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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Financial services developments SRB updates operational guidance on separability and transferability for enhanced proportionality The Single Resolution Board ( SRB) has released refreshed operational guidance for banks on separability and transferability after consulting the public. It aligns with resolvability self-assessment obligations and supports the Single Resolution Mechanism’s evolution from planning to operationalisation, resolution testing and crisis preparedness. The update introduces no additional deliverables, but sets out a practical framework for transfer playbooks with a supporting testing annex to help firms demonstrate the capabilities expected. Incorporating consultation input, the revision strengthens proportionality and simplifies wording across several sections, addressing issues seen in prior submissions while providing a streamlined approach with clearer expectations for separability analysis. Source: SRB updates its operational guidance on separability and transferability for more alignment and proportionality FCA announces sentencing of seven social media influencers for issuing unauthorised financial...
Financial services developments FCA publishes video guidance on improving applications for authorisation and registration The Financial Conduct Authority ( FCA) has released video guides aimed at improving applications for authorisation and registration by payments firms and digital asset firms. In these films, FCA authorisations staff set out supervisory expectations, practical steps to strengthen submissions, and where applicants can access further help. Source: Improving applications for authorisation and registration as a payments firm and digital asset firm: video guides ECB sanctions J. P. Morgan SE for capital requirement reporting breaches The European Central Bank ( ECB) has levied two administrative fines totalling €12.18 million (€12,180,000) on J. P. Morgan SE after the bank misstated risk-weighted assets. From 2019 to 2024, the bank reported lower risk-weighted assets than appropriate. This arose because, over 15 consecutive quarters, it misclassified corporate exposures and applied a credit risk weight below that...
Introduction by Guy Wilkes, partner and Lexis+ Consulting Editorial Board member Welcome to Mishcon de Reya’s Enforcement Watch, our triannual survey of enforcement activity and what lies ahead. Over the past four months, the FCA has flexed its enforcement muscle. The standout case: a £44 million fine for Nationwide over AML systems failings. Familiar issues, yet a sanction that spotlights supervisory priorities. Once more, the FCA applied a proportionality adjustment without explaining its method. The regulator is also broadening use of criminal powers, achieving its first data protection prosecution while sustaining pressure on insider dealing. Two notable disclosure rulings – on cross‑border confidentiality duties and collateral use of materials in Tribunal proceedings – carry significant implications for firms under scrutiny. Looking forward, the FCA’s December plans for comprehensive cryptoasset rules (effective 2027) signal a fundamental shift, and final guidance on...
In this issue Authorisation, approval and supervision; Prudential requirements; Financial crime and sanctions; Investigations, enforcement and discipline; Regulation of capital markets; Sustainable finance and ESG; Banks and mutuals; Regulation of insurance; Fintech and cryptoassets; Regulation of AI in FS; 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 HMT consults on changes to the Appointed Representatives regime HM Treasury ( HMT) has opened a consultation to amend the legislative framework for Appointed Representatives ( ARs), aiming to tackle worries that weak oversight of some ARs could harm consumers. Replies are requested by 9 April 2026. Consultation: The Appointed Representatives Regime Consultation document Prudential requirements CRR: EBA publishes guidelines on proportionate retail diversification methods The European Banking Authority ( EBA) has issued its final guidelines on...
Financial services developments POATRs: FCA clarifies its position on notifications relating to admissions to trading The Financial Conduct Authority ( FCA) has released a statement on notifications for admissions to trading and the recent amendments to the UK Listing Rules, setting out its stance following the launch of the new Public Offers and Admissions to Trading Regulations ( POATRs) regime. From 19 January 2026, POATRs and related updates created a duty in the Prospectus Regime Manual ( PRM 1.6.4R) for issuers to inform a Regulatory Information Service ( RIS) of any admission to trading within 60 days of that admission. Since implementation, the FCA has been alerted to potentially duplicative obligations in UKLR 6.4.4R(4), 13.3.20R(4), 14.3.17R(4), 16.3.16R(4) and 22.2.17R(4), which have caused uncertainty for some issuers. The FCA now plans to consult shortly on deleting UKLR 6.4.4R(4) and matching provisions in other UKLR...
Financial services developments PRA and FCA launch securitisation consultations The Prudential Regulation Authority ( PRA) and the Financial Conduct Authority ( FCA) have issued consultation papers ( CPs) on reforming the UK securitisation framework. Together they outline proposals aimed at simplifying obligations and reducing burdens on firms. The FCA proposes streamlining reporting, disclosure and due diligence requirements. The PRA intends to make the existing framework less prescriptive and to update the capital treatment of loans under the Mortgage Guarantee Scheme. Responses to both consultations are requested by 18 May 2026. FCA CP26/6 concentrates on simplifying due diligence and refining transparency, whilst preserving the obligation to deliver comprehensive reporting of information to safeguard investors......
