Pensions analysis: In the determination by the Pensions Ombudsman of Mr N (PO-12763), the member requested the making of a benefit transfer, but later complained he had fallen victim to a pension liberation scam. The Ombudsman found that he should be either reinstated in the scheme or given equivalent benefits as well as receiving significant compensation due to the scheme’s failure to make proper checks on the receiving scheme as well as the failure to give the appropriate warnings before initiating the transfer. Wyn Derbyshire of gunnercooke LLP looks at the decision.

Pensions analysis: The Pensions Ombudsman (PO) has partially upheld a complaint about the recovery of an overpayment, where the pension scheme failed to obtain a court order from a competent court following a dispute over the overpayment. Martin Scott of gunnercooke LLP looks at the decision.

Pensions analysis: In the determination of Mr E (CAS-55100–G3W9), the Pensions Ombudsman (PO) partially upheld a claim on behalf of the member, Mr E, who believed that the recoupment plan put in place by the trustees was unfair following several years of overpayment and a lack of scheme communication. Among other things, the PO found that Mr E could rely on the equitable principles of change of position as he had done so in the belief that he was entitled to the whole of the payments he received until he was notified. The PO was critical of the trustees’ communications with members, which had failed to alert them to the fact that the payments which they continued to receive included an amount of pension to which they might not be entitled. The PO also concluded that recovery of any overpayments prior to 1 August 2019 was precluded by the doctrine of laches. Of significance also is the PO’s finding that what is considered ‘equitable’ may change over time and where in the future Mr E could demonstrate that the rate of recovery was no longer affordable, the trustees should reconsider whether the rate remained equitable. Elizabeth Ovey, barrister at Radcliffe Chambers, looks at the decision and its implication for pension schemes.

Pensions analysis: The Pensions Ombudsman (PO) has upheld a complaint about a refusal to return excess employer contributions to the correct party. Martin Scott of gunnercooke LLP looks at the decision.

The FCA Prospectus Rules: Admission to Trading on a Regulated Market sourcebook (PRM) sets out when a prospectus is required to be published when transferable securities are being admitted to trading on a regulated market in the UK. In summary, an approved prospectus is required for the admission of transferable securities to trading on a UK regulated market unless one of the exemptions in the PRM sourcebook applies. The exemptions are set out in PRM 1.4.3R–PRM 1.4.13R. The rules in the PRM were made under enhanced rule-making responsibilities given to the FCA in The Public Offers and Admissions to Trading Regulations 2024 (POATRs), SI 2024/105, which contain the main legislative framework for the public offer of securities and admission of securities to trading in the UK. Transferable securities of the type listed in PRM 1.3.1R are excluded from the prospectus requirement and the PRM in general. Summary of exemptions from the requirement to produce a prospectus The table below sets out a summary of the exemptions from the requirement to produce a prospectus

The Public Offers and Admissions to Trading Regulations 2024 (POATRs), SI 2024/105 contain the main legislative framework for the public offer of securities and admission of securities to trading in the UK. Under the POATRs, public offers of relevant securities are prohibited unless the offer falls within an exception. Schedule 1 to the POATRs sets out the 13 exceptions to the prohibition of offers of relevant securities to the public in the UK. It is possible to combine the exceptions (where appropriate). Exceptions to the prohibition on public offers of securities in the UK The table below sets out a summary of the exceptions to the prohibition on public offers of relevant securities in the UK. Exception to prohibition of public offer Section of POATRs Comments Maximum total consideration under offer of relevant securities in the UK is £5m (combined with any previous offers in last 12 months) POATRs, SI 2024/105 Sch 1, Part 1, para 1 If a company wishes to make a public offer above the £5m threshold

The Financial Conduct Authority (FCA) has issued a statement on notifications relating to admissions to trading and recent changes to the UK Listing Rules, clarifying its position following the introduction of the new Public Offers and Admissions to Trading Regulations (POATRs) regime.

The criminal confiscation regime under Part 2 of the Proceeds of Crime Act 2002 (POCA 2002) has been reformed by the Crime and Policing Act 2026 (CPA 2026). The Home Office has published six guidance documents explaining the reforms, which cover the criminal lifestyle provisions, the amount to be paid under a confiscation order, the principal objective of confiscation powers, the timetabling of confiscation proceedings, early resolution of confiscation meetings and restraint orders.

Sections 444 and 445 of the Proceeds of Crime Act 2002 (POCA 2002), provide the power to implement secondary legislation for the purposes of giving effect to requests from overseas authorities for assistance in identifying, recovering, investigating, freezing, confiscating and forfeiting and otherwise dealing with the proceeds of crime. For an introduction to the power to create secondary legislation under these provisions, and the secondary legislation implemented pursuant to them, see Practice Note: POCA 2002—external investigations, requests and orders—introduction. This Practice Note is concerned with the secondary legislation created under POCA 2002, s 445. For detailed information on mutual legal assistance available under POCA 2002, s 444 in specific contexts, see Practice Notes: Mutual legal assistance—civil recovery and Mutual legal assistance—restraint and confiscation. See also Practice Note: Mutual legal assistance—forms of assistance. POCA External Investigations Orders 2013 and 2014 The provisions in the Proceeds of Crime Act 2002 (External Investigations) Order 2013 (2013 Order), SI 2013/2605, Pt 1 and the Proceeds of Crime Act 2002 (External Investigations) Order 2014 (2014 Order), SI 2014/1893 (together, the Orders) have effect

Mutual legal assistance (MLA) is the means by which states provide investigative and enforcement assistance to other states in criminal investigations and proceedings. Many MLA treaties (MLAT) provide for assistance in restraining and confiscating the proceeds of crime. The domestic confiscation/restraint regimes are found in Parts 2–4 of the Proceeds of Crime Act 2002 (POCA 2002), while POCA 2002, Pt 11 provides the regime for providing assistance in response to incoming requests. For more information on MLA generally, see Practice Notes: Mutual legal assistance (MLA) and Mutual legal assistance—forms of assistance. For detailed information on MLA in specific contexts, see Practice Notes: • Mutual legal assistance—restraint and confiscation • Mutual legal assistance—civil recovery POCA 2002 powers to create secondary legislation POCA 2002, ss 444 and 445 provide the power to implement secondary legislation for the purposes of giving effect to requests from overseas authorities for assistance in identifying, recovering, investigating, freezing, confiscating and forfeiting etc the proceeds of crime. POCA 2002, s 444 provides the power to implement secondary legislation for the purposes of giving

Investigatory orders available under POCA 2002, Pt 8 The investigative orders available under Part 8 of the Proceeds of Crime Act 2002 (POCA 2002) are: • production orders • search and seizure warrants • disclosure orders • customer information orders • account monitoring orders, and • unexplained wealth orders (UWO) and associated interim freezing orders These are together known as the Part 8 investigatory orders. POCA 2002, Pt 8 investigatory orders can be obtained in relation to the following types of investigations: • whether a person has benefited from their criminal conduct, the extent or whereabouts of their benefit from their criminal conduct, the available amount in respect of the person or the extent or whereabouts of realisable property available for satisfying a confiscation order made against them (a confiscation investigation) • whether property is or has been recoverable property or associated property, who holds or has held property, what property a person holds or has held, or the nature, extent or whereabouts of property (a civil recovery investigation) • the derivation of (or

Post Operational Clean Out: The first stage in preparing plant for maintenance'>care and maintenance after operations have ceased.