FAMR: FCA rules out adviser long-stop

FAMR explored mass-market access to advice

Carmen Reichman
clock • 3 min read

The Financial Conduct Authority (FCA) has ruled out putting in place a long-stop for adviser liability after concluding it could unfairly impact consumers who bought long-term products.

The regulator said in its Financial Advice Market Review (FAMR) - a joint project with the Treasury - it will not put a 15-year break on the time in which complaints can be brought about advice. It said it had carefully considered the option, campaigned for by the Association of Professional Financial Advisers (APFA) and firms such as Zurich, but found "relatively few" complaints related to advice given such a long time ago. Putting in place a long-stop would "inappropriately limit protection for consumers on long-term products," FAMR concluded. FAMR considered claims data from the...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

'Risk aversion' from FCA and PRA limiting UK growth and competitiveness

'Risk aversion' from FCA and PRA limiting UK growth and competitiveness

Regulators 'constraining firms', House of Lords report claims

Patrick Brusnahan
clock 13 June 2025 • 2 min read
FCA targeted support communication to 'ramp up' as further guidance issued

FCA targeted support communication to 'ramp up' as further guidance issued

Regulator expected to update the industry this month

Isabel Baxter
clock 09 June 2025 • 5 min read
FCA joins forces with international regulators on illegal finfluencer crackdown

FCA joins forces with international regulators on illegal finfluencer crackdown

Nine regulators from across the globe come together

Isabel Baxter
clock 06 June 2025 • 3 min read