Tenet’s e-petition calling for ‘fair liability for financial advice’ attracted just short of 7,000 signatures when it closed on 23 July.
The firm says this shows evidence of tangible support for the issue within the industry.
The group wanted to raise awareness of the on-going issue that financial advisers are not afforded the same protection as other professions such as lawyers and doctors – instead they remain liable for advice indefinitely because the Financial Ombudsman Service (FOS) is able to consider a claim without any long-stop restriction.
During the year that the e-petition was open, the Financial Conduct Authority (FCA) committed to considering the case for a 15-year time limit on complaints to the FOS and has agreed to sit down and discuss the long-stop issue with APFA’s working group in September, of which Tenet and Zurich are members.
Tenet distribution & development director, Helen Turner, said she was delighted that the initiative had achieved the support of nearly 7,000 people.
Turner said: “The support, not only from Tenet members but the adviser community as a whole, demonstrates that fair liability for financial advice is a significant issue for the industry.
“The e-petition has helped raise awareness and we now need to convince the regulator that this is in the best interests for advisers and consumers in promoting a healthy and sustainable future.”
