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Aifa launches service for retired advisers

The Association of Independent Financial Advisers has launched a new service for retired IFAs who are still liable for advice they gave to clients.

Aifa says retired advisers or those who have moved within the industry need to be aware of their liabilities, responsibilities and legal position on leaving the profession or winding up a firm.

Members of the retired IFA service will receive factsheets on complaints and the regulatory position concerning retired IFAs and time-barring of endowment complaints.

It will also address how the Financial Ombudsman Service and the Financial Services Compensation Scheme work post de-authorisation and how to protect personal assets against complaints.

Other benefits of membership include access to the Aifa helpline which deals with matters on regulation and policy, a referral service to specialist advice and regular updates on changes to relevant regulation and legislation. The service costs £250.

Aifa deputy director general Fay Goddard says retired IFAs can still be liable for the advice they gave up to 15 years ago.

She says: “We have found that there is an increasing demand from retired IFAs who do not have the protection of limited company status for guidance in this area. That is why we are providing this service. IFAs often don’t know what they should do or how they should handle complaints, or enquiries relating to past business.”

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