Professionals working in financial services often encounter complex issues and challenges when problems arise in their role. Those working in this area can be highly paid, work with important clients, and deal with critical information about their organisation. Where issues occur, it is very important that they are resolved properly to protect all parties involved.
Our employment legal team offer a unique offering to City/ Financial Service professionals in that members of our team have worked within financial services /banking and not just within the legal sector. This gives them an unparalleled advantage compared with other lawyers in this field.
Employment law advice for financial services professionals
Our specialist lawyers can provide financial services professionals with expert assistance on all employment law matters, including:
- Confidentiality clauses
- Termination of employment
- Competition and post-termination restrictions
- Regulatory issues
- Reviews of employment contracts
- Non Disclosure Agreements (NDAs)
- Advice on Ancillary Issues, Shares, Pensions
- Advice on internal disciplinary hearing and proceedings
- Advice upon FCA investigations.
It is always best to resolve disputes amicably and we will help achieve an outcome that is agreeable to you, whilst protecting your reputation and ensuring financial considerations are taken into account. Our legal team can also help professionals leaving an organisation in the financial services industry, ensuring that the exit plan and level of compensation are in line with their expectations.
Issues surrounding termination of employment
Due to the experience and typical salaries associated with working in the financial industry, it is more likely that complications will arise at the end of the employment relationship.
Unfair or wrongful dismissal
It may be that you feel that you have been unfairly or wrongfully dismissed and we can advise you on whether this is the case and how to proceed with any potential claim.
There is a cap on the level that can be awarded for unfair dismissal, so professionals that work in the financial services that have high remuneration are more likely to go down the route of wrongful dismissal at the County or High Courts, where there is no cap on the award.
Settlement agreements for financial service professionals
Settlement agreements are often used for financial services professionals. These agreements are legally binding documents in which an employee gives up their rights to make any future claim against their employer, in return for a favourable exit package from the organisation. Employers can favour this approach since it protects them from claims such as unfair or wrongful dismissal, discrimination or breach of contract.
These are complicated documents, and it is a requirement that the employee obtains independent legal advice for the agreement to be legally binding. The employer must pay for this legal advice. There are many things to keep in mind if you have been offered a settlement agreement, such as bonuses, deferred compensation, commission, share or vesting options, pensions and references. All of these will need to be carefully considered and written into the agreement to protect your interests both now and in the future.
Another area that is likely to be relevant for financial services professionals is restrictive covenants and non-compete clauses. If an employee chooses to move to a competitor, an organisation might have concerns about protecting its interests, including any confidential information, client contacts, and even other staff members that may move with the employee.
Employers will want to ensure that any restrictive covenants protect their interests, but employees may be concerned if these are too limiting and affect their future career prospects. It is therefore essential to get expert legal advice to ensure that the clauses are both enforceable and fair.
Contact our Financial Services Employment Solicitors in London Today