An adviser threatened by the FSA for adding a complaints long-stop to his terms of business contracts says Hector Sants' pledge to consider reintroducing the rule was a 'sop' to advisers.
Phil Castle, director of Financial Escape, said Sants’ pledge during the Treasury Select Committee (TSC) hearing on RDR last week was designed simply to placate angry advisers. During the debate, Sants said the regulator would revisit the issue of a time-bar on client complaints. He said: "I have some sympathy with the argument that says if people are still concerned and if this committee recommends us to look at [the long-stop] again, it is something we could do. But Castle, who was involved in a legal wrangle with the FSA over the issue, says: “I think the FSA threw sops to placa...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
