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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Barclays said it will increase the provision Barclays plans to lift the provision for itself and its subsidiary, Clydesdale Financial Services Ltd, beyond the £90m cited in their 2024 annual reports. This revision reflects the FCA’s consultation on a scheme to compensate customers who obtained motor finance and were judged to have been treated unfairly between 2007 and 2024. The regulator estimates lenders face £8.2bn in compensation. The consultation sets out the regulator’s programme for compensating borrowers and clarifies how lenders should calculate any redress owed. In October 2025, the FCA outlined further detail on how it would evaluate unfairness across the lending market and explained its method for calculating redress. Following the consultation’s release, Barclays joins other motor finance providers that have raised their provisions accordingly......
LC& F sues over £20m transfers linked to Ponzi scheme Administrators, in a High Court filing dated 24 September 2025 and brought on behalf of LC& F, assert that Global Currency Exchange Network Ltd and Global Custodial Services Ltd, which operate jointly as GC Partners, processed transfers exceeding £20.3m while suspecting the funds could be tied to fraud. The claim, only recently disclosed, states GC Partners went ahead despite those doubts, and sets out that the firms handled the instructions under scrutiny for LC& F... According to the particulars, GC Partners breached fiduciary duties and acted negligently by executing a small number of substantial transactions at the direction of LC& F director Michael Thomson. The pleading further alleges the defendants had reasonable grounds to believe the payment instructions were attempts to defraud LC& F, yet still carried out the transfers identified in the case......
The FCA is prioritising redress for consumers wherever it can, according to a speech from Therese Chambers, the FCA’s joint executive director of enforcement and market oversight, published on 21 October 2025. Chambers said the FCA is bringing more criminal prosecutions than at any time before, and confirmed that cases opened after April 2023 are concluding on much tighter timetables. The regulator recorded 41 enforcement outcomes in 2024, compared with a usual range of roughly 20 to 25 a year, according to the FCA, and it expects to deliver more than 30 outcomes in 2025. She also noted a decline in investigations that finish with no further action. Historically, generally fewer than one in three of our enforcement matters ended with an FCA enforcement outcome......
The European Securities and Markets Authority ( ESMA) has issued its final report concerning draft implementing technical standards ( ITS) aimed at broadening the use of the alleviated format for insider lists. The draft ITS are set out in Annex III. The Listing Act, printed in the Official Journal on 14 November 2024, amends the Market Abuse Regulation ( MAR) and instructs ESMA to reassess the ITS governing the format for compiling and maintaining insider lists, so that the alleviated format can be extended to all issuers......
Law firms say investment advisers at financial institutions will tread carefully before backing exposure to digitalised funds under the FCA’s tokenisation framework, as they could be liable for any missteps. Yet lawyers warn that the real escalation in consumer risk sits within targeted support. This FCA model permits advisers to steer groups of comparable customers towards products, without the expense and hazards of full advice. The regulator has clarified that firms offering targeted support must only secure better results, which falls short of guaranteeing good outcomes under the Consumer Duty. Lawyers stress the nuance matters for both firms and customers alike today. That distinction may prompt businesses, via targeted support, to funnel clients into digital funds transacting on distributed ledger technology ( DLT) systems. Harming consumers Michelle Quinn, a partner at Grosvenor Law, cautioned that setting the bar at better, rather than...
The Financial Conduct Authority ( FCA) intended for the UK’s proposed consolidated tape for bonds to launch in early 2026, having awarded the inaugural five-year mandate to operate the platform to London-based Etrading Software. That timetable is now in doubt after Ediphy, a UK competitor that also bid for the mandate, filed a legal challenge to the FCA’s selection process. This has triggered a suspension order preventing the regulator from finalising its agreement with Etrading Software at present. The FCA may seek to have that suspension lifted once full particulars of the challenge are lodged with the High Court in due course, if appropriate. Ediphy’s deadline to provide additional details is 24 October 2025, MLex has learned ......
The LMG, representing all London insurance firms, noted that businesses are starting to recognise how the Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA) are shifting to meet their new aims. The two watchdogs are now tasked with lifting the financial sector’s relative competitiveness by cutting bureaucracy and tolerating greater risk. However, on 14 October 2025 the LMG stressed there must be ongoing scrutiny of both regulators to confirm they are fulfilling the mandate. Caroline Wagstaff, the LMG’s chief executive, said the FCA and PRA have ‘talked extensively’ about embedding a mindset of growth and competitiveness. ‘ Their......
