View more on these topics

Brown is told to reveal stance on long-stop rights

The Information Tribunal has ruled that the Government must disclose whether Prime Minister Gordon Brown sought legal opinion to see if the Financial Services and Markets Bill was compatible with the Human Rights Act.

This is the result of a three-year battle following a freedom of information request by IFA Defence Union chairman Evan Owen in 2005.

The Information Tribunal dismissed an appeal made by HM Treasury against an ICO decision notice issued on May 22, 2007 which required the Government to confirm or deny that it had received law officers’ advice.

The Government has until mid-June to decide whether to appeal to the High Court.

The tribunal dismissed the Government’s argument that it might be exposed to criticism if it were known that it had not consulted the law officers on a particular matter.

Owen says: “This is a victory for common sense against all odds. The Information Commissioner agreed with me that we have a right to know whether Gordon Brown had obtained any legal opinion supporting his declaration that the Financial Services and Markets Bill was compatible with article 6 or the Human Rights Act 1998.

“The Treasury made an appeal to the Information Tribunal who have now dismissed it, more than three years after the FOI request was made. This is one small step for IFAs, a leap forward for our campaign.”

Owen says if the Treasury has not had any external legal opinion on the matter, then the adviser market must press for a review of the FSMA 2000.

Highclere Financial Services partner Alan Lakey says the disclosure could be extremely important for advisers. “If it is found that Brown did not take legal advice, then theoretically the Financial Ombudsman Service may have to reopen all the cases where it did not apply the 15-year long stop. There is a lot of money that would have been paid out illegally.”

Recommended

Sophie’s choice

I would like to invest more ethically. What advice can you give me?

Global equities: time to de-risk?

While equity valuations have doubled since the financial crisis, Simon Edelsten explains that there are still pockets of value. But not where you might think Macro-economic uncertainty is causing turbulence in equity markets. Artemis Global Select Fund manager Simon Edelsten says his investment themes are taking him in a different direction to some of his peers – away […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com