AIFA demands TCF 'sunset' clause

Scott Sinclair
clock

The Association of IFAs (AIFA) is set to lobby the FSA to introduce as standard a ‘sunset' clause in all its policies to ensure their value and impact is reviewed adequately.

Director general Chris Cummings says the lack of such a clause, which dates back to the Roman Empire, helps the regulator dodge accountability for its actions and leaves rules such as treating customers fairly (TCF) largely exempt from evaluation. A sunset clause, or ‘sunsetting', ensures legislation is reviewed, kept up to date, and not left on the statute book after it has served its purpose. According to Cummings, examples of FSA policies which have "passed their sell-by-date" but remain "on the shelf" are numerous. "We can talk about money laundering rules, polarisation and cer...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Fairstone refines buyout terms to focus on high-growth potential IFAs

Fairstone refines buyout terms to focus on high-growth potential IFAs

Updated DBO model to ‘support increased valuations’

Jenna Brown
clock 30 April 2025 • 2 min read
L&G drops fracture cover in critical illness and income protection overhaul

L&G drops fracture cover in critical illness and income protection overhaul

Increased pay out amounts

Jaskeet Briah
clock 29 April 2025 • 3 min read
Advisers could add 20 more clients annually with AI support

Advisers could add 20 more clients annually with AI support

Early adoption of artificial intelligence tools is boosting adviser efficiency

Sahar Nazir
clock 28 April 2025 • 2 min read