Complaints long-stop will attract investment in IFAs - Gay

Along with Institute of Financial Planning (IFP) chief executive Nick Cann and other witnesses, he appeared before the Draft Financial Services Bill Joint Committee this morning to discuss the incoming regulatory regime which will see the FSA split into two new entities. David Laws MP questioned Gay on why he was a supporter of the long stop - which effectively puts a time limit on when customers can complain - and how this would reconcile with the concerns of consumers. While he said he understood the concerns, Gay said: "What we want to see is a vibrant and well-capitalised advisory...