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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 Sole traders, informal partnerships and outdated partnership deeds are common.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 Report calls for financial services reform to promote UK growth The City UK and Pw C UK have released a report urging ‘bolder ambition and faster, more decisive action’ to safeguard the UK’s competitiveness in financial and related professional services over the next decade, and to spur investment and growth. Entitled No time to lose: Reasserting UK leadership in financial and related professional services, the publication captures perspectives from more than 300 senior leaders across industry, government, regulators and academia, and is supported by new economic modelling alongside international benchmarking undertaken by Pw C......
Financial services developments FCA launches further consultation on cryptoasset regulation The Financial Conduct Authority ( FCA) has released guidance consultation GC26/2: Application of the Consumer Duty to cryptoasset firms, together with consultation paper CP26/4: Application of FCA Handbook for regulated cryptoasset activities – part 2, setting out proposals for how the Consumer Duty, conduct standards, redress and safeguarding should apply to cryptoasset firms. The FCA is also inviting feedback on its proposed approach to international cryptoasset firms. Responses are requested by 12 March 2026. The FCA’s cryptoasset gateway is expected to open in September 2026. CP26/4 seeks views on: the Consumer Duty—its application to cryptoasset firms, supported by additional non- Handbook guidance Redress and Dispute Resolution ( DISP) Conduct of Business Standards ( COBS) rules on using credit to buy cryptoassets training and...
Financial services developments FCA’s Sheree Howard discusses authorisation process and economic growth The Financial Conduct Authority ( FCA) has released a speech by Sheree Howard, its executive director for authorisations, outlining the FCA’s stance as an open, pro-growth regulator that invites new and overseas firms into the UK while upholding rigorous standards. She rebutted myths about delays and lack of clarity in authorisations, noting that over 99% of cases conclude within statutory timeframes, with many finalised far sooner than anticipated. Speaking at an FCA Gateway to growth event, Howard stressed that a competitive, well-supervised financial services industry underpins the UK economy and affirmed the FCA’s support throughout the authorisation journey. She highlighted initiatives including the Pre- Application Support Service ( PASS), ‘minded to approve’ decisions, tailored sandbox assistance, and strengthened oversight for high-growth firms. Source: Screening for success: Opening the gateway to...
Shifts in policy, supervisory strategies and priorities, newly regulated activities drawing more firms within the regulatory perimeter, further rewrites of EU‑derived rules after Brexit, and sector‑specific adjustments—we’ve witnessed the lot. The job for firms now is to map how to handle the changes and challenges that 2026 will deliver. In this piece, we set out the detail of five changes already scheduled for fixed dates in 2026, and we also flag five others that remain in development, but which we expect to move forward significantly during 2026... Targeted support: April 2026 In July 2025, HM Treasury outlined a new regime for targeted support. This service would become a stand‑alone regulated activity under the Financial Services and Markets Act 2000 ( FSMA), made possible by amendments to the FSMA ( Regulated Activities) Order 2001. Providing investment advice is a...
Financial services developments PRA publishes final rules for Basel 3.1, with 1 January 2027 start date The Prudential Regulation Authority has released its definitive policies, rules and supervisory guidance to implement Basel 3.1, determining the capital that banks and building societies are required to maintain. The framework will commence on 1 January 2027, in full. However, the Fundamental Review of the Trading Book ( FRTB) — in particular firms’ use of internal models to compute market risk capital — will start on 1 January 2028......
Financial services developments Consumer Duty: FCA publishes findings from review of smaller mutual life insurers The Financial Conduct Authority ( FCA) has released results from its multi-firm examination of outcomes achieved for customers by smaller mutual life insurers, and the extent to which these firms satisfy their Consumer Duty obligations. It reports that, while many are acting to enhance outcomes, there remains further progress for some, and the FCA has followed up with them where changes are required to secure improvements. The regulator aimed to understand how smaller providers, including numerous small mutuals, are complying with the Consumer Duty and delivering good, sustainable customer outcomes. It also sought to build a picture of how smaller firms, many of them small mutuals, are interpreting the Duty, embedding requirements, and delivering consistently good outcomes for customers on a sustainable...
In this issue: UK, EU and international regulators and bodies Prudential requirements Operational resilience Financial crime and sanctions Regulation of capital markets Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK Mi FID II Regulation of insurance FSMA regulated pensions activity Payment services and systems 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 FCA and PRA consult on FSCS MELL for 2026/27 The Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA) have launched a consultation on the proposed Management Expenses Levy Limit ( MELL) for the Financial Services Compensation Scheme ( FSCS) for 2026/27. The MELL sets the...