Nikhil Rathi, the FCA’s chief executive officer ( CEO), dismissed the case put by the House of Lords Financial Regulation Committee that the programme’s documentation left the FCA’s consumer redress accessibility for consumers 'deeply unclear' overall. He told peers present that the FCA had set out plainly that 56% of agreements entered since 1 April 2007 would not be eligible for redress. That date is the earliest qualification point for motor finance agreements within the programme. ' What we are aiming to do through the scheme is address the fact that there will be a very substantial number of agreements, about which people are lodging complaints right now, that will receive no redress,' Rathi told the committee. The CEO defended the redress initiative that the FCA chose to undertake after the UK Supreme Court ruled in August 2025 that a car finance lender had acted...
In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Consumer protection Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK Mi FID II EU Mi FID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Regulation of AI in FS 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 EBA publishes annual report on supervisory convergence for 2024 The European Banking Authority ( EBA) has issued its 2024 annual report on the...
Lloyds Banking Group Plc has earmarked £1.95bn following the FCA’s latest consultation, which may broaden the pool of qualifying customers and significantly reshape how compensation is calculated. Under the FCA’s provisional methodology, millions of motor finance agreements dating back to 2007 could be eligible for redress where discretionary commission arrangements were used, enabling dealers to sway interest rates to enhance their commissions. However, Lloyds Bank, a constituent of London’s FTSE 100 index, has voiced serious concerns over the fairness and lawfulness of the FCA’s suggested remedy. The bank contends it cannot see how the regulator’s proposed approach, as currently framed, aligns with the UK Supreme Court’s decision in Johnson v First Rand Bank Ltd. The justices clarified in August 2025 what amounts to an ‘unfair’ relationship, and, it says, this is not consistent with that...
Q& A with Law360: Rekha Cooke on FCA senior manager reforms Kennedys partner Rekha Cooke sets out where the FCA’s changes to the senior manager regime will heighten pressure on the sector, as well as the advantages. Cooke specialises in high‑value disputes and regulatory investigations in financial services. She cautions that blind spots could emerge in which poor behaviour by senior leaders prospers—placing the onus on firms to take action now. Cooke also highlights consequences for the FCA’s enforcement processes, where other reforms are progressing. The overhauled regime will only function if regulated firms do their part. She urges financial institutions to strengthen record‑keeping and to review governance and investigations procedures. As a final pointer, she singles out a sector where senior managers are especially exposed to early FCA scrutiny. Do the FCA's reforms of the senior managers regime risk increasing poor...
Regulatory Technical Standards ( RTS) on Settlement Discipline The European Securities and Markets Authority ( ESMA) has issued its final report proposing amendments to the Regulatory Technical Standards on Settlement Discipline, designed to improve settlement efficiency across the EU and help the shift to a shorter settlement cycle ( T+1) by......
Asset management & investment funds— EU & international developments— September 2025 The three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority— ESAs) annual report on voluntary PAIs disclosures under SFDR The ESAs have released their fourth annual report on PAI disclosures under the SFDR. It concludes that financial market participants are supplying more comprehensive and higher quality disclosures, with large multinational groups most advanced. Smaller firms, by contrast, frequently blend generic environmental, social and governance or promotional material with SFDR content, leaving it unclear whether PAIs are being taken into account. The report also observes that more FMPs now provide entity‑level information in clearly labelled sustainability or SFDR sections on their websites, improving transparency and ease of access. It outlines examples of good and below‑average disclosure practices and offers...
Holding senior managers to account underpins the FCA’s high-profile redress scheme, which has been out for consultation since 7 October 2025, following an August 2025 UK Supreme Court ruling that a lender acted unlawfully by not revealing a high commission to the broker and a contractual tie. Senior managers at lenders would oversee contacting customers and verifying whether the firm keeps disclosure records on car loans, which, lawyers noted, are frequently absent. The firm must also show it has approached the car dealerships it engaged as loan finance brokers, as well as customers for whom it often holds only limited details. Senior manager accountability If these controls fail, the senior managers signing an attestation would shoulder responsibility and could face FCA enforcement action. The hardest task will be deciding whether the firm provided sufficient disclosure to individuals to avoid...
