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We must resist referral move

I refer to the article headlined, IFAs lose accountants referral deal (Money Marketing last week).

The suggestion that the Law Society may follow the example of the Institute of Chartered Accountants of England and Wales and allow lawyers to make referrals to multi-ties should be resisted very firmly by our profession.

There is only one channel for our clients to get proper financial advice and that is through IFAs.

I have said a number of times before in your pages that banks and building societies should be avoided by the public for financial advice and I firmly believe that multi-ties will easily slip into their ethos of selling and not advising. This was recently borne out by Lloyds TSB advisers complaining that their targets were based on sales and not on the ability to give customers proper advice.

Barry White
Practice development
manager,
Humphries Kirk Solicitors,
Dorchester,
Dorset

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