The FSA is threatening "follow-up action" against an IFA seeking to time-bar client complaints by including a 15-year long-stop in his terms of business (ToB) contracts.
It has written to Phil Castle, managing director of Kent-based IFA Financial Escape, warning his plans are "highly likely" to be in breach of several of its principles, including its TCF initiative. In a letter seen by Professional Adviser, it warns: "We would expect to take follow-up action with any firm we believe to be contravening [our] requirements." Castle is seeking legal advice over whether he can introduce a long-stop, under contract law, into his ToB and says he intends to press ahead with his plans. He has offered to show the regulator draft wording but says it has turned h...
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