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FSAVC review could face legal challenge

FSA plans to penalise insurance companies and IFAs over the misselling of FSAVCs have been thrown into doubt after a City law firm has claimed they may be illegal.


The report in today&#39s Financial Times says lawyers Reynolds Porter Chamberlain are warning the FSA that any attempts to fine or penalise IFAs or providers could be subjected to a legal challenge.


The lawyers claim the review into pension top-ups may be hit by legal challenge, similar to that instigated by the IFAA over the personal pensions misselling review.


A potential legal challenge would centre on the &#39Limitation Act of 1980&#39 which stipulates companies have no liability for products if more than six years have passed since their sale, or if later more than three years has passed since the purchaser became aware of the potential loss.



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