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If caught selling unlicensed signs, shops will be fined up to £5,000, which will be put toward council services. Westminster Council's Martin Low said:
"In buying the copyright, we felt we needed to retain an element of control over the signs to maintain Westminster's image as a world class tourist destination."
Unsurprisingly, though, it feels like they might just be out to grab a bit more cash.
Photo courtesy of jakeliefer's Flickrstream
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I think you hit the nail on the head there. Westminster paid £50,000 for the copyright and they'll definitely be trying to get their money back and then some.
Given that no-one has enforced this copyright in over 40 years it's hard to make the case that there's any pressing need to do so now. They should just put the design in the public domain and do something more important with their time.
More on this here, including my own street sign interpretation.