The Financial Conduct Authority (FCA) has published a speech by CEO Nikhil Rathi, in which he discussed how consumer-facing technology can ‘help keep consumer markets honest’. Rathi argued that Big Data must not be the preserve of Big Tech, saying a digital identity authentication system and a commitment to Open Data could boost productivity and consumer confidence in how their data is used. Rathi also addressed financial exclusion and the application of the Consumer Duty to consumer technology in financial services and warned, more generally, that the industry can expect more deployment of the FCA’s criminal powers in the year ahead to prevent market and consumer harm.

The Financial Conduct Authority (FCA) has published a speech by its CEO, Nikhil Rathi, on the links between financial inclusion and economic growth. Rathi said improving financial inclusion and capability can help mitigate barriers to, and possibly catalyse, growth—noting, for example, that links between over-indebtedness and mental health can impair productivity at work or even leave people unable to work.

A period at the start of a unit-linked policy during which no premiums are allocated to buy units. This is a mechanism to allow the life company to recover the costs of establishing the policy in an efficient way.

Shares whose nominal value has not been paid up and where there is therefore a call due on the balance. Government stocks are sometimes issued in this way, with one or more calls at specified dates.

Overview of nil paid and partly paid shares The opportunity to subscribe for or purchase shares nil or partly paid has been and continues to be a relatively commonplace means of broadening share participation. The underlying rationale is typically to allow individuals to hold shares in a company like other shareholders and possibly to have similar rights, but to defer the payment for those shares. This gives a commercial solution and may give tax advantages but also presents for the individual potential liabilities with the subscription price. Such arrangements are similar to an option, so that payment of all or some of the purchase price need only be made at a later date or on the occurrence of certain events, such as a company sale or a listing, or when the company issues a call for the unpaid amount. The key distinction from options is that individuals acquire the shares at the outset. The terms of nil paid shares can be structured to suit commercial needs

If you are in any doubt about this agreement and the action you should take, it is recommended that you immediately seek your own personal independent financial advice from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser duly authorised under the Financial Services and Markets Act 2000 (as amended) if you are resident in the UK or, if not, from another appropriately authorised independent financial adviser in the relevant jurisdiction. [insert Company Name] Share Award Parties: 1 [insert Company Name], CRN [insert company number], (the ‘Company’) the registered office of which is at [insert address]; and 2 [Individual Name] of [insert address] (the ‘Subscriber’), together, the ‘Parties’. Background: The Company has offered and the Subscriber wishes to accept an opportunity to subscribe for Shares on the terms set out in this Agreement.[ This award has been approved by the Company at a meeting of the Directors dated [insert date].] The Parties HEREBY AGREE as follows: 1 Definitions and interpretation 1.1 In this Agreement, except where the context otherwise requires, the words and expressions set out below will bear the following meanings, namely: Actual Market Value

This Practice Note considers what nil paid shares and partly paid shares (PPS) are and the circumstances in which a company is most likely to use them as part of its share incentive arrangements. It also looks at the practical considerations which are relevant when they are implemented. What are nil paid shares and partly paid shares? When shares are issued, their subscription price is normally paid in full at that time. Nil paid and partly paid shares (PPS) operate instead so that at the time the shares are issued, either all of the subscription price or a part of it remains initially unpaid. The balance remains outstanding and is not payable until a later date, when the company calls for it to be paid. The difference between nil paid and PPS is that: • PPS are where a part of the subscription price is paid at the time that the shares are issued, and • nil paid shares are where none of the subscription price is paid at the time that the shares

A 'merger', where neither the offeree shareholders nor the offeror shareholders receives a premium over the market value of their shares before the transaction is announced. These are often used for big deals because the accounting treatment (pooling of interests) avoids the creation of large amounts of goodwill on the balance sheet of the enlarged group, which would need to be written down if the merger is not successful.

The amount up to which an estate has no inheritance tax to pay. Also known as the inheritance tax threshold.

The maximum amount of NRB available to a death estate, and the NRB which is used to calculate the rate of IHT which is payable on the 10th anniversary of the creation of a relevant property trust is GBP325,000 in both cases. However, the actual amount of the NRB depends on a number of factors. In the case of the

Parliament prorogued on 29 April 2026, closing the 2024–2026 parliamentary session. Nine Bills were given Royal Assent ahead of prorogation, including the Crime and Policing Bill, the English Devolution and Community Empowerment Bill, the Ministerial Salaries (Amendment) Bill and the Victims and Courts Bill. Bills in progress fall upon prorogation, unless carried over to the next session of Parliament. Bills carried over include the Representation of the People Bill, the Courts and Tribunals Bill and the Public Office (Accountability) Bill (among others). The next session will commence with the King’s Speech and State Opening of Parliament on 13 May 2026.

The European Commission has published the last set of recommendation and guidance documents intended to assist Member States with implementing Directive (EU) 2023/1791 (the revised Energy Efficiency Directive) into national law. The nine new documents relate to consumer issues, energy services and energy consumption, among other topics. A contractor’s report on good practices has also been published, to show how the new and revised provisions can be implemented.