Are you an FCA/PRA regulated employer?

Navigating employment law disciplinary processes can be complicated at the best of times. Below is an overview of our guidance and key pointers. Dual obligations As well as complying with the ACAS code of conduct for disciplinaries, those employing staff in this regulated sector must also fulfil their notification and reporting obligations to the Financial Conduct Authority (FCA) and/or Prudential regulation Authority (PRA). You will be familiar with the new SM&CR regime which prescribes the interplay between the two minefields. This regime re-iterates the importance of managing a disciplinary process fairly as the consequence of not doing so could fall back on your own management team. All financial services staff (including Senior Managers) are governed by the 6 conduct rules and there are four supplementary Conduct Rules for Senior Managers. All these rules require basic standards…

Big changes for Employers in 2024: New employment laws set for the upcoming year

You’ve heard of New Year, new me, but how about New Year, new employment laws?! There has been a recent surge in legislation that employers need to be aware of in the upcoming year and how it may impact them. Here Kalpesh Nakeshree, Head of Employment law provides 3 key updates to be mindful of: National Minimum Wage For the first time, the top rate of national minimum wage will apply to workers aged 21 and over from 01 April 2024 (currently it only applies to those aged 23 and over). The new top rate is set to be £11.44 which is an increase of 9.8% from 2023. Employers must ensure that the correct minimum wage payments are made or they will risk claims being made from staff which could result in significant…

An employer’s guide to taking grievances seriously

Dealing with employee grievances can sometimes seem like a thankless drain on a business’s management and resources. But a prompt investigation could uncover inappropriate behaviour or poor management that needs to be nipped in the bud, avoiding bigger problems down the line and reputational risk for the organisation. Employers must comply with the Acas Code of Practice on Disciplinary and Grievance Procedures (the Code), which sets out the basic steps and principles for dealing with a grievance. ‘While this encourages employers to ‘have a quiet word’ or to use mediation where appropriate, investing time and resources in dealing with a grievance can pay off in the longer term,’ explains Kalpesh Nakeshree, Head of Employment Law with Ware & Kay. ‘An informal approach could backfire as the employee may feel their concerns have not been taken seriously…

How to keep your best staff happy in 2024

With the festive season over, so what better time to start showing appreciation to your team and spark a feeling of goodwill among your hard-working employees. A Christmas bonus and a party may go some way towards persuading them that you are an employer they want to stick with, but there is a lot of competition for good staff. What else can you do to retain first-class workers? Kalpesh Nakeshree, Head of Employment Law at Ware & Kay in York, Wetherby and Malton highlights the options. You can spend a lot of time, cash and energy finding and training up decent staff, and the last thing you want is to lose them just when they have properly got to grips with what you need them to do. It is important then, for bosses to proactively…