The FCA is considering whether to place a 15-year limit on complaints to the Financial Ombudsman Service.
In its 2014/15 business plan, published today, the regulator also says it will consult on new prudential requirements for investment advisers after it delayed new capital adequacy rules last September and promised a “fundamental review”.
The plan says: “We will consult on prudential requirements for personal investment firms. We will consider the case for a 15-year time limit on complaints to the Financial Ombudsman Service to review whether the current arrangements are delivering the best outcomes for consumers overall.”
In August last year Tenet launched an e-petition calling for the introduction of “fair liability for financial advice” and the removal of financial services legislation which allows the FOS to consider complaints regardless of when advice was given.
To date the petition, which closes on 23 July, has gathered 4,906 signatures. If it reaches 10,000 signatures the Government’s petitions committee can recommend an inquiry or seek a response from the relevant minister.
The regulator has been non-committal on the issue in the past and last reviewed the case for a long-stop in 2007, when it was rejected due to a lack of supporting evidence.