Advisers have applauded networks for throwing their support behind Aifa and Zurich’s Fair Liability 4 Advice campaign, which is calling for the introduction of a long stop for financial advice.
Last week, Sesame, Lighthouse, Tenet and Intrinsic all pledged their support for the campaign. Around 500 advisers have also personally signed up so far.
Tenet executive chairman Martin Greenwood says advisers deserve to receive the same treatment as other professions which have long stops. He says: “The imbalance is completely unfair on advisers and needs correcting.”
Sesame Bankhall Group executive chairman Ivan Martin says: “The carrying of indefinite liabilities undermines the sustainability of predominantly small businesses, which is contrary to the Government’s wider aims to stimulate growth in the private sector.”
Cube Financial Planning co-founder Mike Godfrey says: “A period of 15 years has been mentioned as appropriate and I believe that is the right amount of time.”
Lift Financial chartered financial planner Ross Glanfield says: “It is unreasonable that somebody could be on their deathbed and facing a claim for advice given 30 years ago. Hopefully, the backing of large networks will give this campaign a louder voice.”
Aifa and Zurich say they are still seeking further support from the advice community.