The debate about limiting adviser liability is not over, despite the regulator's attempt at closing a lid on it following the Financial Advice Market Review (FAMR), Keith Richards has said.
The chief executive of adviser professional body the Personal Finance Society (PFS) warned the regulator had got its argument around consumer protection wrong and would achieve the opposite of greater protection by preserving the current rules. The PFS is ready to put up a fight for an adviser long-stop and has already shared its views with the decision makers, he said. FAMR had looked at ways of capping adviser liability, including instating a 15-year limit within which claims against advice firms must be brought, but concluded there was no case for changing the rules. It had foun...
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