The Financial Conduct Authority (FCA) is to review the suitability of investment advice as part of its 2014-2015 supervisory work, and will also consult on the re-introduction of a 15-year long-stop on complaints.
The regulator announced in its latest Business Plan it will "look at whether investment advisers are carrying out appropriate due diligence to ensure that consumers are sold suitable products and services". It said it will also consider the case for a 15-year time limit on complaints to the Financial Ombudsman Service "to review whether the current arrangements are delivering the best outcomes for consumers overall". It first disclosed it would look into the case for a complaints long-stop this year during a House of Lords debate in 2012. The regulator last examined the issue in 20...
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