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Advisers urged to support long-stop petition

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Advisers are calling on their peers to support an e-petition aimed at forcing the lack of a liability cap on financial advice back onto the political agenda.

The e-petition, launched by Tenet, calls for the introduction of “fair liability for financial advice” and has received over 1,000  signatures so far. If it reaches 10,000 signatures, the Government’s petitions committee can recommend an inquiry or seek a response from the relevant minister. If it reaches 100,000 signatures, it will be considered for debate in the House of Commons.

Highclere Financial Services partner Alan Lake y says: “Every adviser should sign this petition as it represents protection for them and their families and it is about standing up for what is right. The more noise we make on this issue, the better.”

Sovereign IFA director Mark Hibbitt says: “A cap on liability would bring us in line with other professions and give former advisers some certainty once they have left the industry.”

Gibson Financial Planning director David Gibson says: “I encourage other advisers to get behind this. While I am not worried about the advice I have given, that liability is something that will stay with me until I die. Advice can be deemed suitable at the time it was given but clients can have selective memories in hindsight and advisers are judged accordingly.”

Thameside Wealth director Tom Kean says: “I wholeheartedly support this campaign. The lack of a long-stop is rotting away the very core of our profession. It is illogical and unfair and needs to be addressed.”

Advisers are calling on their peers to support an e-petition aimed at forcing the lack of a liability cap on financial advice back onto the political agenda.

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