The Protocol for Broker Recruiting was designed to mitigate lawsuits when advisers left to join a competitor. But two major financial firms have stopped upholding it. (Photo: Shutterstock)

(Bloomberg) – UBS Group AG is withdrawing from an industry pact designed to allow financial advisers to change companies without being sued by former employers, further destabilizing the accord after Morgan Stanley’s October exit.

The Zurich-based firm will no longer adhere to the Protocol for Broker Recruiting as of Dec. 1, according to an internal memo from Tom Naratil, president of wealth management Americas. On Wall Street reported the decision earlier Monday.

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