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The changing world of professional connections

The Legal Services Act of 2007, which opened up the legal market to competition, has put the cat among the professional pigeons. In the words of a 2015 Law Society report on what the legal profession is likely to look like in five years’ time: “Business as usual is not an option for many, if indeed any, traditional legal service providers.”

There are now no fewer than 11 frontline regulators of legal services including, most notably, the Institute of Chartered Accountants in England and Wales. However, most legal work is not 'reserved' for the lawyers and, in addition to the greatly increased regulated sector, the Legal Services Board (LSB), the overarching legal regulator, predicts that: “It is probable that expansion of the regulated sector will be at least matched – if not exceeded – by expansion of the unregulated sector where there are few barriers to entry and a lower (regulatory) cost base.”

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Robert Reid: Experts are blind to real advice issues

Research recently published by Citizens Advice on pension freedoms showed that of those who didn’t spend the funds they realised, 29 per cent of them put the proceeds in their bank account. In addition, 9 per cent of people had unforeseen tax problems such as tax deductions they weren’t expecting, rising to 30 per cent […]


Praemium acquires Sipp firm

Platform Praemium has bought Sipp provider Wensley Mackay for an undisclosed sum. The acquisition sees Praemium enter the UK private pension market giving it access to new funds under management through its existing advisers. Praemium chief executive Michael Ohanessian says: “Adding a Sipp solution to our UK platform proposition enhances our growth prospects by offering a […]


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