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A firm of midlands-based financial advisers has received approval to set up an alternative business structure so as to extend its service to existing clients and drive revenue growth. It is a wholly owned subsidiary of listed independent financial advisory and wealth management firm AFH.

The Institute of Chartered Accountants in England and Wales has hit back against Law Society objections to its application to become an alternative business structure regulator, claiming the public interest was “built into accountants’ DNA”.

The Bar Standards Board is prepared to regulate entities that do not have any barrister owners, it decided last week. The shift comes shortly after the Solicitors Regulation Authority granted an alternative business structure licence to a chambers – the first without a solicitor owner.

The Legal Services Board has been critical of the length of the time the Solicitors Regulation Authority has taken to approve alternative business structures, it has emerged.

Manchester-headquartered alternative business structure Horwich Farrelly has headed south to launch an office in the City of London. The specialist insurance litigation law firm estimates that the new office will generate up to £2m of income in its first year.