In November 2012 the Solicitors Regulation Authority (SRA) took the controversial decision to abandon the long-standing principle that solicitors should only refer clients to independent advisers for financial advice, writes Ian Muirhead.
The Law Society responded immediately, issuing an indignant press release announcing it was taking the unprecedented step of advising solicitors to ignore what the SRA had done and to abide by the principle of independence, as being a fundamental tenet of the profession. Relations between the Society and the regulator had been uneasy ever since the Society had been obliged to spin off its regulatory arm, but this marked a low point in the relationship. The reason for the SRA decision was twofold - the first being the confusion arising from the then Financial Services Authority's inven...
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