Financial services developments FSCS publishes budget update for 2026/27 The Financial Services Compensation Scheme ( FSCS) has released a budget update, setting out management expenses of £108m for 2026/27. Within this, £97m covers core expenditure, a 6% drop from the prior year, alongside a further £11m to bolster the FSCS’s existing revolving credit facility ( RCF), aimed at improving funding readiness and reinforcing trust in the UK financial services sector. With the extra RCF costs included, the FSCS’s total 2026/27 budget remains aligned with inflation. The Prudential Regulation Authority ( PRA) and the Financial Conduct Authority ( FCA) are consulting on a 2026/27 Management Expenses Levy Limit of £113m, representing an inflation-only uplift of £4.4m on 2025/26. This also provides for an unlevied contingency reserve of £5m, unchanged from 2025/26. The most recent 2025/26 forecast stays at £108.6m, inclusive of an unlevied reserve of £5m, as set out in...
Financial services developments EIOPA updates guidelines on supervisory review process and treatment of market and counterparty risk exposures The European Insurance and Occupational Pensions Authority ( EIOPA) has refreshed and updated its guidance for the supervisory review process, as well as the approach to market and counterparty risk exposures within the standard formula. The main purpose of these revisions is to reflect the Solvency II review by clarifying and streamlining existing provisions and processes, while extending their remit to encompass emerging risks. Drawing on the practical application of the supervisory review process guidance since their first adoption in 2015, EIOPA indicates that enhancements have been identified to bolster flexibility and adaptability, mirroring the evolving supervisory landscape across Europe. Although the adjustments do not apply directly to the insurance sector, EIOPA expects they will materially increase predictability in firms’ dealings with...
Financial services developments HMT consults on changes to the Appointed Representatives regime HM Treasury ( HMT) has opened a consultation on plans to amend the legislative framework governing Appointed Representatives ( ARs), prompted by worries that inadequate supervision of some ARs is exposing consumers to harm. Feedback is requested by 9 April 2026. HMT explains that the targeted adjustments set out in the paper would: curb misconduct linked to ARs. Firms seeking to utilise ARs would first be required to secure approval from the Financial Conduct Authority ( FCA), allowing the FCA to confirm they possess the right expertise and capacity to supervise their ARs effectively ensure appropriate consumer protections are in place when problems arise......
In this issue: UK, EU and international regulators and bodies Prudential requirements Financial crime and sanctions Investigations, enforcement and discipline Regulation of benchmarks and IBOR reform Regulation of capital markets Regulation of derivatives Investment funds and asset management Consumer credit, mortgage and home finance 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 UK- China Financial Working Group announces inaugural agreements HM Treasury ( HMT) has unveiled the UK– China Financial Working Group, creating a new forum for dialogue on financial policy between governments and regulatory authorities in both countries. The Bank of China’s London Branch has been named the UK’s second renminbi ( RMB) clearing bank,...
Financial services developments FCA sets out final rules for regulation of Deferred Payment Credit The Financial Conduct Authority ( FCA) has released policy statement PS26/1: Regulation of Deferred Payment Credit (unregulated Buy Now Pay Later), which sets out the final rules designed to ensure borrowers receive appropriate protections when using these products, following the government’s decision to bring this sector within the FCA’s regulation. From 15 July 2026, any lender offering a Deferred Payment Credit ( DPC) agreement to fund the purchase of goods or services from a merchant will come within FCA regulation. Merchants that provide their own DPC agreements directly remain outside scope. The broking of DPC agreements is also excluded. To prepare for regulation on 15 July 2026, DPC lenders should review the FCA’s final rules and implement the required updates to their systems and controls. Firms carrying on DPC activity that do not...
Financial services developments FCA takes action against HTX over cryptoasset promotion concerns The Financial Conduct Authority ( FCA) has confirmed it has initiated court action against global crypto exchange HTX (previously Huobi) for unlawfully promoting cryptoasset services to UK customers. This marks the first occasion to date on which the FCA has pursued enforcement action against a cryptoasset business suspected of unlawfully marketing its offerings to people in the UK. From October 2023, when all cryptoasset firms fell within the FCA’s financial promotions framework, as applicable to such communications, any firm offering crypto products to UK customers must follow rules designed to shield consumers from unfair or misleading publicity. Promoting cryptoassets on social platforms or websites without meeting these standards constitutes a criminal offence. On 21 October 2025, the FCA issued proceedings in the Chancery Division of the High Court against the...
Financial services developments FCA note on prioritisation of authorisation applications for defence-focused funds The Financial Conduct Authority ( FCA) has refreshed its ‘ Apply for fund authorisation’ webpage to outline a focus on defence-oriented funds. The FCA states that its remit is to protect and strengthen the integrity of the UK financial system, with defence and resilience seen as central to market integrity. Consequently, investment funds seeking authorisation that centre on the defence sector may receive prioritised assessment. This prioritisation reflects the view that defence and resilience are core to market integrity. The regulator adds that this approach does not alter existing statutory timeframes and should not impact the service standards applied to other authorised fund applications......
