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Solicitors tell OFT of immunity from polarisation changes

Solicitor IFAs could prove to be one of the final bastions of independent financial advice if the Treasury or Financial Services Authority strike down polarisation.


Ian Muirhead managing director of Solicitors for Independent Financial Advice has written to the Office of Fair Trading inquiry pointing out that under practice rule one of the Law Society, solicitors will be bound to offer best advice regardless of changes to polarisation.


Solicitors are prevented from recommending the services of another firm on a preferential basis. This should preserve their independence even when some of the Law Society&#39s responsibility for regulation passes to the FSA.

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