Data provided by The Financial Services Authority, or FSA, has highlighted the fact that suspensions and dismissals in the City of London have reached a five year high. The information was provided as part of a freedom of information request submitted by law firm Pinsent Masons and showed that 1,373 workers were sacked in 2012. Total job losses in the sector were up to 177,697. One specialist at Pinsent Masons has blamed the increased stringency of financial regulations that companies and employees must now adhere to.

The Freedom Of Information Act

Since 2000, members of the public and organisations have been allowed to request information that is held by public authorities. This has seen a lot of information come to light in a variety of sectors and industries, not least the financial sector. Not all requests are successful, especially if the provision of the information is deemed as being potentially dangerous to any group, but many requests have been fulfilled. One such request was made by law firm Pinsent Masons who requested information on the number of people to have left their financial posts in recent years.

FSA Data

The data, which was provided by the Financial Services Authority or FSA, shows that some 1,373 workers within the sector were dismissed in 2012. This represents a significant 76% increase from the previous year and is the highest since the darkest days of the financial crisis back in 2008.

Reasons For The Increase

A partner at Pinsent Masons, Helen Farr believes that many of these sackings are as a result of employers being a lot tighter over irregularities. Farr said that “firms are operating under increased scrutiny and as a result employers are imposing industry rules more strictly. FSA enforcement activity has clearly had an impact on firms’ willingness to tolerate wrong-doing.” She continued to say that the increase from 778 dismissals in 2011 means that the threat of enforcement and reputational damage has led many companies to take action swiftly.

Financial Sector Job Losses At Five Year High

A total 36,868 people lost their jobs in the sector in 2012. This figure included those that changed jobs as well as those that moved internally. It will also have included redundancies, sackings, and retirements but represents the largest number since 2008. It also means that a combined total of 177,697 people have been left out of work in the financial sector in these five years since the financial crisis really struck at the heart of the city.

About The Author

This article has been written by Richard for BCL Legal who are market leaders in legal recruitment. specialising in Solicitors jobs in London.

HOW TO REMOVE A DIRECTOR FROM OFFICE. 

By Prestige Trademarks written by Emmah Karue LLB(Hons), LLM(International Business Law), LPC(Commendation).

Matters relating to Company Directors are governed by Part 10 of the Companies Act 2006.    Private Companies are only required to have one director[k1]  who must be a natural person[k2] .  If the Company does not have a director, the Secretary of State may direct that such an appointment be made by giving not less than one month notice and not more than three months notice.  Failure to comply with this direction is punishable by a summary conviction or by a fine as governed by the Companies Act.  It is therefore important for private companies to ensure that they appoint another director if the sole director resigns or dies.

In some circumstances, the relationship between the directors may become severed due to a breach of the director’s duties which would leave the other directors with no option other than to remove the director in question.  Section 168 of the Companies Act authorises the removal of a director from office before the expiration of his/her period in office.   This is done by way of an ordinary resolution.   Ordinary resolution means that the resolution is passed by a simple majority.    However, special notice is required before such a resolution can be passed therefore, 28 days notice must be served before the resolution can take place.  Be careful to also notify the director and other members of the company of the date of the resolution by giving no less than 14 days notice.

The director concerned must be sent  notice to remove him/her and given an opportunity to opportunity to make representations about his removal.  These must be read at the meeting or sent to the other members before the meeting.   If the company decided to proceed with the removal Form TM01 is used.    The Registrar of Companies must be notified of any changes such as removal of directors and appointment of other directors.  The Company must keep a register of its directors at its registered office or if kept in another place, at a place that the Registrar of Companies has been notified.  The Register must contain the directors full names/ former names, service address (this may be stated to be the Companies registered office), place where the director is resident, date of birth, nationality, and business occupation (if any).

We are happy to assist on  matters relating to removal of directors.  Please email at mail@prestigetrademarks.co.uk. The information provided above is only general and we cannot give any warranties as to the accuracy of the information.  Please email us for specific and affordable tailored advice or call us on 0790-890-7661.    We would appreciate your comments on the article.

Prestige Trademarks are very proud to announce the launch of their new website developed by Big Red Rocket who specialise in SEO in Manchester.

Once you have decided to register your trade mark, you will need to do the following:-

a)  Decide on  the scope of your registration.     Remember that your Trade Mark is valid for 10 years therefore,  think carefully about your expansion plans and protect the areas that you intend to trade under using the chosen name.

b)  Contact us by email and we will conduct a Trade Mark search for you to ascertain whether your mark is available for registration.

c)   We will then lodge the application for you.  The Registrar will issue an examination report within 15 days after the mark is lodged.

d)  Your Mark will be gazetted  for two months which may be increased to 3 months if someone objects to it.  If no objections take place,  you will be issued with a Certificate of Registration.

e)   If objections are raised, then you will proceed to opposition proceedings .  We will review our fees if we  are to represent you under opposition proceedings.    If successful your mark will be registered.  Y Your mark may be rejected and hence not registered.

Remember your trade mark is your Intellectual Property Right and should be protected by registration.  Trade Marks are valuable assets and in some cases can be used  as security for a loan.   Hence worth your protection.  If others want to use it you can license them to do so at a fee.

WHAT IS A TRADE MARK?

 The Trade Marks Act 1994 defines a trade marks as any signs capable of being represented graphically which is capable of distinguishing goods or services on one undertaking from those of other undertakings.  This may consist of words (including personal names), designs, letters, numerals or the shape of goods or their packaging.

Why you must register your valued trading name as a Trade Mark

You probably by now have a website, have registered your company name with the companies house, opened a business bank account and next you will register your trade name as a trade mark,  Why should we really be registering that valued name as a trade mark?

•  Your name represents to the outside world what you offer in terms of quality of goods.  When we see some names such as Prada®, Diesel®, Gap®, we automatically associate these names with the quality of goods provided.  You will have invested time and resources to acquire good will in the market place.  This will be represented by the use of your name and competitors will be keen to exploit that good will.  This is often done by using the same name as yours so that your clients can be confused and divert business elsewhere.  Registering your name protects your business.

•  Enjoying the rights and remedies available under the Trade Marks Act means that you do not have to use the expensive tort of passing off to protect your mark!  You will be able to use the sign ® next to your mark and this can act as a deterrence to copy cats you will be aware that your mark is registered.

• Should you wish to franchise your business, your trade mark will be your property which you can license to others to use at a cost!

•  Registration of a Company with the Companies House does not offer you the exclusivity of using the name .

• You will have invested a lot of money in the marketing of your business.  Once your business acquires good will  it is important to ensure that no one else can use that name apart from you.  Hence you must register your trade mark.  Please click here to email us and we will register your trade mark for you.

•   Websites!! A common misconception is that once you have purchased a domain name then no one else can use the mark.  This is inaccurate.   Some businesses will not have websites and hence you will not be able to monitor them.  If however you spot a business using your name and you have registered your trade mark (at our competitive rates), you can send them what is known as a “cease and desist letter” asking them to stop using your mark.  It is an infringement of a registered trade mark if someone elses uses in the course of their trade a sign which is identical with the trade mark in relation to goods or services which are identical with those for which it is registered.

•      Your mark will be registered for 10 years and can be renewed thereafter! 

Remember value that name protect it.   Give us a call today and we will beat any other quote. 07908907661.