusations were untrue in this case. The truth or falsity of such assertions can only be properly determined in defamation litigation, he added. Finding a contractual breach would therefore simply not “in any substantial sense vindicate Mr Uzbekov’s reputation here”. Uzbekov, a British national born in Kazakhstan, is the son‑in‑law of Alexander Shchukin, who died in 2021......
Beyond the articles reported in full within the Financial Services news feed on 26 January 2024, subscribers may wish to note the following further updates: FCA: Cancellation of society registrations in 2023 FCA:......
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Accountability, culture and social governance Prudential requirements Financial crime and sanctions Conduct requirements Investigations, enforcement and discipline Regulation of derivatives Sustainable finance and ESG Investment funds and asset management Consumer credit, mortgage and home finance Crowdfunding Regulation of insurance Fintech and cryptoassets 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 The City UK and London Stock Exchange sign financial infrastructure Mo U with Ukraine The City UK and London Stock Exchange plc have entered into a memorandum of understanding ( Mo U) with Ukraine’s Ministry of Economy to help further grow the country’s financial and allied professional services sector via ‘ The City- Ukraine Hub’. Backed by the UK’s Foreign, Commonwealth and Development Office ( FCDO), the Mo U seeks to create a ‘robust framework and supporting financial market...
EU developments EBA consults on identification, measurement, management and monitoring of ESG risks The European Banking Authority ( EBA) has opened a consultation on proposed guidelines covering environmental, social and governance ( ESG) risk management. The draft sets out what institutions should do to identify, quantify, manage and oversee ESG risks, and calls for strategies and plans to tackle exposures linked to the shift towards an EU climate-neutral economy. Feedback is requested by 18 April 2024. See: LNB News 19/01/2024 26. Source: The EBA consults on guidelines on the management of ESG risks. EFRAG launches consultation on two exposure drafts on SMEs sustainability reporting standards The European Financial Reporting Advisory Group ( EFRAG) has started a public consultation on the ESRS exposure draft for listed SMEs, alongside a voluntary reporting draft for non-listed SMEs. The consultation runs until 21 May 2024, inviting all...
See Practice Note: The FCA’s Sustainability Disclosure Requirements ( SDR) and Labelling Regime—one minute guide...
On 30 January 2024, public hearings will be conducted jointly by delegates of the European Parliament and the governments of the 27 EU member states in total. Afterwards, they will decide where to base the new body, officially named the Anti- Money- Laundering/ Countering the Financing of Terrorism Authority ( AMLA). ' This marks the first occasion that public hearings form part of the procedure to pick the seat of a new EU agency, following the EU court ruling that granted Parliament equal footing with the council in choosing future agencies' host cities,' the European Parliament's press service stated......
Alongside the pieces featured in depth in the Financial Services news feed on 24 January 2024, subscribers might wish to take note of the following extra updates: FOS: Everyday money pressures are forecast to spur complaints to the Financial Ombudsman Service in......
But what happens when the criminal property is only a fraction of the sums held in an account? Case law has meant that, even where only a small portion of an account is tainted, the entire balance had to be frozen, an outcome widely seen as unfair. Parliament has now remedied this through the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023). Section 183 of the ECCTA 2023, ' Money laundering: exemptions for mixed-property transactions', took effect on 15 January 2024. It revises the POCA 2002 provisions that set out the principal money laundering offences. The change introduces an exemption for regulated firms that maintain a client account or hold client funds while knowing or suspecting that only part of the funds or property is criminal. In those circumstances, the regulated firm may carry out transactions on the account or property...
Although the government chose not to advance a proposal to give firms a heavier burden of responsibility, the reforms still carry real weight for companies and investors. They tighten the eligibility tests and enhance both investor declarations and compulsory information standards. Businesses must be compliant by the go-live date. Those seeking capital under the financial promotion exemptions will have to include additional disclosures in their investor communications. This is intended to help prospective investors perform basic due diligence on the person’s investment marketing, and to support the Financial Conduct Authority ( FCA) in examining possible non-compliance with the exemptions. HM Treasury consulted two years ago on revisions to the financial promotion exemptions in the Financial Promotion Order for high net worth individuals and sophisticated investors. In its November 2023 consultation response, the government set out the final changes, which take effect from 31...
