AIFA floats 'customer agreed liability' long-stop solution

Under the system, clients and advisers would ‘sign off' on advice given up to a particular point, for example when the customer reaches retirement. In this situation, they could declare that they were happy with the investment advice given in the accumulation phase of their plan. The proposal was made in a report issued by the trade body this morning, in partnership with Zurich, dealing with the issue of open ended liabilities. Other options include: A straight 15-year cap on liability Different limits depending on the nature of investment. For example a limit of 10 year...