The regulator has "completely messed up the definition of independence", said professional connections support organisation SIFA, as it claimed 95% of solicitors would still chose IFAs over restricted advisers.
You can’t please all of the people all of the time... Advisers' views on APFA 15 years on
SIFA, a body aimed at promoting collaboration between solicitors and independent financial advisers, has clarified its membership eligibility rules to reflect changes to the definition of IFA.
Ian Muirhead, previously managing director of SIFA has been promoted to chairman of the group.
Trade body SIFA has protested against the reduction in time allowed for responses to a Solicitors Regulation Authority (SRA) consultation into adviser referrals, stating the reduction is not "proper and democratic".
Independent advisers must lobby the Solicitors Regulation Authority (SRA) in a bid to convince it not to soften its rules around referrals to independent advisers, according to SIFA compliance director Ian Cockerill.
The Solicitors Regulation Authority (SRA) will have 'no choice' but to soften its guidelines for referrals to intermediaries, according to Ian Muirhead managing director of SIFA.