Almost 90% of advisers support calls to introduce a long-stop for the financial advice profession, research suggests.
A survey of 279 IFAs conducted on behalf of the Association of Independent Financial Advisers (AIFA) found 87% back the organisation's campaign.
AIFA is calling for the incoming Financial Services Bill to introduce a long-stop, or to give the new regulator, the Financial Conduct Authority, the ability to introduce it for the advice profession.
Last month's poll also found 57% believe the lack of a long-stop will remain "a critical issue" for their business for the next ten to 15 years.
The long-stop was the second most important issue for advisers surveyed, after RDR.
Chris Hannant, policy director at AIFA, said the research made clear the concern within the advice profession about the impact of open-ended liability.
"Despite the backdrop of RDR [the long-stop] is seen as a critical business issue for advisers," he said.
"The regulator has previously committed to reviewing the need to limit liability for advice. We are calling for change in the Financial Services Bill or a clear commitment for the FCA to review the issue in the light of its new statutory objectives."
The research also found that more than two thirds (68%) of those polled believe clients should recognise they need to take a greater degree of responsibility for their long term investments.
Richard Howells, Zurich's intermediary sales director, added: "The government recognises the need for consumers to take greater responsibility for their decisions.
"It is not about ignoring the right of consumers but about creating a fair liability for the advice they receive to bring it more into line with other professions.
"Consumers, and wider society, need a strong, viable advice profession. The introduction of a fair liability for advice would help provide greater stability for firms and encourage investment in the infrastructure of the sector."
Three years at Wells Fargo
Effective from 9 December 2019
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