The Association of IFAs has launched a service for retired IFAs highlighting the fact they will remain liable for the advice they've given for up to 15 years.
It says the service is available to ex-principals of firms that are no longer authorised as advisers can still be held responsible for advice they gave over a decade ago.
Members will have access to factsheets on:
- Complaints and the regulatory position concerning retired IFAs;
- Time-barring of endowment complaints and how to deal with them;
- How to protect personal assets against complaints;
- How the Financial Ombudsman Service and the Financial Services Compensation
- Scheme work post de-authorisation
Fay Goddard, deputy director general of AIFA, says: “We have found that 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 don't know what they should do or how they should handle complaints, or enquiries relating to past business. AIFA is determined to support advisers once they have left the profession.”
Other benefits of membership of this scheme include: access to the AIFA helpline, which many full members use every week regarding matters on regulation, policy and current topical issues; a referral service to specialist advice; regular updates on changes to relevant regulation and legislation; free attendance to many AIFA events; and access to AIFA's new Viewpoint on Succession Planning.
The cost of the service is £250 + VAT per year. For further details on the service and an online application form click here.
Have your say:
“Whilst this initiative should not be denigrated it is only placing a tiny plaster over the gaping wound. The core of the problem is the lack of a longstop on stale claims - something that the FSA sneaked through the back door during the drafting of FSMA 2000. There are a number of advisers - myself being one - who have freely given their time to assist ex-advisers with claims where their knowledge of the industry, particularly pertaining to the Dispute Resolution rules and the FOS processes, is lacking. We constantly hear the cries for better outcomes for consumers, blah, blah, blah, but how about better outcomes for advisers who years later can be accused by opportunistic ex-clients and claims management companies and then pursued by the FOS or FSCS?” Alan Lakey, Highclere Financial Services
020 7034 2636
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