Networks have pledged their support for the Aifa and Zurich-backed Fair Liability 4 Advice campaign calling for the introduction of a long-stop for financial advice.
Sesame, Lighthouse, Tenet and Intrinsic are all supporting the campaign which is raising awareness that unlimited liability is preventing long-term investment in the advice profession.
Alongside the networks, 500 advisers have signed up personally in support.
Sesame Bankhall Group executive chairman Ivan Martin (pictured) 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.”
Tenet executive chairman Martin Greenwood says: “The advice profession deserves to receive the same treatment as other professions. The current imbalance is completely unfair on advisers and absolutely needs correcting.”
Aifa and Zurich continue to seek further support from the advice community over the need for a long-stop on liabilities. The campaign is also looking to research the impact on firms’ ability to attract long term investment.
Lighthouse Group executive chairman Malcolm Streatfield says: “The reality is that unlimited liability is proving a strong barrier to investment that would allow the profession to prosper.”
Intrinsic chief executive Richard Freeman says: “It is an unjust anomaly that financial advisers should be singled out for an open-ended unlimited advice liability.”