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IFAs lacking employment law knowledge

UK businesses are increasingly turning to IFAs for advice about
health & safety and employment law issues according to specialist
solutions provider Peninsula.

But, it says recent research shows IFAs themselves confess to being
uncertain about employment law issues.

Peninsula reveals 89 per cent of IFAs have been approached by their
clients for advice concerning employment laws. Of those questioned,
75 per cent admit to being uncertain on what employment law advice
to relay to their clients because they are not completely up to date
with legislative changes occurring.

The survey also showed that 94 per cent are unaware of employment
legislation to be introduced in the next 6 months.

Peninsula head of corporate development Russell Guest believes
that changes are so frequent and becoming increasing complex that
it is easier for employees to take their employers to employment
tribunal.

He says: “Failure to comply with employment law and HR legislation
can cost employers dearly with tribunal awards increasing at an
alarming rate. IFAs themselves need to be fully up to scratch with
employment law because they run a business and are subjected to
the same penalties and tribunal costing that any business would
have to face if they were taken to a litigation claim.”

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