In a letter seen by Money Marketing, the committee chairman and Labour MP for Hendon also calls for Myners to disclose whether any schemes other than the Financial Ombudsman Service lack a long stop and, if so, which ones. If there is none, he calls for a justification of why financial advisers are treated differently from other professions.
Dismore says human rights law does not prescribe the detail of time limit regimes but the European Court of Human Rights has acknowledged that limitation periods “serve important purposes”.
The letter says: “My committee has been told that financial advisers are the only occupational group to be denied the protection of a 15-year long stop. The right not to be discriminated against in the enjoyment of the right to peaceful enjoyment of possessions is therefore potentially engaged by the FSA’s current rules.”
Dismore has given Myners until June 4 to reply.
Highclere Financial Services partner Alan Lakey, who wrote to the joint committee calling for an investigation of the issue in December, says: “It is reasonable and fair to ensure that one relatively small section of society does not have to endure a substantial loss of rights which are enjoyed by every other inhabitant of the UK.
“It is gratifying that the committee is bringing a focus on the FSA’s stance that advisers do not deserve this basic human right.”