Fair Liability for Financial Advice

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Fair Liability for Financial Advice

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Financial Advisers are not afforded the same protection as other professions such as lawyers and doctors - instead they remain liable for advice indefinitely. This negatively impacts cost to consumers and the growth of the industry, however consumers require advice and are now well informed by both providers and advisers. Therefore, we are asking for the introduction of fair liability for financial advice, by removing the subordinate legislation of the FCA rules which permits the Ombudsman to consider a claim without any long-stop restriction and applying the Limitation Act 1980.

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