TISA to attempt industry consensus on adviser contracts

The consultation will be based on the US's Broker Protocol, drafted in 2004 to prevent advisory practices engaging in costly and damaging litigation. At a recent TISA seminar entitled ‘When advisers leave, who owns the client?', representatives from a number of firms spoke on whether an industry consensus was possible. Towry CEO Andrew Fisher, who lost a legal case against Raymond James, admitted the firm had "learned its lesson" from the High Court action, but dismissed attempts at consensus as "impossible." But Mike Alford, deputy general counsel for Raymond James, said the volum...