The Office of National Statistics (ONS) has published research entitled 'Experiences of displaced young people living in England: January to March 2023', based on interviews with displaced young people aged 14 to 19 years old. The research details their experiences arriving in the UK, getting housing, going to school and receiving healthcare, and analyses cross-cutting themes from participant accounts. Participants said that long waiting periods for decisions to be made about their futures in the UK caused stress and made it difficult for them to feel settled. Those receiving accommodation in hotels, such as those receiving asylum support, described poor living conditions and having to stay in temporary hotel accommodation for much longer periods than expected. Participants said adapting to new systems in school was anxiety-inducing and they struggled with the language barriers. They also said that language barriers and the complexity of systems affected their access to health services.

This Practice Note focuses on why (re)insurers and intermediaries need to address environmental, social, and governance (ESG) risks. For guidance on the ESG initiatives, regulations and legislation that are relevant to (re)insurers and intermediaries, see Practice Note: ESG and insurance—essentials. Risk landscape Physical risks Catastrophic losses Losses related to physical risk factors, such as severe weather (including floods, wildfires and storms), can be insured and may directly affect insurance companies through higher claims. Recent catastrophe-loss data illustrates the scale of this exposure: • Munich Re reported that worldwide natural disasters caused losses of approximately USD 320 billion in 2024, of which around USD 140 billion were insured, materially above the inflation-adjusted averages for the previous ten and 30 years • Swiss Re similarly reported that global insured losses from natural catastrophes reached USD 137 billion in 2024 and projected that, if the trend continues, insured losses could approach USD 145 billion in 2025 • Aon reported global economic losses from natural disasters of USD 368 billion in 2024, driven in particular by

A round-up of financial services developments.

The Regulator of Social Housing (RSH) has published its 2025 Sector Risk Profile, warning that social landlords must strengthen governance and risk management to remain resilient amid intensifying financial and operational pressures. The report highlights internal challenges, including record investment in improving existing homes to address hazards such as damp, mould and fire safety, alongside external risks such as rising debt costs, a weaker housing market and labour shortages. RSH emphasises that robust governance, informed by comprehensive data and stress testing, is essential for maintaining financial viability and delivering better outcomes for tenants. The regulator will continue using inspections and other regulatory tools to ensure landlords are well-run and capable of providing more and better social homes.

The Financial Policy Committee (FPC) is consulting on proposed adjustments to the Other Systemically Important Institutions (O-SII) buffer framework, aiming to index buffer thresholds to nominal GDP growth from 2019 to 2023. This adjustment aims to prevent undue tightening and support efficient capital allocation. If confirmed, the new thresholds will apply from January 2026. The FPC will review and update these thresholds regularly to align with GDP growth. Responses to the consultation are sought by 30 May 2025. The FPC and the Prudential Regulation Authority (PRA) manage the O-SII buffer, a capital buffer for systemically important domestic firms. The FPC reviews the framework regularly, while the PRA sets buffer rates annually. The framework aims to ensure that large banks and building societies can absorb stress and continue to supply credit to the economy.

Elsevier Ltd has published a research study titled ‘the ties that bind: Understanding the mental health consequences of the Windrush Scandal and hostile immigration policies on survivors in the UK’. The research study analyses 96 survivor testimonies following the scandal, and discusses the consequences for survivors including unemployment, family separation, lack of access to social welfare services, homelessness and financial vulnerability. The study unpacks six key areas of life disruption and associated mental health consequences that have impacted victims. The analysis reveals clear pathways to poor mental health outcomes, including depression, chronic stress, and anxiety disorders. The researchers critique the current compensation scheme as inadequate and potentially re-traumatising, calling for holistic support programmes that address both psychological and social/structural impacts. They recommend removing the compensation scheme from Home Office control and implementing specialised mental health pathways for survivors. This research provides evidence to inform future policy and support initiatives for those affected.

