The industry's petition calling on the government to remove the ombudsman's right to consider claims without any long-stop restriction, has passed 5,000 signatures but needs double that to be considered by officials.
The e-petition, addressed to the Department for Business, Innovation and Skills, reached 5,402 signatures on Wednesday but needs to hit a minimum of 10,000 by 23 July to proceed to the next stage. Entitled 'Fair Liability for Financial Advice', the petition was started by financial services firm Tenet in August last year and is supported by the Association of Professional Financial Advisers (APFA) and insurer Zurich UK. It asks the government to remove a legislative tool in the Financial Conduct Authority's (FCA) rules which allows the ombudsman to consider claims against advisers for...
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