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 Services 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.
Restrictive Covenants
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.
