Solicitors Regulation Authority consults on financial advice
Tuesday 19th June 2012
The Solicitors Regulation Authority wants to clarify its position relating to financial advisers, and obligations on solicitors to only refer clients to those designated ‘independent’ as defined by the FSA, and other issues brought about by changing circumstances.
The SRA will be consulting on a range of issues on financial advisers and a paper is planned to be taken to the SRA board meeting on Wednesday, July 4.
The board will be asked for approval to consult on a range of options, with the consultation running across July and August.
This consultation document is still being drawn up and will need the agreement of the SRA’s standards committee to be taken to the board. The standards committee meets today. It is therefore too early to reveal what may or may not be on the table.
There have been some media stories encouraging independent financial advisers to write to the chair of the SRA board with their views. Potential respondents are instead asked to wait until the official consultation exercise is launched.
Details will then appear at www.sra.org.uk/consultations
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