Financial custodians
As one of the solicitors younger than 30 referred to in your recent article (See [2000] Gazette, 18 May, 30) authorised to give discrete investment business advice, I felt compelled to respond to the comments made by Douglas Gardner, chief executive of the independent financial advisers, Thomsons.The general tone of the article was that the new Financial Services and Markets Bill could be bad news in many respects.
However, the new Act also provides us with a once-in-a-lifetime opportunity to expand the provision of high quality financial services advice within the legal profession, rather than allow it to slip into the often murky world of supposedly independent financial advice.
I strongly believe that if the legal profession took the relatively straightforward steps to re-appoint themselves as the natural custodians of their clients' financial affairs it would have enormous impact on the way financial advice is given in this country.
It is perhaps for this reason that Mr Gardner suggests that there is no point in law firms setting up financial services arms at all.
This argument completely ignores the natural synergy between legal and financial matters and smacks of the parochialism that is endemic in the financial services industry.
Without a substantial overhaul I cannot foresee that the financial services industry will ever be recognised as a true profession, although it has aspirations in that direction.
Mr Gardner's attitude is all too typical of the financial services industry in that connections with solicitors and accountants are to be used for individual gain rather than a genuine attempt to establish relationships with fellow professionals.Whilst presenting problems, the new Act also provides us with an opportunity to consolidate the provision of financial advice within the profession and broaden its provision, which can only be to the ultimate benefit of out clients.Duncan Jackson, Buckle Mellows, Peterborough.
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