The All-Party Parliamentary Group (APPG) on Fair Banking has published a cross-party report titled ‘No Half Measures – a Blueprint to Beat APP Fraud’ outlining a nine-point strategy to address the growing threat of authorised push payment (APP) fraud in the UK. The APPG suggests how the government could adopt a ‘whole-of-ecosystem’ approach in the forthcoming update to the UK’s Fraud Strategy. It also reviews the early impact of the Payment Systems Regulator’s (PSR) mandatory reimbursement requirement (MRR), describing it as a positive step, but warns that relying solely on reimbursement risks placing excessive burdens on certain parts of the financial ecosystem while failing to tackle the root causes of fraud. The APPG calls for broader action, including considering extending reimbursement requirements to crypto firms and introducing a tech levy on social media platforms.

The Construction Industry Council (CIC) has announced that the All-Party Parliamentary Group for Excellence in the Built Environment (APPGEBE) has published a report, setting out recommendations to raise standards in housebuilding and placemaking. The APPGEBE’s chair, Mike Reader MP, warns that the government risks squandering a ‘once-in-a-generation opportunity’ if it fails to safeguard the quality of new homes and neighbourhoods while pursuing its target of delivering 1.5 million homes.

The All-Party Parliamentary Group (APPG) on Migration and the APPG on Poverty and Inequality have published a joint report examining the effects of recent and proposed changes to UK immigration, asylum and refugee policy on poverty and inequality. The report concludes that proposed reforms to settlement routes, no recourse to public funds (NRPF), refugee protection, asylum support, English language requirements and immigration fees are likely to increase poverty, financial insecurity and inequality for some migrants, refugees and people seeking asylum, while potentially undermining wider government objectives to reduce child poverty and homelessness and promote integration and social cohesion.

Law360: New laws that allow businesses to tap into an estimated £160bn in pension surpluses must have safeguards to protect members of savings plans, Association for Professional Pension Trustees (APPT) warned on 1 September 2025.

Click the link below to download the presentation: Contents • APR/BPR changes • Spousal transferability • Why asset targeting fails • APR/BPR trust clause • Funding the trust • Case study • Case study solution • Anti- fragmentation • Administration checklist • Client communications • Pitfalls and risks Summary These

ARCHIVED: In the Budget on 30 October 2024 (Autumn Budget 2024), the Chancellor of the Exchequer announced that the current 100% rate of relief from IHT, which applies to the value of certain types of property, will be limited to the first £1 million of that value and the remainder will receive relief at only 50%. If the taxpayer, or the estate of the taxpayer, also owns property which is eligible for APR, the value of that property will be included in the assessment of whether the £1 million threshold is exceeded. A further change in Autumn Budget 2024 was the reduction in the rate of BPR on quoted shares which are not listed on a recognised stock exchange from 100% to 50%. The rate of relief for quoted shares designated as “not listed” on the markets of recognised stock exchanges will be reduced to 50% from 100%. These changes will take effect for deaths on or after 6 April 2026 and for lifetime gifts on or after 30 October

NOTE: On 15 July 2025, the government announced the Leeds Reforms, which include plans to streamline the SM&CR. At the same time, the PRA and FCA published consultation papers CP18/25 and CP25/21. The regulators propose a two-stage reform process, with Phase Two to follow pending legislative changes under HM Treasury consultation; see News Analysis: Reform of the SM&CR—Proposals and next steps. In February 2026, HMT consulted on the Appointed Representatives Regime including proposals to bring appointed representatives within the scope of the SM&CR. Comments closed on 9 April 2026. For detail, see SM&CR—one minute guide—Policy development. The Senior Managers and Certification Regime (SM&CR) and the Approved Persons Regime (APR) are the UK regulators’ framework for regulating individuals working in financial services. Since 2016, the SM&CR has been progressively rolled out across the financial services industry, replacing the APR—however, appointed representatives of SM&CR firms remain subject to the Financial Conduct Authority (FCA)'s APR. This Practice Note explains the FCA’s Statements of Principle and Code of Practice

NOTE: On 15 July 2025, the government announced the Leeds Reforms, which include plans to streamline the SM&CR. At the same time, the PRA and FCA published consultation papers CP18/25 and CP25/21. The regulators propose a two-stage reform process, with Phase Two to follow pending legislative changes under HM Treasury consultation; see News Analysis: Reform of the SM&CR—Proposals and next steps. In February 2026, HMT consulted on the Appointed Representatives Regime including proposals to bring appointed representatives within the scope of the SM&CR. Comments closed on 9 April 2026. For detail, see SM&CR—one minute guide—Policy development. This Practice Note considers aspects of the Approved Persons Regime (APR), set out in the Financial Services and Markets Act (FSMA 2000), Part V, and SUP 10A in the FCA’s Handbook, which applies to appointed representatives (ARs) of Senior Manager & Certification Regime (SM&CR) Firms (defined in the decision tree in SYSC 23 Annex 1). It considers the relevant procedures related to FCA-approved persons in ARs, including applications for

NOTE: On 15 July 2025, the government announced the Leeds Reforms, which include plans to streamline the SM&CR. At the same time, the PRA and FCA published consultation papers CP18/25 and CP25/21. The regulators propose a two-stage reform process, with Phase Two to follow pending legislative changes under HM Treasury consultation; see News Analysis: Reform of the SM&CR—Proposals and next steps. In February 2026, HMT consulted on the Appointed Representatives Regime including proposals to bring appointed representatives within the scope of the SM&CR. Comments closed on 9 April 2026. For detail, see SM&CR—one minute guide—Policy development. This Practice Note considers the Approved Persons Regime (APR) set out in Part V of the Financial Services and Markets Act 2000 (FSMA 2000), and Chapter 10A of the FCA Supervision Manual (SUP 10A—FCA Approved Persons in Appointed Representatives), which applies to appointed representatives of SM&CR Firms. It considers the framework of FCA-controlled functions (CFs) which operate under SUP 10A for appointed representatives which remain under the APR rather than the Senior Managers & Certification Regime

Adjusted present value—the discount rate used in valuations which looks at free cashflows less the cost of equity.

A recognised investment exchange under FSMA 2000, previously known as NEX Exchange (and ICAP Securities & Derivatives Exchange (ISDX) before that). ASQE operates three markets: • the AQSE Main Market (formerly NEX Exchange Main Board) a UK regulated market for officially listed securities • the AQSE Growth Market (formerly NEX Exchange Growth Market) a UK multilateral trading facility for earlier stage, entrepreneurial companies, and • AQSE Trading (formerly NEX Trading) a secondary trading market which allows AQSE member firms to quote prices and report trades in listed or quoted securities that are admitted to EU markets other than AQSE.

The Architects Registration Board (ARB) has announced a consultation on its proposals for a new Code of Conduct and Practice for Architects. The draft Code comprises six new standards of professional conduct and practice, focusing on honesty and integrity, public interest, competence, professional practice, communication and collaboration, and respect. The Code will be accompanied by a suite of guidance on how architects can meet these new standards. The consultation closes on 12 December 2024, with the ARB intending to finalise the new Code and develop the accompanying guidance in early 2025.