Advisers' hopes for the re-introduction of a long-stop on client complaints have suffered a blow after Financial Conduct Authority (FCA) chief Martin Wheatley suggested the regulator's investigation into the matter may have hit a roadblock.
Speaking during the FCA's annual public meeting on Thursday, its chief executive said the regulator had come across a European directive which may have implications for its long-stop project. The directive, on alternative dispute resolution (ADR) for consumer disputes and amending regulation, was passed by the European Parliament in 2013 and will be introduced next year. It places a requirement on member states to "ensure ADR that meets certain quality criteria is available for every possible contractual dispute between consumers and business". Wheatley said its long-stop project h...
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
