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 Sole traders, informal partnerships and outdated partnership deeds are common.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
Financial services developments HMT consults on Specified Authorised Benchmark Regime HM Treasury ( HMT) has opened a consultation on the Specified Authorised Benchmark Regime ( SABR), a wholly new framework for benchmarks that will supplant the UK Benchmarks Regulation and confine oversight to benchmarks, or their administrators, that could present systemic risks to UK financial markets. HMT anticipates the SABR will cut the number of benchmark administrators within regulatory scope by as much as 80 to 90 per cent. The consultation runs until 11 March 2026. Within the SABR, HMT—acting on advice from the Financial Conduct Authority ( FCA)—would designate the benchmarks and benchmark administrators brought into scope. Any other benchmarks and administrators offering benchmarks in the UK would fall outside regulation. The designation tests would look at whether there could be an impact on the integrity of the UK financial system and...
Finalised guidance from the watchdog on 12 December 2025 dispels worries that professionals' private lives or minor indiscretions would be examined by the regulator. It states such behaviour is 'entirely out of scope' of the FCA's authority over individuals and beyond its remit. The measures also align what is expected of managers more closely with employers' existing obligations to prevent harassment in the workplace. In addition, the guidance introduces a 'reasonable steps' defence for managers, enabling them to avoid personal liability for misconduct by staff who report to them. Yet lawyers said the City watchdog's announcement introduces uncertainty for firms and individuals. The regulator has declined to define what constitutes 'non-financial misconduct', while signalling that more professionals will fall within the reach of its rules. The FCA also rejected requests to give examples to demonstrate how the new standards will operate. ' No...
Financial services developments FCA publishes outcome report from Open Finance Sprint 2025 The Financial Conduct Authority ( FCA) has unveiled a new webpage alongside the outcomes report from its Open Finance Sprint 2025. Over two days, specialists convened to examine the core building blocks required for open finance and data-led financial services. The outcomes report collates and distils the materials created by sprint attendees. It presents a common view of how an open finance ecosystem might evolve over time, anchored in trustworthy data usage, explicit consent, resilient technology and wide participation. According to the FCA, the document captures participant contributions rather than its own policy stance. Attendees depicted an open finance landscape that is more open, safer and more personalised, with offerings tailored to the needs of consumers and firms. They highlighted the importance of robust data rights, transparent consent, and an ecosystem able to...
In a year defined by intense media attention and the prospect of widescale redress in UK financial services, the FOS’ latest updates reveal notable shifts in the subjects, volume, channels and results of complaints. This piece reviews the standout changes in 2025 across the sector and the knock-on effect on cases escalated to the FOS during the year. It also considers how complaint methods have evolved and the results they produced. All findings reflect FOS updates. Changes within the FOS The complaints figures outlined here do not sit in isolation; several outside influences help clarify patterns that could otherwise appear unexpected. In 2025 there have been major adjustments to FOS charging structures, developments in motor finance, and a broader UK stance on customer grievances and remediation. From 1 April 2025, the FOS introduced a fee regime requiring claims management firms and other...
In this issue: UK, EU and international regulators and bodies Regulated activities Authorisation, approval and supervision Prudential requirements Operational resilience Financial crime and sanctions Regulation of capital markets Packaged Retail and Insurance-based Investment Products ( PRIIPs) Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management Regulation of insurance Payment services and systems 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 UK, EU and international regulators and bodies FCA publishes Quarterly Consultation CP25/35 The Financial Conduct Authority ( FCA) has issued Quarterly Consultation CP25/35 No 50. Comments are requested by 19 January 2026 and, for the proposed amendments to COLL 5.2.29R(3), by 22 December 2025. Source: Quarterly Consultation CP25/35 No 50. FCA updates government on ‘pro-growth measures’ The FCA has updated the government on its ‘pro-growth measures’ delivered in 2025 and planned for 2026. For 2026, actions include enabling...
Financial services developments Updated Regulatory Initiatives Grid sets out financial services regulatory pipeline The Financial Conduct Authority ( FCA) has released the newest Regulatory Initiatives Grid, outlining the financial services regulatory timetable for the coming two years. The programme of work spans: delivery of the Basel 3.1 standards the Strong and Simple framework reform of the Prospectus Regime the Wholesale Markets Review establishment of a UK‑issued stablecoin regime changes to the UK captives insurance regime the National Payments Vision the Advice Guidance Boundary Review new regulation for Buy Now Pay Later products The Grid is compiled by the Financial Services Regulatory Initiatives Forum, which unites key UK regulators and government bodies, including the FCA, Bank of England, PRA, Payment Systems Regulator, The Pensions Regulator and HM...
