Adviser Alliance plots long-stop assault

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 ...