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Most people would agree that the financial sector has been in dire need of more targeted regulation — and, on the whole, those companies that have always operated ethically would also agree. In a sector tarnished by everything from the LIBOR scandal to consumer scams, tougher regulations should allow firms already meeting or exceeding those standards to get a head-start. What’s the Background to the Strategy? S

Many sectors of the financial world have their own independent oversight bodies. The best known is probably the FCA (Financial Conduct Authority) but similar organisations operate in various areas of finance. One notable exception, though, has been the debt enforcement sector — but that may be changing. A prominent think-tank has brought together various sides of the sector and proposed a framework for a new oversigh

When you’re signing a commercial contract with a partner, you may find it includes a penalty clause. Or possibly you’ve included one in a contract you’ve drawn up. This is, in essence, a clause which states that a specific sum is payable in the event of a specific failure, such as late delivery of materials or services, or late payment of an invoice. Liquidated and Unliquidated Damages Penalty clauses have a contenti

We’ve all read it over the past few months, banks, phone companies, and goodness how many other institutions have been hacked. Daily scams are becoming the norm; and every day seems to add to the problems small businesses are facing, myself included. I have written before about protecting your business with contingency planning and I make no apologies for repeating my concern. Remember to check this on a regular basi

If you own a company, it’s likely that you also own patents or intellectual properties. These can be valuable assets, and violation could result in someone taking profits that are legally yours, so it’s important to be vigilant for any infringement of your rights. A patent, as long as it’s renewed annually, restricts commercial exploitation of an invention to the holder or anyone they’ve licenced. Even if you’re the

In March this year, following Which? study of car and travel insurance, the Department of Business, Innovation and Skills announced its intention to simplify small-print terms and conditions. Which? had found that, in some cases, T&Cs were longer than two Shakespeare plays put together, making it almost impossible for consumers to understand what they’re signing up for. According to Cambridge Dictionaries Online,

Contract law is the basis of all business activity, whether you trade in goods or services. The law applies to your purchases from a small shopkeeper or the multi-billion deals made between multi-national companies. Legislation can fill in the gaps in contracts with statutory implied terms, such as the Sale of Goods Act, or offer protection to the vulnerable, for example through the Consumer Credit Act governing the

All businesses are at risk from bad debts and the patchy recovery from recession means many companies have been struggling to survive. Should your customers become casualties of economic turmoil, their problems threaten to become your own. It need not be that the business has failed. Declining product quality, delays or missed deliveries can all disrupt your business. That’s when you need to have sound contractual ar