Trading Standards people seem to vary from town to town and their interpretation of the rules differs. Traceability is the best answer to this problem. You have to know and have records for all the ingredients and if they come from acceptable sources, i.e. you bought the oil in a health shop then you should be OK. But you must record any lot numbers and keep records. The idea is if you only use "authorised" ingrediants from known sources you will be safe. Where it gets a bit tricky is firstly the wax as there is every chance it may have residues in it but I am not sure you can do much about this. Getting it analysed would scupper the economics of the project. I can only suggest you describe it as "natural beeswax" and again have records of any hive treatments etc. Also, only use ingredients which are commonly used for these sort of products.
The other "dodgy" area is if the creams have Borax in them. Most of the home made creams do but it has been dropped from all the commercial stuff and is banned outright in the US. The clue was on the side of a box of Borax I looked at recently: "If you have sensitive skin wear rubber gloves for handling". This is not good to see on something you are planning to add to hand cream. The alternative, and what are used in commercial creams are emulsifying waxes, which you can get from people like Neal's Yard, but they are not cheap. This is what I use but I don't try and sell it commercially.
My suggestion is just go ahead and make the stuff, avoid Borax, and sell it on a small scale. Try selling a few hundred tins to Boots and you will need to follow the rules to the letter.