A change to the way in which financial advisers working within solicitors firms are regulated could force law firms to shut down their financial services businesses, a solicitor said.
In PS11/17, the Financial Services Authority (FSA) placed regulated individuals working within solicitors' firms under the FSA and the Financial Services Compensation Scheme from December 2011. Until now, these advisers were regulated by the Solicitors Regulation Authority (SRA) and covered by the Solicitors Compensation Scheme (SCF). The rule change covers solicitors who also carry out regulated financial services activities alongside their legal work, such as offering mortgage brokerage alongside conveyancing or tax planning alongside will-writing. Ian Cockerill, compliance direc...
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