Lay advocates: Advisers debate post-2012 roles

"I can understand why firms would want to offer this role and why some existing IFAs would be interested. But it poses massive regulatory and compliance challenges. How would firms ensure individuals in these roles never stepped over the ‘advice line’, particularly where they are continuing to work with existing clients?” Martin Bamford “Firms offering this will be exposed to claims by clients against the old adviser. The firm might be able to protect itself by adding a clause to its client agreement accepting responsibility for advice given by certain named individuals.” Green Eyed Mons...