Campaigners cheer FCA pledge to consult on advisers' 'uncapped liability'

Carmen Reichman
clock

Industry campaigners have welcomed confirmation the Financial Conduct Authority (FCA) will consult on the re-introduction of a 15-year time limit on complaints against advisers reaching the Financial Ombudsman Service (FOS).

A complaints long-stop would lead to "a stronger sector overall", one said. Trade body the Association of Professional Financial Advisers (APFA), insurer Zurich and financial services business Tenet actively campaigned for the re-introduction of a long-stop after the previous regulator, the Financial Services Authority (FSA), ruled it out. The FSA said in 2007 that the potential detriment to consumers of a long-stop would likely outweigh the benefit of providing greater certainty to advisers. But the Financial Conduct Authority (FCA) today said in its business plan it will "conside...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA and FOS release call for input to modernise redress system

FCA and FOS release call for input to modernise redress system

Comes after Rachel Reeves’ Mansion House speech

Isabel Baxter
clock 15 November 2024 • 3 min read
Chancellor targets FOS modernisation and FCA consultation

Chancellor targets FOS modernisation and FCA consultation

Consultation part of the advice guidance boundary review

Isabel Baxter
clock 14 November 2024 • 3 min read
FCA issues warning notice against Crispin Odey over 'lack of integrity'

FCA issues warning notice against Crispin Odey over 'lack of integrity'

Regulator alleges 'reckless disregard' on governance

Cristian Angeloni
clock 04 November 2024 • 2 min read