| News Article |
 New Legislation Announced - 8th October 2008
October 1 is one of two Common Commencement Dates (CCDs) in the calendar year, when legislation enacted recently on a number of different issues, becomes effective. (The other CCD is April 1.)
Significant new legislation which took effect earlier this month included changes in the Minimum Wage rates, the Companies Act 2006, Sales & Marketing and Health & Safety legislation. In addition to these general changes there are industry specific changes relating to Estate Agency Services, Consumer Credit licensing, Tobacco retailing and wholesaling, and the handling of Hazardous chemicals.
This bulletin briefly summarises those changes.
Minimum Wage rates have risen to £5.73 per hour for adult workers aged 22 and above, and to £4.77 for workers aged 18 – 21. For workers aged under 18 the rate rises to £3.53.
Notable changes in company law as per the Companies Act include new trading disclosure requirements, for example specifying information which incorporated businesses must include on their documentation, websites, and at their premises. In their future annual returns private and non-traded companies will only be required to provide the names of shareholders, not their addresses. Traded public companies will, however, be required to provide names and addresses for those shareholders holding at least 5% of any share class.
In Sales & Marketing there is a change designed to enhance consumer protection. All contracts concluded between consumers and providers of goods or services at the consumer’s home or place of work or any other place other than the seller’s business premises will be subject to a seven-day cooling-off period – whether or net the meeting was solicited.
Some Health & Safety regulations are changed also. Employers will still have to display insurance certificates at each of their places of business but they will be able to do this electronically so long as the employees concerned have reasonable access to them.
Industry specific changes – in Estate Agency, all agents dealing with residential properties are required to join an approved redress scheme dealing with complaints about the buying and selling of property; in Consumer Credit, there are additional requirements for consumer credit licensing and additional statements and notices under credit and hire agreements; in Tobacco selling all businesses must comply with mandatory picture health warnings on product packaging; and in the Chemicals sector technical changes are introduced for the classification, packaging and labeling of hazardous chemicals.
|
|
