The Financial Conduct Authority has launched a review into how artificial intelligence could transform retail financial services. The review will assess both the opportunities and risks associated with AI-driven decision-making, including concerns around bias, fraud and accountability. While AI tools could improve efficiency in areas such as payments and claims handling, the regulator has signalled...
Public sector pension schemes have been described as a major long-term liability for UK taxpayers, with estimated obligations of £1.4 trillion. Policy commentators argue that the current structure, including employer contribution rates of up to 30%, is unsustainable when compared with private sector provision. Proposals include moving towards defined contribution arrangements, which supporters say could...
The England and Wales High Court has ruled that informal digital communications are insufficient to prove the transfer of a beneficial interest in property. In a bankruptcy-related dispute, the court rejected claims that ownership had passed via WhatsApp and email messages prior to insolvency. As a result, the financier’s former spouse was ordered to vacate...
Companies House has confirmed a delay to new identity verification requirements for individuals submitting documents on behalf of companies. The measures, introduced under the Economic Crime and Corporate Transparency Act 2023, will now take effect from November 2026. The delay allows Companies House to prioritise the rollout of identity checks for directors and people with...
The Office of Financial Sanctions Implementation has announced changes to how asset freeze targets are published. From January 2026, its consolidated list will be withdrawn, with the Foreign Office’s UK sanctions list becoming the primary reference point for sanctions designations. An exception will remain for certain Russia-related financial restrictions, which will continue to be listed...
A new report from the Institute for Fiscal Studies’ Tax Law Review Committee highlights the complexity and cost involved in setting up and running trusts for people with disabilities. The paper notes that eligibility rules are often poorly understood and compliance can be burdensome. To address this, the committee has recommended that HMRC publish a...
The England and Wales High Court has ruled on how an estate administrator should proceed where a beneficiary refuses to engage. The case involved a residual estate valued at £185,000, with the court deciding that the beneficiary’s lack of response did not amount to a disclaimer of entitlement. Instead, the court issued a Re Benjamin...
Professional bodies responsible for tax standards have updated their guidance to address the growing use of artificial intelligence in tax work. Amendments to the Professional Conduct in Relation to Taxation (PCRT) framework aim to help advisers apply ethical principles when using AI tools, including responsibility, professional judgement and client confidentiality. STEP is among the seven...
Household energy bills are expected to rise over the coming years after Ofgem approved major investment in the UK’s energy infrastructure. The funding will be used to upgrade electricity networks and gas pipelines, supporting future demand and renewable energy projects. While the regulator says the investment should reduce long-term costs by improving efficiency, consumers are...
Retailer Mothercare has warned that its future is uncertain after breaching the terms of an emergency loan agreement. The announcement led to a sharp fall in the company’s share price. Recent financial results showed a significant drop in sales and revenue, while outstanding debt remains high. The company has acknowledged that there is material uncertainty...
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Copyright by CareAccountancy. All rights reserved.
