FAMR: FCA rules out adviser long-stop

FAMR explored mass-market access to advice

Carmen Reichman
clock • 3 min read

The Financial Conduct Authority (FCA) has ruled out putting in place a long-stop for adviser liability after concluding it could unfairly impact consumers who bought long-term products.

The regulator said in its Financial Advice Market Review (FAMR) - a joint project with the Treasury - it will not put a 15-year break on the time in which complaints can be brought about advice. It said it had carefully considered the option, campaigned for by the Association of Professional Financial Advisers (APFA) and firms such as Zurich, but found "relatively few" complaints related to advice given such a long time ago. Putting in place a long-stop would "inappropriately limit protection for consumers on long-term products," FAMR concluded. FAMR considered claims data from the...

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