Independent advisers must lobby the Solicitors Regulation Authority (SRA) in a bid to convince it not to soften its rules around referrals to independent advisers, according to SIFA compliance director Ian Cockerill.
He added: "The industry should make it clear that it views allowing the referral of clients to restricted advisers to be a potential disaster. "Restricted advisers are serving a master and not their client and this will affect the quality of advice. Frankly referrals of this sort would be inappropriate." In addition, Cockerill thinks the SRA's potential change in stance might be in part the result of lobbying by vested interests. "Providers may have been lobbying the SRA for a change in the body's code of conduct. It is possible they have used the numbers argument and said that ret...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
