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Court rejects Adviser Alliance bid for long-stop judicial review

A judge has rejected Adviser Alliance’s application for a judicial review of the lack of a long stop for financial advisers.

Lord Justice Burnton refused to grant permission for the application last week at the High Court in London.

The application centred on a complaint the Financial Ombudsman Service accepted despite the fact the advice pre-dated the creation of the FOS and was given over 15 years previously.

Adviser Alliance and its legal team argued Treasury legislation required the FOS to “take into account” how the previous ombudsman would have acted. It argued the complaint would have been rejected because it would have been time-barred by the 15-year long stop which was then in existence.

The FOS claimed the application was “misguided”.

The application was initially rejected at the High Court in June last year and again at an appeal before another High Court judge in October.

The application has been funded by Adviser Alliance member subscriptions, a conditional fee arrangement with the body’s solicitors and “after the event” insurance.

Forty Two Wealth Management partner Alan Dick says: “If an adviser has acted in good faith and followed the rules, he should not be punished years down the line.”


Leslie attacks Government refusal to back bid to publish FCA minutes

Labour Shadow Treasury financial secretary Chris Leslie has attacked the Government’s “nonsense” refusal to back calls to force the Financial Conduct Authority to publish board minutes. Last month, Labour put forward an amendment to the Financial Services Bill that would require the FCA to “publish, unless publication would be inappropriate, the agendas and minutes of […]

£5.8M golden hello for new Lloyds finance chief

Lloyds Banking Group has agreed a golden hello package of up to £5.8m for new group finance director George Culmer to prise him from his 12-month notice period with RSA Insurance Group. Culmer, who has been RSA’s chief financial officer since May 2004, will replace former finance director Tim Tookey, who left the bank to […]

A good egg

Our experts differ on whether there is mileage left in gold but they agree that Isa take-up has taken on a renewed shine

Skandia drops platform price comparisons

Skandia has dropped its price comparison service from its platform due- diligence tool, platformwatch, claiming it is too difficult to access other platforms’ prices. It set up the comparison service, Pricewatch, in February 2009. It has now been removed and the firm says it has no plans to revive the service. A note on the […]


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