STEEPLE legal factors Flashcards
What is the national minimum wage?
The national minimum wage per hour of workers of school leaving age are entitled to by law and is reviewed yearly by the government.
Rate of each age group varies
What is the national living wage?
The new minimum wage rate for those aged 23 and over
What are the consequences of breaching national minimum wage?
Fines
Reimburse any underpayments
What will complying with the minimum wage do?
Lead to avoidance of bad publicity which may deter future customers + employees from the business
What is intellectual property?
Intangible property that is the result of creativity eg a song melody
What is a trademark?
A company can register a trademark for its business name, slogans, labels and other items that essentially brand the company
What is copyright?
Legal protection against copying for authors, composers or artists
What is the difference between trademark and copyright?
Copyright = automatic right, trademark = have to apply for it Copyright = expires, trademark = can be renewed indefinitely Copyright = don’t have to use it, trademark = have to use it ‘use it or loose it basis’
What can copying the work of others without permission lead to?
Financial implications like compensation and royalties
What is planning permission?
Seeking permission to build/ make changed to a property of building from local authority.
Why does planning permission exist?
To be fair to local community
What happens if planning permission isn’t sought?
May have to demolish construction at own cost
What is the consumer rights act?
3 main principles:
1) product of satisfactory quality
2) fit for purpose
3) as described
What does a customer have within 30 days?
To reject and ask for refund.
Entitled to repair, refund or replacement
What right does a customer have after 30 days?
Can still complain but may only get partial refund, repair or exchange
What is the principle of the climate change act?
To reduce greenhouse gas emissions and set emission reduction targets the UK must comply with.
What was the original emission target by 2050?
80%
What is the new target for emissions?
Net zero by 2050
What are ways the UK emission target can be met?
Use electric cars
Make homes more energy efficient
Reduce meat consumption
Why does environmental legislation exist?
To address pollution
Protect human health
Support continued growth of economies
What is the clean air act?
Aims to tackle and reduce pollution
What is the anti-money laundering act?
1) criminal aim to deceive/ corrupt accountants and solicitors to help them launder money
2) professionals who are targeted should comply with anti money laundering act to protect their reputation
3) professional should look out for inconsistencies in money, suspicious amount of funds, discrepancies in transactions
What types of businesses must register with anti money laundering scheme?
Any business In the financial sector eg estate agents, accountancy’s
What is the purpose of anti money laundering scheme?
To put pressure on professionals to report suspicious activity and bring criminals to criminal justice