In addition to the stories covered in full in the Financial Services news feed on 19 January 2024 Subscribers may wish to note the following further developments: PRA: Approaches and methods to resolve major banks whose collapse could have systemic consequences EU Parliament: DRAFT REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulations ( EU) No 1092/2010, ( EU) No 1093/2010, ( EU) No 1094/2010, ( EU) No 1095/2010 and ( EU) 2021/523 as regards certain reporting requirements in the fields of financial services and investment support ( COM(2023)0593 – C9-0383/2023 – 2023/0363( COD)) Alongside our daily and weekly news alerts, Financial Services subscribers may opt to receive intraday alerts at midday and at the end of the day, delivering in real time a summary of the latest financial services...
UK developments FCA announces establishment of industry-led working group for financial advisers The Financial Conduct Authority ( FCA) revealed it has named Daniel Godfrey as chair and Julia Dreblow as vice-chair of a new working group dedicated to strengthening sustainable finance capability throughout the financial advice industry, more widely. The Personal Investment Management & Financial Advice Association ( PIMFA) will act as the secretariat. See: LNB News 16/01/2024 30......
In this issue: Accountability, culture and social governance Prudential requirements Banks and mutuals Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Markets and trading Dispute resolution for financial services lawyers Regulation of derivatives Mi FID II Consumer credit, mortgage and home finance Crowdfunding Sustainable finance and ESG 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 Dates for your diary Accountability, culture and social governance Treasury Committee publishes summary of ‘ Sexism in the City’ engagement event The Treasury Committee has issued a synopsis of the ‘ Sexism in the City’...
Beyond the items reported in detail in the Financial Services news feed dated 18 January 2024, subscribers may wish to note the following additional developments of interest: ESMA: Response to public consultation EC targeted consultation on OTC ......
ISDA launches clause library for sustainability-linked derivatives ( SLDs) ISDA has introduced a clause library for sustainability-linked derivatives ( SLDs), created to remove unnecessary differences and enhance standardisation within this market, delivering a negotiation process that is smoother, more consistent and more efficient overall......
See also: Treasury Committee publishes summary of ‘ Sexism in the City’ engagement event, LNB News 17/01/2024 15 FCA Chief Executive Nikhil Rathi, together with colleagues, told the Treasury Committee, a cross‑party group of lawmakers, that the regulator is surveying wholesale finance firms to gather statistics on non‑financial misconduct cases—and on how such matters are spotted and resolved. Sarah Pritchard, the FCA’s director of supervision, said they are quite deliberately pressing ahead with that supervisory work programme right now, so they can use its findings to set out what constitutes best practice at the close of this exercise and, crucially, to shape their supervisory programme when the new rule sets take effect. The FCA’s industry survey spans wholesale insurance intermediaries and broking, as well as both banks and insurers. Wholesale markets link individuals and institutions seeking to invest funds with others that require them; retail...
Additional developments Alongside the articles featured in full in the Financial Services news feed on 17 January 2024, subscribers may wish to note these further developments: FCA: Decision Notice: Amberley Motors Ltd FCA: Decision Notice: Fox Global Trading Limited FCA: Decision Notice: DHI International UK Limited FCA: Decision Notice: John Wallace (trading as Mia Motors) ECB: One step ahead: protecting the cyber resilience of financial infrastructures BIS: Streamlining VM processes and IM responsiveness of margin models in non-centrally cleared markets As well as our daily and weekly news alerts, Financial Services subscribers can choose intraday updates at midday and at day’s end, delivering real-time summaries of that day’s financial services developments. To receive these intraday alerts, email...
The new topic houses the following subtopics: Culture, diversity and inclusion SM& CR and ...
In addition to the stories covered in full in the Financial Services news feed on 16 January 2024 Subscribers may wish to note the following further developments: LSB: Cambridge & Counties Bank is the first to obtain concurrent interim registration to both the LSB’s business Standards and the business Standards for asset finance FCA: Decision Notice: Phillips Price Services Limited FCA: Decision Notice: A- Z Motors ( Peterborough) Limited......
R (on the application of Elliott Associates LP and others) v London Metal Exchange and another [2023] EWHC 2969 ( Admin) What are the practical implications of this case? This judgment serves as a strong reminder of the generous leeway the courts will grant to regulators and decision‑makers. The court acknowledged that the Defendants reached their decision quickly and in conditions of significant pressure. It further restated what a Claimant must show to pursue judicial review, namely that there is a clear divide between criticising the merits of decisions made under pressure and alleging that such decisions are unlawful. Where urgent steps are taken by decision‑makers relying on informed expertise and a detailed understanding of niche areas of commercial activity, the court will not second‑guess those choices. So long as decision‑makers can demonstrate the evidential basis upon which they acted, and the decision reached is...
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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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