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Sea change in Law Society brings partnerships with IFAs closer

IFAs could become full partners in legal practices and solicitor and IFA firms could merge, under new Law Society proposals.

The Law Society has consulted on the issue of permitting what are known as multi-disciplinary partnerships before but solicitors who are in favour of allowing the practice believe that there has been a sea-change in the the profession.

The Society says that if all goes according to plan the proposals could be implemented by the autumn next year.

Their view is backed by a pre-election Office of Fair Trading report which came out against the practice of exclusive professional partnerships before the last election. The proposals were adopted by the then Labour opposition.

IFA representatives welcome the move.

Sofa chairman Robert Reid says: &#34I think it is a good thing and that it is inevitable that the professions are going to work more closely together.&#34

He believes that dropping the MDP regulations will allow much better understanding between IFAs and solicitors.

He adds: &#34The lack of understanding is why so many introductory relationships have broken down in the past.&#34


FSTC launches fast-track FPC training

The Financial Services Training College has launched a fast-track initiative that trains FPC-qualified staff from scratch in three months instead of the average one year.The FSTC has joined forces with recruitment consultant Hayes Inter-Selection in a bid to train over 600 new FPC qualified staff each year to address the current nationwide shortage estimated to […]

NAPF calls for single pensions regulator

National Association of Pension Funds director general Ann Robinson, today called for the government to set up a single regulatory and taxation regime for pensions.Speaking at the Fabian Society &#39Getting Welfare to Work&#39 conference in Westminster, Robinson said: &#34We need to get rid of complex legislation and reform a tax system which defies belief because […]

IFAs wary of with-profits funds

Nearly three-quarters of IFAs are reluctant to recommend with-profits bonds because of falling bonuses, according to a survey published by Close Brothers Group.The survey also found that 75 per cent of IFAs believe the future returns from protected unit trusts will outperform returns from with profits bonds and 81 per cent now recommend protected unit […]

NU up Axa down but Pru strides ahead in Q3

Norwich Union has announced an eight per cent increase in annual premiums with new business of £207 million, in the nine months to September 30 1998, compared to the same period last year.Premium sales grew by 14 per cent to £92 million and single premium sales increased by five per cent to £1,095 million. Norwich […]


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