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Lawyers could become 100 per cent financial advisers

IFAs will face a stern competitive test in the year 2000 as regulatory changes allow solicitors to become one hundred per cent financial services operations.


Lawyers are currently restricted to deriving 35 per cent of turnover from financial services under Law Society regulations in its role as a recognised professional body.


This limit will be blown away when the Financial Services Authority takes over the Law Society&#39s authorisation function in mid-2000.


But some IFAs do not see the development as a major threat.


Holden Meehan partner Mark Dear says: &#34Frankly if you are a solicitor and you become a 100 per cent financial services operation, then you are actually no longer a solicitor but a financial adviser.&#34

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