This article examines how both regimes developed through 2025—tracking the EU's first full year under the Markets in Cryptoassets Regulation, or Mi CAR, the UK move towards implementation of its cryptoasset regime, and where the two frameworks are beginning to converge and diverge. We also look ahead to the supervisory trajectory for 2026 and conclude with practical takeaways for legal teams handling structuring, documentation and cross-border execution risk. Following Mi CAR’s entry into legal application at the end of 2024, 2025 marked the first operational year of the EU regime. Member state authorities continued to process authorisation submissions, with key technical standards and implementing measures moving towards full effect, and transitional arrangements expected to continue into mid‑2026. In the UK, the statutory perimeter for the future cryptoasset regime has reached its final legislative form, with the government having laid the regulations before Parliament on 15...
Financial services developments FCA and PRA consult on FSCS MELL for 2026/27 The Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA) are seeking views on proposals concerning the Management Expenses Levy Limit ( MELL) for the Financial Services Compensation Scheme ( FSCS) for 2026/27. The MELL meets the FSCS’s costs of running the UK’s statutory compensation scheme. Feedback is requested by 10 February 2026. Their joint consultation paper ( PRA CP1/26, FCA CP26/2) is accompanied by the FSCS’s Budget Update for 2026/27. The consultation outlines a proposed MELL of £113m for 2026/27, comprising a £108m management expenses budget and a £5m unlevied reserve......
Financial services developments FCA secures confiscation order against Andrew Currie The Financial Conduct Authority ( FCA) successfully obtained a confiscation order for £265,523 against Andrew Currie. Convicted in 2023, Currie received a custodial prison sentence of two years and six months for cheating investors through the failed peer-to-peer lending platform known as Collateral ( UK) Ltd. He misappropriated and diverted monies from Collateral investors for his own personal benefit, including the purchase of a property in Spain. At Southwark Crown Court on 9 January 2026, he was directed to pay £265,523.96, representing the total value of assets the court determined were still available to be recovered......
Financial services developments UK Finance sets out industry proposals for Wave 2 c VRP UK Finance has released its industry blueprint for a commercial framework for Wave 2 commercial variable recurring payments (c VRP). It outlines the elements of the model, including the fee structure, both purchase protection options, and outcome scenarios, demonstrating how core assumptions affect the size of the transaction charge by linking inputs to outcomes throughout the model. Variable recurring payments are payment instructions that enable customers to securely link authorised payment providers to their bank account to make payments on their behalf within agreed limits; c VRPs look to build on this and support the facilitation of other payments. For example, a consumer could pay the exact amount of their electricity bill each month rather than a pre-nominated figure. UK Finance states that c VRPs are critical, viewed as a key use case for...
Financial services developments FCA publishes set of webpages on cryptoasset regulation The Financial Conduct Authority ( FCA) has released a suite of webpages explaining the forthcoming cryptoasset regulatory framework, anticipated to take effect on 25 October 2027. The FCA notes that, for many cryptoasset firms, this will be their first time being regulated by it under the Financial Services and Markets Act 2000 ( FSMA). The pages outline: HM Treasury’s proposals for new cryptoasset regulated activities How FSMA and the FCA Handbook will apply The FCA’s approach to authorisation, supervision and enforcement for firms undertaking the new activities The FCA’s regulatory standards How the gateway will function Transitional provisions Any firm planning to carry on the new cryptoasset regulated activities must be authorised by the FCA under FSMA, with permission to perform those activities when the regime begins. The FCA also intends to run a series of information sessions for...
We outline the FCA’s key messages from 2025, alongside predictions and practical tips to help you stay on the right side of the FCA in 2026. Fewer, faster investigations A refreshed stance on enforcement has been anticipated since Therese Chambers and Steve Smart assumed leadership of the FCA’s enforcement division in 2023, and the June 2025 update to the FCA Enforcement Guide made it official. The policy statement released with the revised guide confirmed that the FCA has raised the threshold, effectively raising the bar, for commencing an investigation and bolstered its pre-investigation assessment procedures. Addressing the City & Financial Global FCA Investigations and Enforcement Summit in October 2025, Therese Chambers, the FCA’s Joint Executive Director of Enforcement and Market Oversight, underscored the point, stating the FCA is running fewer investigations, at a faster pace. This reflects a 2025 objective to shrink the open caseload and bring...
Financial services developments FCA fines former Carillion finance directors for misleading market disclosures The Financial Conduct Authority ( FCA) has issued Final Notices imposing financial sanctions on Richard Adam and Zafar Khan, former group finance directors of Carillion plc, for being knowingly involved in the company’s publication of misleading information to the market. The action concerns Carillion’s trading update released in December 2016, ahead of the company’s profit warning in July 2017 and its subsequent liquidation. In a Final Notice dated 7 January 2026, the FCA fined Adam £232,800 for being knowingly concerned in Carillion’s breaches of the following requirements: Article 15 of the Market Abuse Regulation ( EU) No 596/2014 ( MAR) (prohibiting market manipulation) Listing Rule 1.3.3R (misleading information must not be published) Listing Principle 1 (procedures, systems and controls) Premium Listing Principle 2 (acting with...
