The Solicitors Regulation Authority is planning to launch a consultation on the requirement for solicitors to refer their clients to an independent financial adviser for investment advice, Money Marketing reports.
The SRA is meeting on 4th July and will discuss the Financial Services Authority definition of independence and what type of adviser solicitors will be able to refer to. Under the current Code of Conduct, solicitors can only refer clients who need investment advice to an independent intermediary who can advise on investment products from across the whole of the market. These intermediaries must also offer a fee option.
An SRA spokesman said:
“The SRA is looking to go out to consultation, with the board’s approval, from July 4. There are a number of options on the table, which we will announce on that date.”
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