A trial had been due to take place at the High Court in October 2026. Standard Chartered indicated that a settlement was considered the appropriate route to conclude the dispute and draw a line under the case. The bank faced a claim brought by 216 claimants, acting on behalf of more than 1,400 funds. According to the investors, the British-based multinational bank withheld or failed to reveal crucial details in its prospectuses, in particular concerning compliance with US sanctions against Iran. They argue they relied upon those publications when acquiring securities issued by the bank, as well as when holding or disposing of them, and have consequently incurred losses. In a market announcement on 5 December 2025, Standard Chartered said it remains committed to serving the best interests of all shareholders, which extends to meeting its reporting and disclosure duties....
Financial services developments Government and FCA publish reports on motor insurance pricing HM Treasury ( HMT) and the Department for Transport have issued the Motor Insurance Taskforce’s concluding report, setting out what government bodies and regulators are doing to steady and lower the premiums motorists pay. Alongside this, the Financial Conduct Authority ( FCA) has shared results from its study into how motor insurance pricing relates to local ethnicity patterns across England and Wales. The Taskforce also examines features of the UK motor insurance sector, describing it as highly competitive and inventive, yet subject to genuine and rising costs of serving drivers in recent years. It highlights that insurers have faced real and increasing costs when serving motorists in recent years. The FCA’s work, conducted as part of its collaboration with the Taskforce, responded to Citizens Advice’s concern that people from minority ethnic groups are...
Financial services developments FCA consults on fund liquidity risk management proposals The Financial Conduct Authority ( FCA) is consulting on measures to strengthen liquidity risk oversight. Consultation Paper CP25/38, Enhancing fund liquidity risk management, sets out a suite of new rules and accompanying guidance aimed at authorised fund managers ( AFMs) responsible for UCITS schemes as well as non‑ UCITS retail schemes ( NURS). The FCA also proposes adding two further guidance annexes to the Collective Investment Schemes Sourcebook ( COLL), bringing together key elements of IOSCO recommendations alongside the expectations it has already communicated on liquidity risk management. Stakeholders are asked to submit responses by 23 February 2026. Through targeted adjustments to the existing framework for fund liquidity risk management, the regulator seeks to embed and reinforce current good practice across the sector. Its proposals seek to: encourage effective and...
Financial services developments FCA package aims to boost UK investment culture The Financial Conduct Authority ( FCA) has set out a suite of steps intended to support retail investing and strengthen wholesale markets as part of a broader package. Consultation paper CP25/36: Client categorisation and conflicts of interest proposes a framework enabling firms to judge whether a client qualifies as a professional client. It further proposes streamlining the conflicts of interest regime. Feedback is invited by 2 February 2026. In addition, the FCA has released a statement on collaboration between firms to manufacture products or services; a discussion paper ( DP25/3) on widening consumer access to investments; and a policy statement ( PS25/20) setting out final rules for consumer composite investments. According to the FCA, CP25/36, Client categorisation and conflicts of interest includes measures ‘to make sure our conflicts of interest rules are...
UK, EU and global financial services developments FCA and PRA announce raft of measures to support growth of mutuals sector The Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA) have unveiled steps aimed at expanding the mutuals sector. Central to this is PRA policy statement PS26/25— Discontinuing SS20/15: Supervising building societies’ treasury and lending activities—which responds to feedback on consultation paper CP11/25. Through PS26/25 the PRA confirms it will remove supervisory statement SS20/15 in full, with no replacement. Other actions include: A review of credit union regulations. Establishment of a Mutual Societies Development Unit at the FCA. Acting as registering authority, the FCA has also issued an assessment of the mutual societies landscape, alongside related research. In their joint ‘ Mutuals Landscape Report’, the FCA and PRA outline their analysis of the sector and their plans to enable durable,...
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Banks and mutuals UK Mi FID II EU Mi FID II Consumer credit Regulation of insurance Payment services and systems Fintech and cryptoassets Lex Talk®Financial Services: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies FCA publishes Handbook Notice No 135 The Financial Conduct Authority ( FCA) has issued Handbook Notice No 134, outlining amendments to the FCA Handbook and related...
On 1 December 2025, the Office of the Attorney General of Switzerland announced it had lodged charges against Credit Suisse and two UBS subsidiaries— UBS SA and UBS Group SA—linked to the transaction. The transfer was reportedly executed by Credit Suisse, which was taken over by UBS in 2023. The attorney general’s office stated that UBS is accountable for Credit Suisse’s alleged failure to properly scrutinise money laundering risks and for not reporting the purportedly suspicious transfer until 2019. According to the indictment, the related money‑laundering inquiry was handled without due care, and the bank delayed submitting a suspicious activity report to the Money Laundering Reporting Office Switzerland—the nation’s central office for anti‑money laundering ( AML) reporting—the attorney general said......
