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This issue focuses on the DC aspects of the Pension Schemes Bill that was recently introduced to Parliament.  The theme running through the DC policy decisions is better outcomes for members, including through value for money assessments and default decumulation solutions.  Investment choices made by consolidated 'megafunds' are also intended to benefit the UK economy.

In a welcome change in policy, HMRC has increased the availability of input tax recovery for defined benefit (DB) pension schemes' investment costs with immediate effect. However, with the detailed information on the reform yet to be published, the extent of the good news is unclear.

The Data (Use and Access) Act (DUAA) was a long time in the making: it finally received Royal Assent on 19 June 2025 after weeks of "ping-pong" between the two Houses of Parliament over transparency measures in relation to AI and copyright - measures that were ultimately dropped.  The DUAA includes a package of data protection and e-privacy reforms, introduces frameworks for smart data and digital verification schemes and puts the National Underground Asset Register on a statutory footing.  Now it is finally here, what happens next?  This briefing sets out key takeaways for businesses in relation to the DUAA's data protection reforms.

The European Securities and Markets Authority (ESMA) has published its Final Report on the integration of sustainability risks and disclosures in the investment fund sector (Final Report).    

On 4 July 2025, the Government issued a consultation asking for input as to how best to implement the sections of the Leasehold and Freehold Reform Act 2024 ("LAFRA 2024") which deal with improving the service charge regime for leaseholders paying both variable and fixed service charges. The Government also seeks to improve the regulation of managing agents, who it acknowledges are crucial for the successful management of both leasehold and commonhold schemes.

The recent Supreme Court decision on the meaning of "sex" in the Equality Act has been widely reported and generated much debate. Whilst the Court provided clarification on what "sex" means in the legal context, on a practical level the decision has given rise to some complex questions and considerations, not least for employers.

On 26 June 2025, the European Securities and Markets Authority ("ESMA") published its Final Report ("the Report") on Technical Advice to the European Commission on the Review of the UCITS Eligible Assets Directive ("EAD"). 

The UK Competition and Markets Authority (CMA) is about to start enforcing new rules designed to prevent the publication of fake or misleading consumer reviews.  Have you considered how you'd respond if the CMA asks what your business has done to comply?

Once a niche corner of alternative lending, private credit has shown, not only its resilience, but also its ability and willingness to collaborate with various stakeholders. While it was once seen as a rival to traditional banks, that narrative is shifting.

A regular briefing for the alternative asset management industry. 

The FCA has issued CP25/18: Tackling non-financial misconduct in financial services which starts the process of formalising non-financial misconduct in its rules. 

The European Accessibility Act (EAA) can be enforced by Member States from 28 June 2025.  Impacting businesses across a broad range of sectors, the EAA applies to many categories of consumer products and services, particularly digital technologies, which range from payment terminals and smartphones to consumer banking services and online shops. The aim: to make all these products and services accessible to everyone, including people with disabilities.  While the EAA applies to products and services provided within the EU (including by UK-based businesses), as we explore later in this briefing, businesses operating exclusively in the UK market also cannot afford to be complacent about accessibility.

In this edition, we look at the UK Government's 10 year Infrastructure Strategy and whether the "Washington effect" has trumped the "Brussels effect" in relation to ESG regulation.  We also provide updates on topics including planning reform, housing, heat networks, national security, pension fund infrastructure investment and carbon markets.

After months of delay,  the UK Government has finally published the long-awaited consultation on the adoption of ISSB sustainability standards as the first UK Sustainability Reporting Standards ("UK SRS"), and on assurance of sustainability-related financial disclosures. At the same time, the Government is consulting on how to implement its manifesto commitment to mandate UK-regulated financial institutions – including banks, asset managers, pension funds, and insurers – and FTSE 100 companies to develop and implement credible transition plans that align with the 1.5°C goal of the Paris Agreement.

We are very proud to continue to be the Contributing Editor of the recently published International Comparative Legal Guide  (ICLG) to Derivatives 2025.

The last 6 months have seen unprecedented turbulence in the field of sustainability regulation. The EU, historically a world leader in environmental standards and responsible business conduct, appears to be backtracking on its leading position and fitting in with the political mood in the US.

A regular briefing for the alternative asset management industry.

On 28 June 2025, Member States can start enforcing the European Accessibility Act ("EAA") – a deadline which may have crept up on some firms in the banking and financial services sector.  The EAA applies to a broad range of financial services and associated digital technologies, from payment terminals to online banking platforms. This means banks, payment services providers, e-money and other providers of financial services to retail customers must review their customer interfaces, products and related documentation to ensure compliance.  If EAA compliance has slipped down your "to do" list, now is the time to act.  As we discuss later in this briefing, businesses operating in the UK market also cannot afford to be complacent about accessibility.

With the legal framework now in place for the Private Intermittent Securities and Capital Exchange System ("PISCES") regime to become operational, in this briefing we answer the key questions that clients are asking about this innovative trading platform for private companies.