Adviser claims victory in FCA long-stop battle

Managing director of Ramsgate-based IFA Financial Escape, Phil Castle, claimed victory last week after a five-year battle with the regulator, which demanded he remove the 15-year long-stop clause he was asking his clients to sign. The regulator told Castle in September last year that he could make "no mention" of the long-stop but gave in following a series of "robust exchanges" with regulatory consultant Jonathan Purle, who acted for Financial Escape, Castle said. Castle, who based the long-stop on legal principles anchored in common law, said his experience of the regulator was "thr...