Solicitors told to refer clients to IFAs only

The Solicitors' Regulation Authority (SRA) has issued fresh rules saying firms "must always act in the best interests of their clients", suggesting this would not be the case if tied or multi-tied advisers were recommended. It represents success for SIFA, which supports advisers with close links to solicitors and has campaigned for clearer guidance after being made aware of instances where multi-tied firms where benefiting from solicitor referrals. It says this breaches the SRA's Code of Conduct. It also follows proposals in last month's RDR Consultation Paper which suggest a split be...