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Broker Talkback

Is it unfair for advisers that the 15-year long-stop rule for complaints does not apply to Financial Ombudsman Service decisions?

Yes “It is unfair. With legal advice on wills, for example, it can also take longer than 15 years to find out whether the advice was wrong.”

Ronald Abram, Abram Lawless Financial Services

Yes “My initial thoughts are it is unfair but there may be valid reasons why the law does not apply to IFAs for sales of pension contracts, for example.”

Hamish Leng, Robert Langley Financial Management

Yes “But I have accepted it and it is a fact of life that a complaint can be made against me up until the time I die.”

Stuart Embury, Glyde Financial Services

Yes “I think that it is unfair to advisers. Fifteen years should be long enough.”

Alan Donald, Alan Donald & Co

Yes “I think we are totally overregulated and the costs are becoming disgraceful. Why should we have to subsidise bad advice? It just seems jobs for the boys at the FSA.”

Richard Weininger, City & Counties IFA

Yes “I think advisers are unfairly treated on this particular issue. We are endeavouring to be seen as a profession and on a par with others so this should apply here, too.”

Mike Carter, Trinity Financial consultant

Yes “Just on the basis that it is unfairly treating financial advisers as opposed to other professions. I think that the 15-year long-stop rule should apply to us too.”

Gerard Thomas, Cartlidge Morland

Yes “It is unfair if other professions have this rule and we do not.”

Phillip Fisher, Civvals Money Marketing welcomes readers’ letters for publication. Letters should be sent to: The Editor, Money Marketing, 50 Poland Street, London, W1F 7AX.


Home guard

IFS head of faculty financial regulation and corporate & academic relationship management Mark Roberts says the FSA, brokers and lenders need to work together for a smooth transition to equity-release regulation next spring to build up consumer confidence


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