FSR Brief EP10: Naming firms under investigation in "exceptional circumstances" put to test

Recorded on 26 November 2025 As 2026 gets underway, join Steve Bell, Rohan Doyle and Natalie Gaspar for a special combined episode of Inside Employment, IR and Safety. The team explores the key people related risks and opportunities facing employers, from payroll compliance and evolving WHS obligations to the impacts of AI, emerging technologies and organisational change, sharing practical insights to help businesses prepare for the year ahead.

The High Court issued judgment (in two parts) dismissing a Claims Management Company's judicial review application against the FCA. The judicial review sought to quash the FCA's decision to identify the firm in its announcement regarding the commencement of an investigation. Jon Ford, James Wood, and Michael Tan discuss the judgment and what it has to say about the "exceptional circumstances" test that the FCA will apply when deciding whether to identify firms under investigation. The judgment can be found here (Part 1): https://www.bailii.org/ew/cases/EWHC/Admin/2025/2614.html and here (Part 2): https://www.bailii.org/ew/cases/EWHC/Admin/2025/2615.html, and our blog post on the judgment can be found here: https://www.hsfkramer.com/notes/publiclaw/2025-posts/high-court-dismisses-challenge-to-naming-announcement-by-the-fca.

In this January wrap up edition of the public law podcast, Jasveer Randhawa is joined by HSF Kramer partners Nusrat Zar and James Wood. Together, they discuss the extent to which a contractual context limits the scope of judicial review by reference to the case of Rydon Group Holdings, before delving into a challenge brought under the European Convention on Human Rights in Greenpeace Nordic v Norway. They then touch on the second subsidy control case brought to the Competition Appeal Tribunal since the introduction of the Subsidy Control Act 2022. To conclude, they discuss the FCA's approach to publicity surrounding investigations in CIT v FCA, and the Court of Appeal's clarification of the compensation rights available under the National Security and Investment Act 2021 where national security interventions interfere with property rights. Speakers: Jasveer Randhawa (Knowledge Counsel), Nusrat Zar (Partner), and James Wood (Partner). You can find out more about the cases covered in this podcast on our blog at the following links: Contractual context limits scope of judicial review – but where does it leave us? https://www.hsfkramer.com/notes/publiclaw/2025-posts/contractual-context-limits-scope-of-judicial-review European Court of Human Rights adds to growing body of climate change caselaw https://www.hsfkramer.com/notes/publiclaw/2025-posts/european-court-of-human-rights-adds-to-growing-body-of-climate-change-caselaw New insights into legal challenges under the Subsidy Control Act 2022 https://www.hsfkramer.com/notes/publiclaw/2025-posts/new-insights-into-legal-challenges-under-the-subsidy-control-act-2022 High Court dismisses challenge to Naming Announcement by the FCA https://www.hsfkramer.com/notes/publiclaw/2025-posts/high-court-dismisses-challenge-to-naming-announcement-by-the-fca Court of Appeal clarifies compensation rights under the National Security and Investment Act 2021 https://www.hsfkramer.com/notes/publiclaw/2025-posts/court-of-appeal-clarifies-compensation-rights-under-the-national-security-and-investment-act-2021

In this episode, we explore the first crucial step in joining the HSF Kramer Solicitor Apprenticeship programme. Get insider tips on preparing your application, standing out in interviews, and what the firm looks for in prospective apprentices. Hear directly from our Early Careers Recruitment team and current apprentices about their experiences and advice to help you succeed from the start.

A summary of the most material developments expected in the next 6-12 months which will be of relevance to UK listed companies.

In this episode of the Herbert Smith Freehills Kramer Tax Podcast, Tax Bites, partner Toby Eggleston, Associate Dan Beratis, and Ryan Leslie delve into the Full Federal Court's decision in the Commissioner of Taxation v Hicks case. They discuss the background, facts, and history of the case, which involved a fashion retail business named City Beach, its restructure, and the tax implications under Section 45B and Part IVA of the 1936 Act. The episode covers the court's reasoning, the taxpayer's and commissioner's arguments, and key takeaways from the case, including the interpretation of Section 45B, the role of purpose in tax legislation, and the application of anti-avoidance rules. Additionally, insights from the recent PepsiCo decision and the potential impacts on future tax cases are explored. 00:10 Introduction and welcome 00:29 Case background and facts 02:53 Restructure details 04:40 Commissioner's response 06:35 Full Federal Court's reasoning 07:51 Section 45B analysis 17:41 Part IVA analysis 24:10 Conclusion and final thoughts

