Sense becomes first network to join SIFA professional

Nicola Brittain
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Independent network Sense has become the first network to negotiate a deal with SIFA Professional.

Until now, membership of SIFA Professional, which helps businesses develop relationships with solicitors, had only been open to directly regulated independent firms.

However, SIFA has agreed that Sense Network meets the criteria of fee-based advice, RDR qualifications and a clean regulatory record.

Sense has negotiated two packages for its firms - standard and premium package.

Firm that signs up to a standard package (£145 for sole adviser or £175 for two or more advisers) receive access to a full range of services and materials and are included within the Law Society endorsed Directory of Professional IFAs.

A premium package (£195 or £220) include access to webcasts, all solicitor contacts and the option to have a SIFA director accompany an adviser during presentations to solicitor firms.

Sense's commercial director Steve Young said: "Sense is committed to the ethos of independence and solicitors can only refer to independent firms.

"One of the biggest benefits to maintaining this status is that our members can engage with the legal profession as equals and work with them to provide financial planning advice to their customers."

At present, solicitors are only allowed to refer to independent intermediaries, although the Solicitors Regulation Authority is now consulting on softening its stance.

It said the use of the term "independent intermediary" is confusing and suggested amending it to allow solicitors to recommend IFAs or restricted advisers, as long as the status of the adviser is explained to the client, alongside any relationship to the law firm.

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