Other developments Here is a round-up of further developments not explored in full by the Lexis+ Financial Services practical guidance team but which may still be of interest: CP25/31: The framework for a UK equity consolidated tape [ Update] Note on the Construction of CP25/31 Cost Benefit Analysis ( CBA) Minutes of the UK Money Markets Code Sub- Committee – December 2025 CCR009 return – relevant ancillary credit firm [ Update] Report on Marketing requirements and marketing communications under the regulation on cross-border distribution of funds ESAs’ Joint Board of Appeal rules on reimbursement of costs in an appeal brought by NOVIS Insurance Company against the European Insurance and Occupational Pensions Authority ( EIOPA) ......
Financial services developments Berne Financial Services Agreement enters into force The Berne Financial Services Agreement ( BFSA) between the UK and Switzerland took effect on 1 January 2026. It applies outcomes‑based mutual recognition of domestic rules and regulations to facilitate cross‑border provision of financial services to wholesale and sophisticated clients. These arrangements are aimed at wholesale and sophisticated clients. UK firms can offer certain wholesale insurance services into Switzerland without supervisory authorisation from Swiss supervisory authorities. For investment services, Swiss firms may access the UK to provide certain wholesale investment services without authorisation. The Prudential Regulation Authority ( PRA) has released a webpage on the BFSA, alongside details of the associated notification process. Further details are on the PRA page. An insurer authorised in the UK may deliver covered services to Swiss clients without establishing a local presence or obtaining local...
Additionally, one espionage case involving service to foreign states ended in a win for prosecutors, while a sister trial proved humiliating; one of the nation’s largest money‑laundering actions saw a socialite, alleged to be central to the plot, cleared; and the UK’s highest court stopped an extradition for insider trading in a move that bucked precedent. Here, Law360 unpacks the year’s most significant financial crime cases... UK Supreme Court quashes Libor convictions In R v Hayes; R v Palombo [2025] UKSC 29, Britain’s top court in July 2025 overturned the convictions of traders Tom Hayes and Carlo Palombo for conspiring to manipulate benchmark interest rates. The pair had been found guilty of rigging the London interbank offered rate ( Libor) and its euro‑denominated counterpart after separate trials following the 2008 financial crash. The justices ruled the verdicts unsafe, holding that the trial judges...
In this issue: UK, EU and international regulators and bodies Accountability, culture and social governance; prudential requirements Financial crime and sanctions; consumer protection Investigations, enforcement and discipline Regulation of capital markets, investment firms and derivatives Sustainable finance and ESG; banks and mutuals UK Mi FID II and EU Mi FID II Consumer credit, mortgage and home finance; regulation of insurance FSMA regulated pensions activity Payment services and systems; fintech and cryptoassets Regulation of AI in FS Financial Services Weekly Highlights 2025/2026 New and updated content New Practice Note: The FCA Consumer Duty—application to retail banks and building societies Dates for your diary; 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 releases outcomes report from Open Finance Sprint 2025. The...
Lawyers are urging banks, building societies, insurers, asset managers, and others to take lessons from the FCA’s 12 December 2025 action against the world’s largest building society, warning that robust policies alone won’t suffice. They say the regulated sector now faces far heftier penalties for comparable compliance lapses. Neil Swift, a partner at Peters & Peters Solicitors LLP, noted this forms part of a pattern of sizeable sanctions for weak financial controls, stressing that the regulator will adopt a tough stance where systems fall short. Future AML fines could soar The penalty might have reached £1.66bn had the FCA imposed a charge equal to 15% of relevant revenues, the “level-four factor”, which it considered commensurate with the seriousness of the breach. Even so, the FCA concluded that such a figure was disproportionate in view of Nationwide’s remedial measures, and scaled it back markedly. Lawyers warn that firms...
The International Underwriting Association ( IUA), in its reply to the FCA’s consultation, argued that the arrangement being proposed amounts to ‘regulatory overreach’. The regulator has been gathering feedback on an industry-wide redress programme following such a landmark Supreme Court judgment delivered in August 2025. That decision concluded that motor finance providers had broken the law due to sizeable hidden commissions paid to intermediaries and by not revealing a contractual relationship with the customer. The FCA considers these behaviours to have been prevalent from 2007–24 and anticipates lenders will ultimately provide £8.2bn in compensation to affected customers across the sector in total......
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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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