Adviser support group Tenet has raised the stakes in its battle to introduce a regulatory long-stop by launching an e-petition, Helen Turner has announced.
The firm’s distribution and development director said she hoped to garner 10,000 signatures in favour of an amendment within the Financial Services Bill to allow a limit for the period when an adviser might be liable for complaints.
An amendment to the Bill would allow for the removal of subordinate FCA legislation that currently permits the Financial Ombudsman Service to consider claims without any date restriction.
Hitting the signature target within 12 months would bring the matter to the attention of the government’s petition committee. Ms Turner said in June that the introduction of a long-awaited long-stop would provide stability for advisers, and would help attract new blood to the profession.
She said: “From our point of view, stability for the profession is most important, and we want to use the power of our membership to lobby.
“If we are a profession, we should be entitled to the same rights as the legal and accountancy sectors. We live in a culture where more people are more aware of how to make complaints and claim compensation, and the current situation could end up stifling the advisory community, and drive people away.”
Chris Hannant, director general of the Association of Professional Financial Advisers, said: “Tenet is an important member of Apfa, and our agenda is driven by our members.
“I would welcome this move and the support of the advisory community on the matter, and hope this petition will help us to reach our goal of a long-stop. I don’t know of any advisers who are against it.”
A spokesman for the FCA said: “We have previously said we will consider whether to investigate the case for a time limit on claims against advisers during 2014/2015.
Given that we have recently introduced a significant set of reforms in RDR, we need to consider the impacts of RDR before making further reforms.”
Information: epetitions.direct.gov.uk
| Background |
Apfa, under its previous guise of the Association of IFAs, launched a campaign to protect advisers against long-term liabilities in February. The Fair Liability campaign, run last year in partnership with Zurich and Financial Adviser, called on advisers to help lobby MPs on the matter. Richard Howells, intermediary sales director for Zurich, said at the time: “We know from discussions with advisers this is a key issue.” Mr Hannant has subsequently renewed calls for a long-stop in the wake of the FSA’s transition to FCA. He said in June: “We are determined to secure a better deal for advisers in what is a tough economic and regulatory landscape.” |
