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Lawyers to end banks&#39 fudging

Banks will find it increasingly difficult to fudge the nature of the advice offered by their representatives as FSA legislation on senior management responsibility will see company lawyers operate strict controls on disclosure.

Companies will be forced to make clear the kind of advice offered in order to mitigate against senior management being brought to task over any potential misselling claims, according to Aifa director general Paul Smee.

Smee, speaking at Pims 2002 on Monday on the future for the independent advice sector, said he believes pressure would be brought to bear by the banks&#39 own lawyers to cover top management.

Smee said that this would mean senior managers could no longer claim ignorance about bad sales practice. “It will become increasingly pressing for banks to make clear the nature of advice because of legislation on senior management responsibility. The banks and lawyers will be the biggest force driving disclosure.”

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