Law Society clarifies independent advisor position
The Law Society has clarified its position on solicitors referring clients to non-independent advisors.
Back in November we reported controversy between the Society and the Solicitors Regulation Authority, after the SRA passed new rules that softened its stance on referrals.
Following the decision by the SRA to grant solicitors the right to refer clients to non-independent advisers, the Law Society issued a statement warning its members to disregard the new rules.
At the time the SRA said that as long as all recommendations were made with the clients best interests in mind, they had no issue with the Law Society statement.
The Law Society has now said that it will drop its opposition to solicitor members referring clients to non-independent advisers.
They have stressed the important issue is whether the firm concerned is impartial rather than independent.