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Aifa seeks researcher to compile files in retrospection fight

Aifa is looking for a research firm to help in an initiative designed to protect IFAs against retrospective action by the FSA and Financial Ombuds- man Service.

The Stakes in the Ground project aims to create a universally-accepted source of evidence of current regulatory standards and accepted practices to inform FSA and FOS rulings.

Director general Chris Cummings says it will help prevent the FOS and FSA applying their rules retrospectively.

The trade body has sent out an invitation to tender to research consultancy firms that have expressed an interest in helping with the project. Tenders have to be submitted by September 5.

Cummings says the project has already gained the support of the FSA’s practitioner panel and other trade bodies.

He says: “The investment community has a continuing worry over retrospective action by the FSA and FOS. Examples continue to present themselves where a regulator or ombudsman appears to be applying current regulatory standards to assess actions that were taken against a very different economic and regulatory backdrop. It is now time to engage the whole industry.

“Admittedly ambitious in its undertaking, the Stakes in the Ground project is not proposed to review past history but to map today’s practice.”

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