Financial services developments CRAs: FCA publishes multi-firm review on rating committees The Financial Conduct Authority ( FCA) has issued a multi-firm review assessing the effectiveness and governance of rating committees within UK-registered credit rating agencies ( CRAs). It highlights sound practices and areas requiring enhancement across committee governance, the make-up and duties of members, committee operations, and the robustness of internal controls that manage conflicts of interest and safeguard the independence of credit ratings. The review does not set new expectations but helps firms interpret existing ones. UK-registered CRAs should consider the findings, review their rating committee procedures and practices, and confirm that internal control frameworks are effective. In line with the FCA’s 2024 portfolio letter, the FCA expects CRAs to sustain rigorous, end-to-end ratings processes. The FCA intends to continue engaging with firms to evaluate how well rating committee internal controls perform. It will also...
Financial services developments FCA consults on ESG rating transparency and governance proposals The Financial Conduct Authority ( FCA) has released consultation paper CP25/34, ESG ratings: proposed approach to regulation, outlining measures intended to make environmental, social and governance ( ESG) ratings transparent, dependable and comparable. These plans stem from the government’s move to place ESG ratings within the FCA’s scope. Feedback is requested by 31 March 2026. FCA research indicates about half of users of ESG ratings have concerns about construction (55%) and the level of transparency (48%). To tackle this, the consultation concentrates on four themes: Greater transparency to support easier like-for-like assessment for both users of ratings and rated entities Stronger governance, systems and controls to secure clear decision-making, robust oversight and quality assurance Detecting and managing conflicts of interest Clear expectations around stakeholder engagement and complaints handling It also proposes how existing FCA...
EU financial services developments SRB announces planned consultations for 2026 The Single Resolution Board ( SRB) has issued its 2026 schedule of industry consultations and requests. It sets out anticipated consultations, data collections and deliverables arising from EU legal acts, the SRB Expectations for Banks ( Ef B), and the SRB’s continued move towards bank-led testing and resolvability assessment. The table of specific requests outlines every element that could be sought from banks in 2026. Institutions have already been alerted through priority letters where particular items apply to them, meaning that, in most cases, each bank has been given a more streamlined list of obligations than the broader overview presented in the table. Source: SRB publishes the list of consultations and requests to the industry for 2026. EU news and guidance are available in the EU Law Practice Area. For more...
Financial Conduct Authority ( FCA) supervision prioritises firms satisfying regulatory obligations under its Consumer Duty, incorporating firms' overarching responsibility and overall accountability......
In this issue: UK, EU and international regulators and bodies Regulated activities 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 UK Mi FID II EU Mi FID II Regulation of insurance Fintech and cryptoassets Regulation of AI in FS Daily and weekly news alerts New and updated content Dates for your diary Financial Services Enforcement Database Lex Talk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies Budget 2025—key Financial Services announcements In Budget 2025, delivered on 26 November 2025, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, unveiled a package of measures—largely...
A US entrepreneur was convicted of FCPA breaches and money laundering after joining a plan to pay bribes to Honduran officials to secure contracts to supply law enforcement uniforms in Honduras. The Zaglin matter provides an early signal of how the US DOJ could deploy the new guidance—especially in prosecutions of individuals. It underscores a continued focus on individuals in such matters. Importantly, the conduct did not touch drug cartels, national security issues, or a non- US corporate accused. The lack of such factors indicates that, although the administration stresses aligning FCPA enforcement with foreign policy aims, the DOJ still intends to bring individual cases largely in line with its historic practice going forward. Background On 28 November 2023, the US Attorney’s Office for the Southern District of Florida charged Carl Alan Zaglin, a US national and the proprietor of Atlanco LLC, a...
In this issue: UK, EU and international regulators and bodies Beyond Brexit Permissions, approvals and oversight Operational resilience Financial crime and sanctions Consumer protection Complaints, redress and claims management Capital markets regulation Dispute resolution for financial services lawyers Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK Mi FID II EU Mi FID II Insurance regulation Consumer credit, mortgages and home finance AI regulation in FS Daily and weekly news alerts New and updated content Dates for your diary Financial Services Enforcement Database Lex Talk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies FSB sets priorities for 2026 work plan at Riyadh plenary The Financial Stability Board ( FSB) Plenary met in Riyadh, Saudi Arabia on 18–19...
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
