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The service is designed to help former IFAs who are no longer authorised but are still liable for advice given in the past.

At a cost of £250 plus VAT a year, it is primarily designed to help those IFAs who have retired, but is also suitable for other people who have left the profession or have wound up a firm, informing them of liabilities, responsibilities and their legal position.

Service details

Members of the service will receive information on subjects including complaints and the regulatory position, time barring of endowment complaints and how to protect personal assets against complaints.

It will also provide details on how the Financial Ombudsman Service and the Financial Services Compensation Scheme work post-de-authorisation.

Other benefits to membership of the scheme include access to the Aifa helpline which covers matters of regulation, policy and current topical issues. There is also access to a referral service to specialist advice, regular updates on changes to relevant regulation and legislation, free attendance to a number of Aifa events and access to Aifa's Viewpoint on Succession Planning.

The scheme has been widely welcomed among IFAs, with concern growing about the rules surrounding dispute resolution, and the fear remaining of advisers being targeted by opportunistic consumers in later life

Fay Goddard, deputy director general of Aifa, said: "Retired IFAs can still be liable for the advice they gave up to 15 years ago.

"We have found there is an increasing demand from retired IFAs who do not have the protection of limited company status for guidance in this area. That is why we are providing this service.

"IFAs often do not know what they should do or how they should handle complaints, or enquiries relating to past business."

www.aifa.net/retired/home.php