The Financial Conduct Authority (FCA) has committed to investigating the case for a long-stop as part of its business plan for 2014-15.
The move was revealed during a House of Lords debate on the Financial Services Bill yesterday.
Lord Sassoon told Peers he had pressed the Financial Services Authority (FSA) after an amendment addressing the issue was attached to the Bill by Lord Flight.
Sassoon said the watchdog had given a "rather unspecific commitment" on the necessity of a long-stop to members of the Treasury Select Committee in November 2011 but nothing had been finalised.
He said: "When the FSA last looked at the issue in 2007, it said that to introduce a time bar, it would need to be clear that the potential detriment to consumers was outweighed by the benefits to consumers and firms arising from greater certainly among independent financial advisers about the extent of their liabilities.
"It is this cost benefit analysis that needs to be addressed. I certainly believe it is important that the expert regulator looks at this issue and undertakes the necessary consultation with consumers and firms."
Sassoon confirmed the FCA would consider whether to investigate the case of a long-stop as part of its business plan for 2014-15.
"The timing of that is linked to the settling down of the RDR. I would encourage industry and consumer groups to continue a dialogue with the FSA on this topic," he added.
Lord Flight welcomed the FCA's promised investigation.
He said: "Regarding the issue of the Limitation Act and the 15-year long stop, I am also very pleased to hear that the minister is focusing on this.
"As things stand, RDR is likely to result in many thousands of financial advisers ceasing to be in business, with other major problems that can be dealt with at another time in another place.
"It will be a much bigger issue than it is at present in terms of all these people who are, if you like, retiring and going out of business, and it seems fundamentally equitable that the general law of limitations should apply to all transactions without any special treatment for financial services claims or ombudsmen's complaints.
"I wonder whether the judiciary should be advising about this, at least as well as the regulator."
FCA consultation response
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