Rachel Harrison

On 7 August 2025, the Financial Conduct Authority published a policy statement (PS25/12) setting out changes to the safeguarding regime for payments and e-money firms. These changes aim to minimise shortfalls in safeguarded relevant funds, ensure prompt and cost-effective return of funds if a payments firm fails, and enhance the FCA’s ability to identify deficiencies in safeguarding standards. The FCA consulted on the proposed reforms in September 2024.

In a 110-page judgment published on Friday evening, the Supreme Court significantly clarified the law around secret commissions. The Supreme Court clarified that (1) the tort of bribery will only be engaged when the recipient is under a fiduciary duty of loyalty; and (2) once the fiduciary duty of loyalty applies, the principal must receive disclosure of “all material facts” to be able to provide informed consent to a payment.

Last year, the High Court’s judgment in [2024] EWHC 2342 (Ch) highlighted the risks of claimants pursuing cryptoasset disputes based on flawed evidence. Mr D’Aloia, the victim of a fraud, sought to fix Bitkub with liability as a constructive trustee based on expert evidence that proceeds of the fraud had been received into a Bitkub account. Unfortunately for Mr D’Aloia, his claim failed at trial because of errors in his expert’s tracing methodology.