Financial services developments UK- China Financial Working Group announces inaugural agreements HM Treasury ( HMT) confirmed the establishment of the UK– China Financial Working Group, creating a fresh forum for dialogue on financial policy among governmental and regulatory bodies in both nations. Bank of China’s London Branch has been appointed the UK’s second renminbi ( RMB) clearing bank, expanding the services accessible to British firms engaged in trade with China. A summary from the first meeting has also been released, spanning both global macroeconomic trends and financial stability, financial regulation and supervision, market development, and innovation across the financial sector, including on sustainable finance......
In this issue: UK, EU and international regulators and bodies Prudential standards Financial crime and sanctions Complaints, redress and claims management Investigations, enforcement and discipline Benchmark regulation Capital markets regulation Sustainable finance and ESG Banks and mutuals Investment funds and asset management Insurance regulation FSMA regulated pensions activity Payment services and systems Fintech and cryptoassets AI regulation in FS 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 FCA responds to Treasury Committee follow-up on Leeds Reforms The chief executive of the Financial Conduct Authority ( FCA), Nikhil Rathi, has replied to follow-up questions from the Treasury Committee regarding delivery of the Leeds Reforms. Rathi confirmed the FCA has put nine of roughly 30 reforms into effect and outlined the timetable for the remainder, noting there are ‘often areas where we have to wait for legislation or Government action’. Source:...
Financial services developments FCA imposes restrictions on Advantage Wealth Management Ltd The Financial Conduct Authority ( FCA) has confirmed it has placed restrictions on independent financial adviser Advantage Wealth Management Ltd ( AWM). Under these measures, AWM is prohibited from disposing of assets or carrying out any regulated activity unless it has the regulator’s written consent. The step follows concerns that AWM is not being overseen in a way that ensures its affairs are run soundly and prudently. On 22 December 2025, the FCA issued a First Supervisory Notice, setting out further detail on its concerns and the rationale for the restrictions, including: treatment of customers: the FCA is concerned about the circumstances in which a number of AWM clients had their investments shifted into cash holdings appropriate financial resources: the FCA is not satisfied that AWM has, or will have, adequate...
Financial services developments FCA and PSR’s David Geale discusses UK payments landscape The Financial Conduct Authority ( FCA) has released a speech from David Geale, the FCA’s executive director for payments and digital finance and managing director of the Payment Systems Regulator ( PSR). In it, he set out views on the National Payments Vision, the PSR’s integration within the FCA, Open Banking, and the influence of new technologies on the payments industry. Geale emphasised that the UK’s payment infrastructure and systems must be efficient, innovative and accessible, while reliably meeting customers’ expectations. He also noted that bringing the FCA and PSR under one roof improves their ability to weigh the requirements of firms, consumers and the broader system......
Financial services developments FCA announces application window for cryptoasset regulation The Financial Conduct Authority ( FCA) has refreshed its webpage on the forthcoming cryptoasset regulatory regime, confirming that firms seeking to carry on the new regulated activities may submit applications between 30 September 2026 and 28 February 2027. The regime itself is slated to begin on 25 October 2027. Any business intending to perform these new cryptoasset activities must hold FCA authorisation, under the Financial Services and Markets Act 2000 ( Cryptoassets) Regulations 2025, with the requisite permissions in place as the regime goes live. Source: A new regime for cryptoasset regulation Sheldon Mills outlines background to the FCA’s AI review The FCA has released a speech from its executive director for consumers and competition, Sheldon Mills, who is leading the regulator’s multi-year examination of AI in retail financial services, alongside insights from its AI Live Testing...
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Regulation of capital markets Regulation of derivatives Banks and mutuals UK Mi FID II Payment services and systems Fintech and cryptoassets Regulation of AI in FS Daily and weekly news alerts Dates for your diary New and updated content Financial Services Enforcement Database Lex Talk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies Report urges financial services reform to advance UK growth The City UK and Pw C UK have released a report urging ‘greater ambition and swifter, more decisive action’ to safeguard the competitiveness of the UK’s financial and allied professional services over the coming decade and to catalyse investment and growth. The study, No time to lose:...
Financial services developments FCA signs contract with bond consolidated tape provider The Financial Conduct Authority ( FCA) has confirmed it has signed a contract with Etrading Software ( ETS) to deliver the UK bond consolidated tape. After the High Court lifted a freeze on the award in December 2025, the FCA can press ahead with implementation while it continues to face a legal challenge. The FCA says it will keep supporting ETS and market participants ahead of go-live, which ETS is aiming to achieve in June 2026. ETS has also launched a website that outlines key milestones and supplies technical information for data contributors and users. Source: Next steps for establishing a bond consolidated tape provider OFSI, FCA and other UK bodies announce clamp down on abuse of cryptoassets The Office of Financial Sanctions Implementation ( OFSI) is working in close partnership with UK law...
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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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