No movement on long-stop as FS Bill moves to Lords

clock

The Financial Services Bill has passed through to the House of Lords without any significant amendments affecting financial advisers, including the reintroduction of a long-stop.

The legislation, which will abolish the Financial Services Authority (FSA) and set up a twin peaks regulatory model, had its third reading in the House of Commons yesterday. Liberal Democrat MP John Hemming attempted to raise the issue of the lack of a long stop for advisers, although his efforts were cut off by the deputy speaker as his point was not related to an amendment being debated. "The Association of Independent Financial Advisers (AIFA) is fearful about the lack of a limit on time for complaints, which it says will place a burden on provisions that it will need to make to co...

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

Next steps 'coming soon' for FCA's ongoing advice services review

Next steps 'coming soon' for FCA's ongoing advice services review

Regulator ‘concerned’ that clients are paying for services that are not being delivered

Isabel Baxter
clock 27 November 2024 • 2 min read
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