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Nicholas (09:42) - you make a valid point but I have always found that lawyers have a way of finding market solutions to market problems. Lenders see a commercial need to manage their representation panels. The easiest panel to manage is a panel of one. The wind of change is unlikely to blow that far nut it is pretty clear which way it is blowing.
Better then, perhaps, to make a virtue of necessity. Firms should have to elect which camp they would be in. You can either act for borrowers or lenders but not both. Now that would cause some serious soul searching in a lot of the sheds we all love to hate.
Once Lenders and their representatives were in a completely separate camp it would - after an admittedly difficult period of adjustment - well and truly level the playing field.
...and yes, there should be a blanket ban on all referral fees for anything and a broad definition of referral fees too. My old firm years ago used to get round the earlier rules by such mechanisms as 'sponsoring' estate agents Christmas parties or monthly team building exercises. It is just buying in work.