Financial advice firms are being warned to check if they have their health and safety requirements up to date, as failing to do so could incur a penalty of almost £150,000.
Any advice firm with five or more employees on its books legally needs a written health and safety policy in place.
But a health and safety policy can only protect an organisation if they can prove it has been communicated, understood and implemented by all employees, according to compliance firm Paradigm Consulting and HR and health and safety advisers Citation.
David Ryder, head of proposition at Paradigm Consulting, said “as a profession, IFAs are very good at documenting advice, according to Financial Conduct Authority guidelines, but it is vital they all apply the same ethos to things such as health and safety”.
He said: “That is why we are working with Citation on increasing IFAs’ awareness of what they need to do for their business and employees, whether part time, contractors or temporary.
“In many cases simply ignoring even basic health and safety rules, could leave IFAs crippled by a significant financial penalty, so our advice is to follow a checklist, setting regular time to ensure everything is complete and up to date.”
Dave Lambert, Citation’s head of partnerships, said certain checks such as ensuring all contractor documentation is adequate and up-to-date, and testing all smoke and fire alarms, should be carried out regularly.
He said: “We know keeping health and safety systems in place and up to date are not always at the top of an IFAs’ to-do list, and can be a bit of a headache.
“But if they’re not under control, non-compliance with laws and regulations can have devastating consequences for both employees and the business."
maria.espadinha@ft.com
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