A City law firm says a judicial review into the legality of forcing existing advisers to sit further qualifications would stand little chance of success after the idea was mooted by lobby group Adviser Alliance.
Herbert Smith partner Nusrat Zar said while there may be scope to challenge the decision on human rights grounds, courts “tend to be deferential to experts” and would likely consider the FSA specialists in financial market matters. Adviser Alliance, founded last year by IFA Alan Lakey, claims forcing some existing, qualified advisers to undertake further examinations represents a breach of human rights and could be challenged by a judicial review. “No one can argue about the rule applying to new advisers,” he said, “but there is a strong argument we could instigate legal proceedings o...
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