What is the failure to prevent fraud offence? The FTPF offence, in force from 1 September 2025, marks a major widening of corporate criminal exposure. Departing from classic corporate fraud cases that hinge on proving senior management’s awareness or participation, this route imposes liability on a ‘failure to prevent’ basis. Large organisations—those satisfying any two of: over 250 staff, turnover above £36m, or total assets exceeding £18m—can be prosecuted where an employee, agent, subsidiary, or other ‘associated person’ commits fraud to benefit the organisation. The sole defence is to show that the organisation had reasonable anti-fraud procedures in place. How does the FTPF offence relate to greenwashing? Its relevance to greenwashing emerges from the offences it captures. The regime covers fraud by false representation (section 2 of the Fraud Act 2006 ( Fr A 2006)), fraud by failing to disclose information ( Fr A 2006, s 3), and...
In its 2026 work programme, ESMA noted that teams are already busy laying the necessary groundwork to commence fresh supervision across these fields and of consolidated tape providers, set to deliver price and volume market data via a unified electronic stream. ' Through broad engagement and advance preparation work, ESMA supervisory units are now readying themselves to assume these new duties', ESMA Director Natasha Cazenave said in a statement. The authority added that the broadened supervisory scope ties into new or updated EU rules now applying across financial services. ESMA will, from 2 July 2026, begin registering environmental, social and governance ( ESG) rating firms under the new ESG ratings regulation. This framework, enforced by ESMA, sets standards for how providers issue ESG assessments used to gauge companies’ financial exposure to those risks. In June 2026, ESMA will oversee external reviewers of green bonds,...
EU developments ESAs Joint Committee publish fourth annual report on PAI disclosures under EU SFDR The Joint Committee of the three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority— ESAs) has released its fourth annual report reviewing the breadth of voluntary principal adverse impact ( PAI) disclosures under Regulation ( EU) 2019/2088 ( EU SFDR). It notes steady advances by financial market participants ( FMPs) in fulfilling SFDR disclosure obligations, alongside better completeness and quality of the data submitted. The outcomes echo earlier trends and also draw on input from National Competent Authorities ( NCAs). See: LNB News 09/09/2025 30. Source: the ESAs report stronger efforts by financial market participants in setting out principal adverse impacts. Commission adopts technical standards for European Green Bond external reviewers The European Commission has adopted a...
In this issue: UK, EU and international regulators and bodies Prudential requirements Operational resilience Financial crime and sanctions Consumer protection Investigations, enforcement and discipline Regulation of capital markets 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 Financial Services Enforcement Database Lex Talk®Financial Services: a Lexis®Nexis community Daily and weekly news alerts Intraday news alerts New and updated content UK, EU and international regulators and bodies EBA unveils 2026 Work Programme, setting out principal priorities and actions to improve the efficiency and resilience of the EU regulatory and supervisory architecture for banks and other financial...
WIM’s collapse ranks among the UK fund management industry’s most notable and widely reported disasters. Its repercussions still influence regulatory focus and the confidence and trust of investors across the market. See: FCA publishes Decision Notices against Neil Woodford and Woodford Investment Management over liquidity management failures in WEIF, LNB News 05/08/2025 32. Background Woodford set up WIM in 2014, unveiling the headline Woodford Equity Income Fund amid heavy publicity. At that point, he was widely seen as a star stockpicker, after substantial success during his tenure at Invesco Perpetual. In 2019, as anxieties about illiquidity rose and large outflows hit the portfolio, WIM halted investor redemptions. Roughly 300,000 savers found themselves unable to access their money, sparking public anger and intense media attention. The fund stopped dealings in June 2019 and was later placed into wind-up. The failure left hundreds of thousands bearing...
The EU’s executive reported that Belgium, Denmark, Germany, Estonia, Greece, Italy, Cyprus, Croatia, Poland, Slovakia and Sweden had not ensured access to data on the beneficial ownership of trusts and other entities by the July 2025 cut-off. According to the European Commission, as of now 11 Member States have yet to confirm their full transposition by this initial legal deadline. It added that phasing in the sixth AML directive is crucial to avoiding weaknesses in their financial systems and......
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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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