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The Solicitors Regulation Authority’s decision to change the rules on recommending financial advisers to clients has come under fire from opponents, with the Law Society taking “the unprecedented step” of urging the profession not to follow the new provisions and IFAs threatening judicial review.

The impact of non-lawyer investment into law firms came to the fore today as Liverpool personal injury practice Silverbeck Rymer announced plans to create 300 jobs over the next year and so more than double in size.

The Law Society has called on the government to lead a “mediated dialogue” with mortgage lenders to deliver “an amicable long-term solution” to the ongoing arguments over conveyancing panels. It has asked business secretary Vince Cable to intervene.

Scrapping the ban on solicitors referring clients to tied financial advisers would “make them prey to every tied or multi-tied product salesperson in the land”, leading to massive claims on the compensation fund and negligence actions, the SRA has been warned.

The Solicitors Regulation Authority is set to recommend dropping the controversial ban on practitioners referring clients to tied financial advisers. Solicitors would instead have to ensure that the client is involved in the decision-making process that goes into any referral.