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FCA consultation paper tracker—2024

FCA consultation paper tracker—2024 This tracker sets out the consultation papers published by the Financial Conduct Authority (FCA) in 2024, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper trackers. For details of Prudential Regulation Authority (PRA) from 2017 and Financial Services Authority (FSA) consultation papers from 2008 to 2013, see: • PRA consultation paper tracker [Archived] • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Consumer protection CP24/20: Changes to the safeguarding regime for payments and e-money firms The FCA has published CP24/20 which sets out new rules which aim to better protect customers in the event of business failure, ensuring swift return of funds. This move addresses growing concerns over poor safeguarding practices in the rapidly expanding payments and e-money sector. 25 September 2024 14 December 2024 Consumer credit CP24/19: Consumer Credit Regulatory Returns: Credit Broking, Debt Adjusting, Debt Counselling...

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VAT issues for lease assignments and terminations

VAT issues for lease assignments and terminations This Practice Note is about the VAT issues to consider on the assignment or termination of a lease. In this Practice Note, unless stated otherwise, termination means any form of termination of a lease, including surrender, exercising an option to break, forfeiture and disclaimer on insolvency. Must the seller account for VAT? VAT will be chargeable on a payment to a departing tenant (the seller) on an assignment or termination of a lease for consideration if the seller has opted to tax, unless: • the option is disapplied because of the type of property or its intended use (see Practice Note: Option to tax—disapplication for residential and other property) • the option is disapplied under anti-avoidance rules (see Practice Note: Option to tax—disapplication under anti-avoidance rules), or • it is a VAT-free transfer of a going concern (TOGC) (see Practice Note: Transfers of a going concern involving land and buildings) If the seller has not opted to...

Equal pay: definition of pay

Equal pay: definition of pay This Practice Note examines the principle of equal pay for equal work under the Equality Act 2010 (EqA 2010) and, in particular, what 'pay' includes. The principle of equal pay for equal work Article 157 of the Treaty on the Functioning of the European Union (TFEU) (previously Article 141 of the Treaty of Rome) establishes the principle that a worker is entitled to equal pay for equal work. European law distinguishes between equal pay (provided for under Directive 75/117/EEC, the Equal Pay Directive) and equal treatment between men and women (provided for by Directive 76/207/EEC,the Equal Treatment Directive and subsequent directives). Directive 76/207/EEC, the Equal Treatment Directive does not apply to 'pay'. The principle of equal pay for equal work has been said to be fundamental to the foundations of the European Union. Article 157 TFEU has direct effect, enabling a court or tribunal to disapply any barriers in domestic law that are incompatible with it. In Brierley the question arose as...

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Section 25 notice—landlord opposing renewal (with grounds) under LTA 1954

Section 25 notice—landlord opposing renewal (with grounds) under LTA 1954 These drafting notes are for use when completing a landlord’s section 25 notice opposing renewal (with grounds) under the Landlord and Tenant Act 1954 (LTA 1954). They are intended to be used when completing the prescribed form under the Landlord and Tenant Act 1954, Part 2 (Notices) Regulations 2004, SI 2004/1005, which is available here. It is good practice to serve the notice in duplicate and ask the receiving party to endorse and return the duplicate copy to acknowledge receipt. General A business tenancy automatically continues after the initial lease expires under the Landlord and Tenant Act 1954 (LTA 1954). A ‘business tenancy’ is one where property is occupied for the purposes of a trade or profession (see LTA 1954 business lease renewal—termination—Meaning of 'occupied for the purposes of business') unless it is one of 17 types of excluded tenancies (see: LTA 1954 business lease renewal—termination—Excluded tenancies), or where occupation is as licensee or tenant at will. Under LTA...

Special administration—special administrators’ progress report

Special administration—special administrators’ progress report [investment bank name] (in special administration) [Joint] Special Administrators’ Progress Report for the six-month period [date] to [date] Notice: About this Report • This Report has been prepared by [names of special administrators], the Special Administrators of [investment bank name] (in special administration), solely to comply with their statutory duty under the Investment Bank Special Administration (England and Wales) Rules 2011, SI 2011/1301, r 122 to provide creditors and clients with an update on the progress of the special administration and for no other purpose. This Report is not suitable to be relied upon by any other person, or for any other purpose, or in any other context. • This Report has not been prepared in contemplation of it being used, and is not suitable to be used, to inform any investment decision in relation to the debt of or any financial interest in [investment bank name] (in special administration). • Any estimated outcomes for creditors and clients included in this Report are...

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Where a landlord opposes the grant of a new business tenancy in its section 25 notice/counter-notice to a section 26 request, based on a ground of opposition in section 30(1) of the Landlord and Tenant Act 1954 which gives rise to statutory compensation, must the tenant take any steps to preserve its right to compensation and if so, is there a deadline by which this must be done?

Where a landlord opposes the grant of a new business tenancy in its section 25 notice/counter-notice to a section 26 request, based on a ground of opposition in section 30(1) of the Landlord and Tenant Act 1954 which gives rise to statutory compensation, must the tenant take any steps to preserve its right to compensation and if so, is there a deadline by which this must be done? This Q&A has been drafted on the basis that the landlord has not included a non-compensation ground and the: • tenant does not make an application for the grant of a new lease (section 24(1) of the Landlord and Tenant Act 1954 (LTA 1954)), and

A commercial tenant has sublet the whole of its demise. The lease includes a provision excluding statutory compensation pursuant to section 37 of the Landlord and Tenant Act 1954. Exclusions of statutory compensation are generally void, however, they may not be void if the tenant has occupied for five years or less. The tenant's lease is longer than five years, but they have not been the entity in occupation for the five years preceding the lease end date, by reason of the sublease. Does the sublease impact on the five year criteria for the exclusion to be void? Does the sublease impact on the 14-year requirement to claim 2 x rateable value?

A commercial tenant has sublet the whole of its demise. The lease includes a provision excluding statutory compensation pursuant to section 37 of the Landlord and Tenant Act 1954. Exclusions of statutory compensation are generally void, however, they may not be void if the tenant has occupied for five years or less. The tenant's lease is longer than five years, but they have not been the entity in occupation for the five years preceding the lease end date, by reason of the sublease. Does the sublease impact on the five year criteria for the exclusion to be void? Does the sublease impact on the 14-year requirement to claim 2 x rateable value? Under section 37 of the Landlord and Tenant Act 1954 (LTA 1954), the tenant is entitled to statutory financial compensation for the disturbance to their rights of security of tenure where: • the landlord relies on one or more 'compensation grounds’, and • one of the three compensation cases under LTA 1954, s 37(1A)–(1C) applies LTA 1954, s...

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RICS publishes second edition of CPO standard and infrastructure policy paper

The Royal Institution of Chartered Surveyors (RICS) has published the second edition of its compulsory purchase order (CPO) standard, titled ‘Surveyors advising in respect of compulsory purchase and statutory compensation’, which updates the first edition published in 2017. The CPO standard is effective from 23 December 2024. The RICS has also launched its new infrastructure policy paper, ‘The Future of UK Major Infrastructure Projects’, which provides several policy solutions to support the development of building projects, overcome skills shortages in the sector, and reform the planning system.

Property Disputes weekly highlights—11 July 2024

This week's edition of Property Disputes weekly highlights includes: analysis of likely property developments under the new Labour government and reactions to the general election from a variety of built environment industry bodies, the 170th Practice Direction update to the Civil Procedure Rules, a High Court case on replacement of an expert, and a Scottish case on a public right of passage.