The three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority—ESAs) have published their Spring 2025 Joint Committee update, highlighting significant challenges to financial stability due to growing geopolitical tensions and rising cyber risks. These include trade disputes, shifting policies, international conflicts, and economic fragmentation, requiring heightened vigilance and adaptability. Financial institutions are called to manage uncertainties such as exposure to international markets, liquidity risks, and the evolving role of AI. The ESAs stress the importance of proactive risk management, stronger cyber resilience, and close monitoring of global financial linkages. They recommend preparing for market volatility, potential liquidity risks, and adverse developments, along with robust data governance and compliance with the AI Act and Digital Operational Resilience Act  (DORA).

The Office for Students (OfS) has announced a shift in its regulatory approach to address growing financial pressures in the higher education sector. Until August 2025, the OfS will dedicate increased resources to monitoring and supporting the financial sustainability of universities and colleges. This includes more frequent engagement with institutions, collecting timelier financial information and potentially conducting in-depth reviews of financial management at some providers, utilising external financial consultants where necessary. The OfS is encouraging institutions to proactively stress-test their finances and develop robust contingency plans. This enhanced scrutiny comes in response to projections that, without intervention, 72% of higher education providers could be in deficit by 2025-2026. The OfS emphasises that this intensified monitoring aims to protect students' interests and ensure the sector's long-term financial stability.

The Local Government Association (LGA) has published an independent report, prepared by Isos Partnership, which examines the rising needs of children under five and explores how councils and early years providers are responding to these challenges. The report finds that councils and providers are consistently seeing an increase in both the volume and complexity of needs, particularly communication and interaction difficulties, with more children presenting with very limited or no language and social communication skills. It cites poverty, family stress, neurodivergence and pandemic lockdowns as contributing factors, noting that providers are adapting to support these children but often face funding and capacity pressures. Practitioners and councils call for greater funding, a national workforce strategy and curriculum reforms to improve early years inclusion. The LGA urges the government to address these challenges through special educational needs and disability (SEND) system reforms and the Best Start in Life agenda.

The three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority—ESAs) have published their Spring 2025 Joint Committee update, highlighting significant challenges to financial stability due to growing geopolitical tensions and rising cyber risks. These include trade disputes, shifting policies, international conflicts, and economic fragmentation, requiring heightened vigilance and adaptability. Financial institutions are called to manage uncertainties such as exposure to international markets, liquidity risks, and the evolving role of AI. The ESAs stress the importance of proactive risk management, stronger cyber resilience, and close monitoring of global financial linkages. They recommend preparing for market volatility, potential liquidity risks, and adverse developments, along with robust data governance and compliance with the AI Act and Digital Operational Resilience Act (DORA).

The Council of the EU has adopted a Regulation and a Directive establishing common internal market rules for renewable and natural gases and hydrogen, which reforms the current EU gas legislation. The new rules will ensure the move to renewable and low-carbon gases, especially hydrogen, in the energy system, to achieve the EU’s decarbonisation targets and will stress the importance of integrated and transparent network planning across the EU. The new rules will also ensure that vulnerable customers and customers affected by energy poverty will have better protection and will include a voluntary mechanism to support the hydrogen market for five years. The Regulation and the Directive will now be signed and published in the Official Journal of the EU. The Regulation will apply six months following its publication and Member States will have two years to transpose provisions of the Directive into their national legislation.

WARNING These template replies to enquiries are intended only as a framework and starting point to assist the Seller in building their bespoke replies to enquiries. They are not a recommended, comprehensive or conclusive list and should not be used without careful consideration and bespoke amendment to suit the particular transaction. The replies given to enquiries before contract are representations made by the seller to the buyer and the buyer is entitled to rely on them in deciding whether or not to proceed with the transaction. It is imperative that they are correctly tailored to the specific matter and do not include any false or flippant statements. They should also not contain any generic statements, such as ‘Not to the Seller’s knowledge’, unless the Seller has made an effort to discover a more comprehensive answer to the enquiry. Such a response contains within it an implication that the Seller has itself made reasonable enquiries relation to the enquiry in question. You must stress to your client