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Making the case for statute of limitations

Dear Evan,

In my view, no IFA should be unincorporated. As you rightly say, the risks of this mean open-ended liability and that cannot be sensible. However, many were unincorporated in the past and so we must address that problem.

I have been of the view that IFAs like every other business must have the same legal protection afforded by the long stop as other firms.

This was a central part of our response to Lord Hunt and an ongoing theme of the FSA.

We have been talking to the FSA about the issue of consumer responsibilities so do look out for more work in this area in the coming months – it should be most helpful.

In conclusion, please be assured that in our discussions with the FSA, FOS, with political parties and at a European level, we are making the case for the proper application of the statute of limitations.

We are not where I want us to be but I am committed to delivering a better, fairer, more sustainable position for the benefit of every member. This is an urgent priority for Aifa.

chris cummingsDirector general, Aifa

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