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Myners’ long-stop stance slammed

Pump Court barrister Peter Hamilton has hit out at City minister Lord Myners, claiming his response to the joint committee on human rights over the long stop lacks justification.

Last month, Money Marketing revealed that joint committee on human rights chairman Andrew Dismore had written to Myners demanding to know why the FSA will not introduce a 15-year long-stop for advisers.

The committee chairman called for Myners to disclose whether any schemes other than the Financial Ombudsman Service lack a long stop.

In response, Myners says the FSA considered the introduction of a long stop under the retail distribution review but that there was not a “sufficiently strong case”. He adds: “The Treasury does not have full details of all other ombudsman schemes to determine whether meaningful comparisons can be made.”

Hamilton says: “Myners’ letter provides no justification at all. He has simply taken cover under the FSA’s argument.”

Highclere Financial Services partner Alan Lakey says: “Lord Myners states the long stop was discussed and considered by Parliament. Extensive research via Hansard fails to show any mention of the long stop and he will need to confirm to the industry and the comm- ittee the precise location of this discussion.”

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