Caution urged over financial moves

John Malpas reports

CHAMBERS are being warned to ignore approaches by financial advisers in search of joint ventures which would break professional rules.

The warning appears in December's issue of Bar News, the Bar Council's newssheet.

It says a number of chambers have been approached by advisers suggesting they can team up to arrange structured life annuities as part of structured settlements.

The Bar Council's professional conduct committee has ruled it would be improper for chambers to enter into relationships with financial advisers along these lines. Any commission would contravene the Bar Council's code of conduct.

Mark Stobbs, of the professional standards department, said chambers had approached the Bar Council for advice after receiving these letters.

He said: "The crucial thing is the independence of the advice. Any long term relationship with a financial adviser may mean that clients are not getting the best deal available."