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With the advent of ABS structures we are now living in a world where accountants and hedge fund operators are running law firms, giving instructions to Solicitors which may - wittingly or unwittingly - go against the code of conduct. This means that the sort of awkward situation described here is likely to increase.

What the SRA are saying is that if you don’t resign your job immediately and report it then you might as well stay quiet and close ranks as later whistle-blowing carries no value.

I think that the SRA needs to produce and publicise revised whistle-blowing rules urgently to help its ability to investigate wrong-doing.

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