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.