Campaigners cheer FCA pledge to consult on advisers' 'uncapped liability'

Carmen Reichman
clock

Industry campaigners have welcomed confirmation the Financial Conduct Authority (FCA) will consult on the re-introduction of a 15-year time limit on complaints against advisers reaching the Financial Ombudsman Service (FOS).

A complaints long-stop would lead to "a stronger sector overall", one said. Trade body the Association of Professional Financial Advisers (APFA), insurer Zurich and financial services business Tenet actively campaigned for the re-introduction of a long-stop after the previous regulator, the Financial Services Authority (FSA), ruled it out. The FSA said in 2007 that the potential detriment to consumers of a long-stop would likely outweigh the benefit of providing greater certainty to advisers. But the Financial Conduct Authority (FCA) today said in its business plan it will "conside...

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

FCA publishes pensions regulatory priorities report

FCA publishes pensions regulatory priorities report

Regulator sets out key priorities amid significant industry transformation

Martin Richmond
clock 12 March 2026 • 4 min read
Treasury proposals spark AR liability fears

Treasury proposals spark AR liability fears

Not expected to have ‘material’ impact on PII market but creates more risk

Isabel Baxter
clock 11 March 2026 • 4 min read
Pension experts supportive of VfM proposals but warn 'challenges remain'

Pension experts supportive of VfM proposals but warn 'challenges remain'

Responses to consultation on VfM framework for DC schemes

Holly Roach
clock 10 March 2026 • 6 min read