Wheatley: Long-stop project now 'slightly more complicated'

Carmen Reichman
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Advisers' hopes for the re-introduction of a long-stop on client complaints have suffered a blow after Financial Conduct Authority (FCA) chief Martin Wheatley suggested the regulator's investigation into the matter may have hit a roadblock.

Speaking during the FCA's annual public meeting on Thursday, its chief executive said the regulator had come across a European directive which may have implications for its long-stop project. The directive, on alternative dispute resolution (ADR) for consumer disputes and amending regulation, was passed by the European Parliament in 2013 and will be introduced next year. It places a requirement on member states to "ensure ADR that meets certain quality criteria is available for every possible contractual dispute between consumers and business". Wheatley said its long-stop project h...

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