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The Solicitors for Financial Advice (Sifa) has formally launched its Sifa network for firms interested in developing financial services.
"There has been considerable interest in the concept," says Sifa's Ian Muirhead.
But he does not expect the network to start until after a meeting of the advisory firms panel set up by Sifa to advise firms interested in developing their financial services business (The Lawyer, 11 October).
Firms joining the network can display the Sifa logo, have access to marketing material and training, a help line and products available at discount, as part of the u250 annual membership fee.
The panel member firms will provide the help line and work jointly on cases usually on "a shared remuneration" basis.
As network firms are likely to be handling packaged investment products, panel firms will be able to act as permitted third parties for specialist business.