Lobbying group Adviser Alliance is confident it will secure a judicial review into the FSA's decision to remove a complaints long-stop in financial services - and has not ruled out an approach to AIFA.
Founder Alan Lakey said the group needed to secure after-the-event insurance and hire a law firm to represent it before launching the industry-funded review. “We have every opportunity of success,” Lakey said. “Taken together, the lack of a long-stop is a giant conspiracy to deny advisers a reasonable defence and this is why it has to be fought.” A long-stop – meaning the matter complained about must have occured within the last 15 years or the complaint is void – was introduced in 1980. Adviser Alliance said the FSA removed it, without consultation, in 2001. Lakey said a law firm ...
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