The Law Society has taken the unprecedented step of urging its members to ignore the Solicitors Regulation Authority's (SRA) new rules on recommending financial advisers to clients, warning that they could expose solicitors to negligence claims.
The SRA's board yesterday agreed to 'liberalise' the body's rules on recommending or referring financial advisers to clients. The new rules mean referrals can be made to advisers who are not independent. Previously, solicitors could only recommend independent financial advisers. The Society warns that solicitors could get tangled up in mis-selling scandals if they advise clients to use financial advisers who may benefit from selling particular products. Law Society chief executive Desmond Hudson (pictured) said: "From the outset, the SRA's proposals ran the risk of leaving the prof...
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