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Investing in your investment services

John Atkinson discusses how to make the somewhat intimidating move into the financial market

18 June 2015

Following the Financial Services Act 1986, solicitors were encouraged to offer investment services by the Law Society, assisted by the establishment of Solicitors Financial and Property Services. Since then, however, first the Financial Services Authority (FSA) and now the Financial Conduct Authority (FCA) have imposed requirements which are more comprehensive, and it is mainly for this reason that most law firms have been discouraged.

By contrast, since the opening up of the legal services market, the competing financial market, such as accountants, banks, and independent financial advisers (IFAs), have been less slow to see the potential.

The legal profession is, therefore, now under much more pressure from competitors, many of whom are offering legal services traditionally associated with a law firm, such as probate, trusts, lasting powers of attorney, and will drafting.

Ian Mellor, the equity partner responsible for the investment s...

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