The FSA has all but ruled out re-introducing a 15-year time limit on complaints against advisers despite admitting it could save firms thousands of pounds a year.
In today's Retail Distribution Review (RDR) feedback statement, it says it has been "unable to demonstrate" where the benefits to advisers of a long-stop outweigh the disadvantages to consumers potentially hampered by one. This is despite FSA estimates suggesting reducing the time for holding records from 30 to 15 years would save an average advisory firm about £3,000 per year. IFA Sesame has led calls for the regulator to re-introduce the rule, arguing it would encourage consumers to review their financial affairs and may be seen as a vote of confidence by advisers. But FSA managing ...
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