View more on these topics

Sifa warns solicitor’s regulator over St James’s Place referral tactics

Sifa has written to the Solicitors Regulation Authority warning that St James’s Place may be persuading solicitors to break Law Society rules and refer business to its multi-tied agents.

But SJP has denied the allegations and offered to meet with Sifa to discuss any concerns.

The representative body for solicitor IFAs says there is widespread anecdotal evidence that SJP is promoting itself as being eligible to receive referrals from solicitors.

Sifa managing director Ian Muirhead says he recently received an email from an adviser suggesting that at a recent seminar SJP was claiming it was the ‘preferred referee’ of both the Law Society and Institute of Chartered Accountants.

Under rules 12 and 19 of the Law Society’s code of conduct solicitors are only allowed to refer their clients for financial advice to IFAs or whole of market advisers.

Muirhead says Sifa has communicated these concerns to the Solicitors Regulation Authority who have asked for evidence of solicitors making referrals to SJP or other advisers who are not whole of market.

Muirhead says: “These are important rules laid down by the law society and we need to ensure they are being followed correctly. It is in the interests of all IFAs that solicitors should understand the significance of independence.
There is widespread anecdotal evidence that SJP is successfully persuading many solicitors that it is eligible to receive referrals- which it is not.”

An SJP spokesperson says: “St James’s Place understands the rules governing solicitors and accountants with regard to referrals and has not, nor has ever made any claims about preferential treatment. It takes allegations of this nature seriously and if Sifa can provide further details it will investigate specific cases. St James’s Place has written to Sifa and has offered to meet them to discuss any concerns they may have.”

Recommended

Taylor back with Bankhall link for GI support start-up

Former Bankhall joint chief executive Simon Taylor is returning to the industry in a move that sees him strike a deal with his former firm.Taylor is setting up UInsure, which will provide general insurance support services for the mortgage market, with an exclusive distribution deal with Bankhall.Terms are being negotia-ted with four major insurers to […]

Borrower’s ‘gag’ claim over I-Group repo error

A borrower has revealed that mortgage lender I-Group tried to gag him after wrongly repossessing his home.Former I-Group customer Tim Christian, who is a mortgage adviser, has broken his silence on the affair that saw the locks on his home changed by bailiffs despite him having redeemed his mortgage weeks earlier.The lender, which is now […]

Hay adds more funds for wrap

James Hay has added 13 new funds from Aegon, Fidelity, M&G and Morley to its wrap platform. The total number of funds available is 1,137.

Half of IFA firm owners have no succession plans

Fifty-one per cent of IFA businesses are failing to take any steps toward succession planning, according to James Hay.A survey for Hay carried out by Charterhouse Research also found that 26 per cent of IFA business owners do not have a plan for dealing with files and records when they leave the business, meaning many […]

Guide cover

Guide: how to… communicate with your pension members

Effective communication of your pension scheme is a large part of getting auto-enrolment right. Delivering the same message to all employees is not necessarily the way to go. To assist you with the communication of your pension scheme, we have provided some key areas to think about, such as:

  • What to consider when segmenting your workforce
  • How to communicate to pension scheme members at the right time in their member lifecycle
  • What topics you should be discussing with your pension members
  • The new pension freedoms and the importance of communicating them

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com