No movement on long-stop as FS Bill moves to Lords

The legislation, which will abolish the Financial Services Authority (FSA) and set up a twin peaks regulatory model, had its third reading in the House of Commons yesterday. Liberal Democrat MP John Hemming attempted to raise the issue of the lack of a long stop for advisers, although his efforts were cut off by the deputy speaker as his point was not related to an amendment being debated. "The Association of Independent Financial Advisers (AIFA) is fearful about the lack of a limit on time for complaints, which it says will place a burden on provisions that it will need to make to co...