Financial Services: Advisory Services

HM Treasury written question – answered on 9th October 2017.

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Photo of Matthew Offord Matthew Offord Conservative, Hendon

To ask Mr Chancellor of the Exchequer, if he will make it his policy to establish limited liability for independent financial advisors with the introduction of a fixed 15-year long-stop.

Photo of Steve Barclay Steve Barclay The Economic Secretary to the Treasury

The Government supports the recommendation in the recent Financial Advice Market Review (FAMR) against the introduction of a fixed 15-year long-stop. A fixed 15-year long-stop is not in the interests of consumers as it could limit the protection available on long-term investment products, where consumers may not realise they have a cause for complaint for more than 15 years. It is important that consumers can seek redress where it is due, so that they have the confidence to engage with financial services firms.

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