Published on: 19 February 2026
Published by a LexisNexis Financial Services expert
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 non‑financial misconduct prompts the question: will it in practice change enforcement? In this edition, we explore these developments and more, providing essential analysis for regulated firms navigating an evolving landscape.
Guy Wilkes and Molly Vann
The FCA has stepped up its pursuit of insider dealing, with a spate of enforcement actions concluding in late period...
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 ]...