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The Bank of England has recalibrated its regulatory approach to systemic stablecoins, softening some controversial proposals on holding limits and asset composition requirements. While the institution demonstrates laudable engagement and offers critical services like central bank accounts, fundamental concerns remain about whether this regime will truly enable a vibrant GBP stablecoin market to emerge.

When third party debt order applications become heavily contested and substantially more complex than anticipated, courts may exercise discretion to disapply fixed costs regimes in favour of assessed costs. A recent High Court decision demonstrates how routine enforcement proceedings can justify significantly higher cost awards when the level of contest and preparation exceeds what the fixed costs regime was designed to cover.

The High Court has rejected a judicial review challenge by litigation funder Innsworth Capital against the Competition Appeal Tribunal's distribution of settlement proceeds in the landmark Merricks v Mastercard collective proceedings. The case raises fundamental questions about how settlement funds should be allocated between class members and litigation funders, and the extent to which the Tribunal can override contractual funding arrangements to protect class interests.