IFAs face a threat to their share of high net worth business from a new breed of solicitor investment manager with access to unlimited compensation.
The Association of Solicitor Investment Managers is stressing that the Law Society provides unlimited cover for fraud and the Solicitors Indemnity Fund provides up to £1m for negligence claims.
And it compares this favourably with the £48,000 ceiling on individual claims against IFAs.
But IFAs have rubbished the claims.
Hargreaves Lansdown joint managing director Peter Hargreaves says: "It is all very well talking about compensation but have you ever tried to sue a solicitor?"