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Aifa liability advice for retired IFAs

The Association of Independent Financial Advisers has set up 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.

The service will send factsheets on complaints and the regulatory position concerning retired IFAs and time-barring of endowment complaints.

It will address how the Financial Ombudsman Service and the Financial Services Compensation Scheme work after deauthorisation and how to protect personal assets.

Advisers will have access to the Aifa helpline, a referral service to specialist advice and updates on changes to relevant regulation and legislation.

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