Join Knowledge Counsels, Liz Kantor and Vanessa Naish, together with special guest Craig Tevendale, Partner and head of the HSF Kramer arbitration group in London, as they explore the most significant English arbitration cases and developments of 2025. In this episode, they discuss recent case law on the boundaries of arbitral confidentiality, time limits for challenging awards and competing dispute resolution clauses. They also look ahead to major decisions expected in 2026 on state immunity and the purpose and limits of the New York Convention. Offering practical insights for practitioners and clients navigating the evolving landscape of English arbitration, this episode will ensure that you stay on top of the latest trends and judgments shaping the field of commercial arbitration.

If you have just one podcast on your holiday listening list, this is it ¬— our Cross Examining Cyber: 2025 Summer Wrapped Podcast Special. In this episode, we bring together highlights from the last 12 months. Pearls of wisdom from our various podcast guests including the National Cyber Security Coordinator, Lt Gen Michelle McGuinness, CyberCX’s Alistair MacGibbon, Karen Kukoda from Google Mandiant, CEO of the AICD Mark Rigotti, Tamir Maltz (Australia’s leading cyber injunction barrister), Bruce Tonkin (CEO of auDA) and our very own Carolyn Pugsley, Christine Wong and Peter Jones. This is Cross Examining Cyber’s 2025 Summer Wrapped Podcast Special. Here we go…

As 2025 draws to a close, join presenters Steve Bell, Rohan Doyle and Natalie Gaspar for a special combined episode of Inside Employment, IR and Safety, reflecting on the year that was. In this final episode for 2025, we unpack the key developments in Employment, IR and Safety that shaped workplaces this year, and share lessons learned and tips for employers.

In this FESTIVE SPECIAL edition of our banking litigation podcast, we consider some recent cases that will be most relevant to in-house lawyers at banks and financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guests Sarah Penfold, Charlotte Benton, Alexander Gridasov, Tom Wyer, Nic Patmore, Scott Warin and Tim Kyriakou. You can find links to our blog posts on the case covered in this podcast below: • High Court finds default interest clause in loan agreement is not an unenforceable penalty https://www.hsfkramer.com/notes/bankinglitigation/2025-11/high-court-finds-default-interest-clause-in-loan-agreement-is-not-an-unenforceable-penalty • County Court rejects discrimination claim on procedural grounds but finds refusal of financial services because a company is Russian owned would amount to direct discrimination https://www.hsfkramer.com/notes/bankinglitigation/2025-11/county-court-rejects-discrimination-claim-on-procedural-grounds • Privy Council holds that there is no legal requirement in the tort of deceit to show that a claimant was consciously aware of the representation made https://www.hsfkramer.com/notes/bankinglitigation/2025-11/privy-council-holds-that-there-is-no-legal-requirement-in-the-tort-of-deceit-to-show-that-a-claimant-was-consciously-aware-of-the-representation-made • High Court dismisses judicial review challenge of FCA's Naming Announcement https://www.hsfkramer.com/notes/bankinglitigation/2025-11/high-court-dismisses-judical-review-challenge-of-fcas-naming-announcement • High Court confirms that non-authorised fee earners cannot conduct litigation https://www.hsfkramer.com/notes/litigation/2025-10/what-can-a-non-admitted-fee-earner-do-when-working-on-litigated-matters • Commercial Court pilot will mean many more court documents publicly available by default from 1 January 2026 https://www.hsfkramer.com/notes/bankinglitigation/2025-09/commercial-court-pilot-will-mean-many-more-court-documents-publicly-available-by-default-from-1-january-2026 • 2025 Global Bank Review - Innovating amid turbulence https://www.hsfkramer.com/notes/bankinglitigation/2025-11/2025-global-bank-review-innovating-amid-turbulence Don't forget to subscribe to the banking litigation blog https://hsfnotes.com/bankinglitigation/subscribe/