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‘RDR must consider role of solicitors’

Sifa managing director Ian Muirhead is calling on the FSA to consider the Legal Services Act 2007 and its implications for advisers as part of the retail distribution review.

Under the act, which is set to come into force in 2012-13, solicitors will be able to form alternative business structures combining other professions such as IFAs in one firm.

Muirhead says solicitors are increasingly forming joint ventures with advisers and believes the regulatory implications of alternative business structures will be complex, given the potential roles of professional bodies after the RDR. He says: “We mentioned this in our response to the RDR and it is something of which the FSA is well aware. At the end of this year, it will be possible for firms to take in up to 30 per cent of non-solicitor partners but the full ABS will take another three years for the simple reason that you are talking about a number of regulators having to reconcile their different requirements.

“The regulators are going to have to work out how their rules should be consolidated and applied to a mixed organisation and that is the tricky bit.”

Muirhead says it is likely that the profession with the majority of individuals in a firm will determine the regulator but each individual will also be accountable to their own regulator.

He says: “Accountancy IFAs are particularly well placed and what we are seeing is solicitor firms increasingly forming joint ventures with IFAs rather than trying to do it themselves.”


Aifa issues publication to clarify Mifid

The Association of Independent Financial Advisers has issued a publication that gives further clarification to firms about the rules surrounding Mifid.Aifa deputy director general Fay Goddard says Aifa is aware of some “incomplete and inaccurate information” being circulated to IFA firms and is seeking to clarify the misinformation surrounding the directive. She says: “In order […]

Heirs apparent

Inheritance tax is an issue which rankles with many people and more IHT-mitigation products are coming on to the market.

TSC report attacks FSA for failing to supervise Northern Rock

The Treasury Select Committee’s report on the Northern Rock fiasco has attacked the FSA for failing in its duty as regulator.It has also called for a new role at the Bank of England to be established which would look after issues of liquidity.The new post of “Deputy Governor of the Bank of England and Head […]

A-Day effect just keeps on going for advisers

The A-Day effect is far from over as advisers are predicting that clients’ pension contributions will increase over the next three years, says Skandia.The firm’s survey of 500 advisers shows that 64 per cent predict clients’ pension contributions will increase over the next three years, a third forecast no change and 3 per cent predict […]

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In Focus — May 2015: private medical insurance market in Germany

Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.


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