Asylum Welcome has published a report on the barriers faced by newly recognised refugees when starting their lives in the UK. The report states that the 28-day period in which people have to leave asylum accommodation after being granted refugee status causes stress, as finding a new place to live in such a short amount of time is difficult and has led in some cases to homelessness. The report findings include neglect by the Home Office to help the transition from asylum to mainstream accommodation, the impact of the housing crisis on refugees and challenges faced as a result of slow bureaucratic systems, for example lack of timely access to universal credit.

The right for an employee to take time off from work for holidays may arise under contract or statute. While the Working Time Regulations 1998 (WTR 1998), SI 1998/1833 provide for a minimum entitlement to holiday, an employee or worker's contract may entitle them to more generous holidays. For further information, see Practice Note: Dealing with stress and mental ill health in the workplace, in particular the main sections dealing with ‘Statutory holiday entitlement’ and ‘Contractual holiday entitlement’. Stipulating when an employee must take holiday The WTR 1998 permit an employer to specify when during the year holiday must be taken (eg during an annual shutdown period), or when it cannot be taken (eg at the financial year end or in busy retail periods) (see WTR 1998, SI 1998/1833, reg 15(2)). The WTR 1998 set out a procedure and timescales for the employer to notify the employee when it does or does not want the employee to take leave (WTR

The Financial Conduct Authority (FCA) has published a letter, of 7 March 2025, from its Chief Executive ,Nikhil Rathi, to the Economic Secretary to the Treasury, Emma Reynolds MP, relating to the FCA’s Mortgage Rule Review. The FCA confirms its support for the Government’s commitment to helping people own their own home and wants to ensure regulation supports sustainable home ownership. The FCA has also separately announced a series of steps to improve access to mortgages and support home ownership. These steps include reminding lenders of the flexibility in its rules to help more people access mortgages, especially as current interest rate stress testing may be overly restrictive. The FCA plans to launch a call for evidence on stress testing approaches, followed by a consultation in May 2025 to simplify mortgage rules and consult on retiring outdated regulatory guidance, making it easier for consumers to remortgage, reduce their mortgage term, and discuss options outside regulated advice. The FCA also expects to launch a public discussion in June 2025 on the future of the mortgage market and plans to work with relevant experts to explore how smart data can enhance mortgage products and services.

This week's edition of Insurance & Reinsurance weekly highlights includes: insurers must face £13bn Russia-stranded planes claims in UK; bias ruling offers guidance on disqualifying arbitrators (H1 v W); lawyer group ends challenge over fixed recoverable costs; the Association of British Insurers (ABI) publishes good practice guide on supporting autistic customers; the Bank of England (BoE) finds increasing fear of financial risk from AI; the European Insurance and Occupational Pensions Authority (EIOPA) launches its 2024 stress test; cases & decisions; key dates for your diary; and other news highlights reported over the past week.

MLex: News published on 18 January 2024 that Amazon's iRobot deal will be blocked by the EU merger regulator raises a big question: If the e-commerce giant can't buy a lowly vacuum-cleaner maker, can it ever buy anything again? Another question pops up too: Aren't the European Commission's objections to the deal broadly covered by the impending Digital Markets Act (DMA) and its ban on ‘gatekeepers’ (such as Amazon) from using their platforms to favour their own products? It's too early to predict the DMA's full impact on merger control, but the regulator seems keen to stress that it won't make it any easier for gatekeepers to make acquisitions.

The Prudential Regulation Authority (PRA) has announced its business plan for 2025/2026, outlining its strategic priorities and objectives. The strategy focuses on maintaining the safety and soundness of the banking and insurance sectors, identifying new and emerging risks, supporting competitive and innovative markets, and running an inclusive and efficient regulator. The PRA also mentions work it has already completed, ongoing and future initiatives. Key regulatory initiatives include stress testing in the banking and insurance sector, preparation for the implementation of the Basel 3.1 standards by January 2027 and enhancing operational and cyber resilience.

The European Systemic Risk Board (ESRB) has reported that systemic risks in the EU remain elevated, citing stretched valuations in certain asset classes and vulnerabilities in parts of the non-bank financial sector, including opacity, leverage and liquidity mismatches. At its 60th General Board meeting, the ESRB confirmed that EU financial institutions continue to demonstrate resilience, supported by recent EU-wide stress test results, but noted emerging credit risks and concerns over reduced prudential safeguards under recent Solvency II changes. The Board approved the forthcoming publication of two joint ESRB–ECB reports on bank–NBFI linkages and geopolitical risks, and released the 54th issue of its risk dashboard.

The European Insurance and Occupational Pensions Authority (EIOPA) has published its strategy to simplify regulation and reduce administrative burdens to boost European competitiveness. EIOPA's approach focuses on creating favourable business conditions, safeguarding consumer rights, maintaining financial stability, and fostering a resilient economy amidst uncertainties and geopolitical changes. This will be achieved through smarter, more harmonised regulation and effective EU-level supervision. Key measures include shortening guidelines, streamlining reporting, introducing proportionality principles, reducing stress test frequency, and promoting streamlined product requirements. EIOPA also emphasises simplifying sustainability reporting to ensure access to reliable data for managing climate risks, supporting the European Commission's efforts in this area.

A round-up of EU financial services developments.

A round-up of financial services developments, including (among other things) AFME, IA and UK Finance call for ‘full, high-quality’ consolidated tape.

Reunite Families UK, in collaboration with Coram Children's Legal Centre (CCLC), has released preliminary findings from child-centred interviews highlighting the impact of the UK's family immigration rules on British children. The research, conducted between October and November 2024, examines the effects of both the previous £18,600 and the new £29,000 Minimum Income Requirement introduced in April 2024. Key findings include increased anxiety, stress, and financial strain among children, as well as disrupted family relationships, as a result of these requirements. As the Migration Advisory Committee (MAC) reviews financial requirements for family visas, Reunite Families UK, CCLC, and the Immigration Law Practitioners' Association urge the MAC to prioritise the experiences of affected families, particularly children, in its assessment.

The European Parliament has endorsed a negotiation mandate with Member States to ensure fair trainee working conditions and prevent companies from disguising standard jobs as traineeships. The mandate, prepared by the Employment and Social Affairs Committee, proposes changes to EU rules on traineeships to curb abusive practices. It requires written traineeship agreements that clearly define pay, duration, tasks, learning objectives, and access to social protection such as health insurance. MEPs stress that traineeships should be limited in duration and involve entry-level work. The new rules would cover all types of traineeships, except mandatory educational traineeships for academic credit and apprenticeships. The mandate also calls for organisations to appoint a contact person for trainees to report suspected malpractice, and specifies that any traineeship lacking pay, training, mentorship, or evaluation should be considered abusive. Parliament’s position builds on its 2023 call for minimum quality standards and aligns with the European Commission’s draft directive. Interinstitutional negotiations with the Council will now begin.