The Financial Conduct Authority (FCA) has said a project considering the re-introduction of a 'long-stop' on advice complaints being referred to the ombudsman will continue despite initial concerns it could be incompatible with European legislation.
In a consultation paper published on 12 December, the regulator said it is resuming its work to consider the case for a 15-year long-stop after hitting a potential stumbling block in the shape of the Europe-wide incoming Alternative Dispute Resolution Directive (ADRD). "Implementing the ADRD in the way the FCA is consulting on would not preclude the introduction of a long-stop should it be decided it was appropriate to do so in the future," it said. Meanwhile, the regulator has made a small change to its rules relating to existing time limits on complaints. Currently, firms are not...
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