In this last episode of the series, the Corporate Crime and Investigations team considers the application of the Failure to Prevent Fraud offence to complex group structures including in relation to parent companies and their subsidiaries (whether incorporated in the UK or overseas).

Susannah Cogman, Eamon McCarthy-Keen, and Clara Browne examine several important issues in this episode such as: (i) how the offence applies to corporate group structures; (ii) the potential liability of a parent company for the activities of its subsidiaries and their employees, including where the employee is a 'senior manager'; (iii) the application of the offence to global companies; and (iv) conduct across borders. They also provide insight into the steps that businesses should take to prepare for the imminent implementation of the Failure to Prevent Fraud offence at a group and individual subsidiary level.

You can find links to further background reading relevant to the episode below:

1. Summary table regarding parent-subsidiary liability
2. HSF Kramer FTPF Briefing
3. The Economic Crime and Corporate Transparency Act 2023
4. Home Office Guidance
5. UK Finance Guidance

This episode brings together our CCI and contentious regulatory teams to consider the impact of the Failure to Prevent Fraud offence on financial institutions. Jon Ford, Elizabeth Head and Ally Fitzgerald explore the risk areas that financial institutions may be exposed to as well as why financial institutions may be at an increased risk of enforcement in comparison to other organisations. They also provide insight into the steps that the HSF Kramer team have seen financial institutions take to prepare themselves for the September implementation date.

Please also see our blogpost for further discussion of this topic, and this briefing for an overview of the new offence of Failure to Prevent Fraud.

In this episode, we talk about Practice Statement 35, which the UK Takeover Panel published recently, on profit forecasts, synergy statements (referred to in the Takeover Code as quantified financial benefits statements or QFBSs) and connected investment research.

Areas we discuss include:

• the regime in the Takeover Code for profit forecasts;
• how the rules apply where a target has unequivocally rejected an approach;
• the Panel Executive's approach to reports on synergy statements where a deal leaks;
• its approach where a target provides a profit forecast to a bidder as part of the due diligence exercise;
• when a forward-looking statement will be an aspirational target;
• how the regime applies to profit forecasts for financial periods which end more than 15 months in the future; and
• when the Executive may grant a dispensation from the rules that apply when a connected firm publishes investment research.

Join industrial relations partners Nick Ogilvie and Rohan Doyle on our latest episode of Inside IR where they unpack the latest developments in the Fair Work Commission’s assessment of gender undervaluation of wages, and explore the impact this is having on minimum award rates of pay.

Over the last few years, the Commission has embarked on a comprehensive process to ensure that minimum rates of pay in modern awards reflect employees’ work value and ensure equal remuneration for equivalent work performed by men and women. These cases are already delivering substantial increases in modern award rates of pay and arise in the context of the Commission’s new obligation to consider gender-based undervaluation when varying award rates following the introduction of the Secure Jobs, Better Pay reforms.

On this episode, Nick and Rohan explore the current cases before the Fair Work Commission and some of the key early decisions, and discuss which industries and occupations are likely to be considered next.

Update: Since filming, the Fair Work Commission has also issued a Statement confirming that the Commission will now determine whether minimum award rates of pay should be increased for professional degree-qualified employees covered by a provisional list of 22 modern awards. The list of awards is contained at Attachment A of the Statement. Interested parties have the opportunity to comment on the provisional list by 22 August 2025. Please get in touch with a member of our team if you would like to understand this process in further detail or are considering making a submission.

In part 2 of our investigations series, Tony Wood and Lucy Boyd sit down with Lisa Bradley, Principal of Papillon Consulting Group, to explore the realities of workplace investigations. Lisa shares her insights on emerging trends, including the rise of anonymous complaints, and breaks down the nuances between cultural reviews and investigations into specific allegations.Lisa offers a candid look at the challenges investigators face, including how they assess credibility, manage confidentiality, manage timelines and efficiency, and avoid common pitfalls. Whether you're navigating an investigation or simply curious about what goes on behind closed doors, this episode is packed with practical advice on the investigative process.

This is the 32nd episode of our series of commercial litigation update podcasts. In this episode we discuss recent judgments on privilege, litigation funding agreements, security for costs, the impact of sanctions on court orders and a couple of interesting contract law decisions, on good faith and contractual certainty, and an upcoming pilot on public access to court documents. This episode is hosted by Maura McIntosh, a knowledge counsel in our commercial litigation team, who is joined by James Baily, a disputes partner, and Jay Tampi, a senior associate in our disputes team.

Below you can find links to our blog posts on the developments and cases covered in this podcast.

• Privy Council abrogates so-called "Shareholder Rule" under English law: companies can assert privilege against their shareholders
• Court of Appeal confirms litigation funding agreements are not DBAs if based on a multiple of funding rather than a percentage of damages
• High Court finds there is no discretion to order security for costs in favour of an interested party
• High Court declines to vary interim payment order despite sanctions concerns
• High Court finds breach of express obligations of good faith but no loss
• Agreements to agree: Court of Appeal finds supply contract enforceable despite leaving price to be fixed

See podcast episode transcript here.

In this episode we talk about the influence we have seen shareholders have on recent transactions.

Areas we discuss include shareholders:

• pushing for M&A
• influencing M&A, including through the use of irrevocable undertakings and stub equity
• looking to block deals; and
• being directly targeted for support by both targets and bidders.

We also discuss the key takeaways for companies when dealing with shareholders.

Speakers: Antonia Kirkby and Greg Mulley.