Self-starter: Meet the adviser with a DIY complaints long-stop

LONG-STOP

clock

As the Association of IFAs (AIFA) lobbies politicians and regulators for the re-introduction of a long-stop on complaints, one adviser has implemented a scheme of his own...

Phil Castle, managing director of Financial Escape, asks his client to sign a terms of business (ToB) agreement which specifically says it will rely on a 15-year limit during which the client must review the advice they were given. It also provides background to the issue, including the efforts by AIFA and Adviser Alliance to challenge the Financial Ombudsman Service to accept complaints after 15 years. The passage in the ToB relating to complaints runs as follows: "You have a responsibility to: 1. Bring a claim for damages within six years of the date when the transaction complain...

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 finfluencer enforcement action increases 174% in 2025

FCA finfluencer enforcement action increases 174% in 2025

FOI findings come as regulators ramp up online crackdown

Isabel Baxter
clock 09 February 2026 • 3 min read
TISA urges FCA to rethink targeted support fees and levies proposals

TISA urges FCA to rethink targeted support fees and levies proposals

Could ‘undermine’ the aims of targeted support

Isabel Baxter
clock 12 January 2026 • 2 min read
FCA's targeted support rules set to take effect from April 2026

FCA's targeted support rules set to take effect from April 2026

Regulator plans to open application gateway for firms in March

Isabel Baxter
clock 11 December 2025 • 5 min read