STEEPLE - Legal factors Flashcards
what is national minimum wage?
minimum pay per hour workers of school leaving age are entitled to by law and is reviewed yearly by the government
what are some consequences of not following minimum wage?
- businesses can be fined for any breaches of civil law
- they also have to reimburse any underpayments
why should businesses follow national minimum wage?
Avoid bad publicity (which could deter future employees and customers from the business)
what is the effect of an increase in national wage on a business?
it can significantly increase a business’ total wage bill
what are the sections of the consumer rights act 2015?
- goods must fit their description
- goods and services must be of satisfactory quality
- goods must be fit for the purpose specified
what is a consumers’ rights within 30 days of a purchase?
repair, exchange or refund
what is a consumers’ rights after 30 days of a purchase?
repair, exchange or partial refund
what are the impacts to a business of failing to comply with Consumer Rights Act 2015?
- customer complaints ⇨ lose customers
- cost of refund/repairs/exchange
- fine (significant issues only)
- bad reputations ⇨ lose sales
what can businesses do to avoid breaching the CRA 2015?
- take care with descriptions - be precise, show photos and videos, etc
- update descriptions regularly
- methods of ensuring quality e.g. better suppliers, packaging, etc
- test products - ensure they’re satisfactory
- train staff on consumer rights
what is intellectual property?
intangible property that is the result of creativity e.g. logos, slogans, melody
what is a trademark?
a company can register a trade mark for its business name, slogan, logo, and other items that essentially brands the product/company
what happens if a trademark is breached?
the business that breaches the trademark will have to pay damages
what is a contract and what is contract law?
a legally binding agreement between two or more parties
it is against the law for one of the parties to not follow something from the contract e.g. delivery days
what is the consequence for breaching contract law?
fines, lawsuits, and damage recovery (e.g. compensation)
what is the purpose of contract law?
set out the basic framework of rights and obligations of a contract
what is the weights and measures act?
it states how it is an offence to give short measures or an incorrect indication of the amount of a product on sale
what is the consequence for breaching the WaMA?
fine up to £400, or lawsuits
what is the purpose of the WaMA?
ensures consumers are getting the right amount of product that they paid for
what is the data protection act?
controls how personal information of people is stored and used by a business
what is the consequence for breaching the DPA?
fines up to £500,000
what is the purpose of the DPA?
protect customers/employees personal data and consequently protect them from harm if their personal data leaks
what is the smoking in the workplace act?
act bans people smoking in offices, factories, shops, bars, restaurants and work vehicles
smoking can only be done outside
what is the consequence for breaching the SitWA?
fines up to £200, or up to £50 in Scotland
what is the purpose of the SitWA?
reduce the risk to health of employees from smoke and to protect the workplace from getting polluted with smoke
what is the health and safety act?
the act regulates workplace health, safety and welfare by taking into account new issues and hazards in the workplace
what is the consequence for not following the HaSA?
fine or disqualification of owners/employees
what is the purpose of the HaSA?
it ensures employees stay safe when at work and ensures no one can sue the business
what is copyright?
legal protection against copying for authors, composers, and artists e.g., songs, movies, books, etc
it is an automatic rights that happens as soon as it is published
what is planning permission?
refers to approval from the local council needed for construction or expansion, and sometimes for demolition. It’s usually given in the form of a permit
why does planning permission exist?
to ensure all stakeholders are happy with the proposed construction. Without it, people would be building all the time
how does planning permission apply to business?
most work on land or buildings, as well as many changes of use to business premises, needs planning permission
what happens if you build without planning permission?
the new building may be demolished
what is the clean air act?
it gave local authorities the power to control emissions of smoke, grit, dust and fumes from industrial premises and furnaces, and set up smoke control zones. The main principle is to protect the environment from lethal fumes which speed up global warming
what are the impacts of poor air quality?
- causes development problems for children
- increases diseases which affects workers’ ability to work
what are the main principles of the Climate Change Act?
the act aimed to reduce emission targets from 80% to net zero by 2050
how can the target be achieved?
- using LED lightbulbs
- hydrogen central heating instead of gas
- clamp down on meat
define anti-money laundering
refers to the activities financial institutions perform to achieve compliance with legal requirements to actively monitor for and report suspicious activities
who do criminals aim to deceive when laundering money?
trusted professionals e.g. solicitors
why should professionals who are targeted comply with anti-money laundering legislation?
stop furthering criminal activities
who should suspicious activities be reported to?
MLRO - Money Laundering Reporting Officer
what is the purpose of anti-money laundering legislation?
- stop the source of crime and prevent further activity and bring them to justice
what is bribery?
the act of promising, giving, receiving, or agreeing to receive money or some other item of value with a corrupt aim
what are some examples of bribery?
to offer, promise, give, request, agree, receive or accept bribes
what does financial legislation exist to do?
- encourage professionals to report suspicious activities or unknown wrong doing (anti-money laundering)
- to promote fairness and prevent businesses gaining unfair advantages (anti-bribery)
