FSA creates long stop for redress schemes | News | Money Marketing
Dear Mr Strange
You are quoted as having said:
"I think this is the first time we have achieved some element of a long stop within financial services.”
Having been through every hoop, loop and turn on this regulatory merry ground since 1985 I can only declare that this is indeed a strange thing to say because what Paolo mentioned above (SI2326) cemented what governed the previous regulator (PIA) and Ombudsman scheme (PIAOB), namely "THE LAW" and in particular the 15 year long stop. This has been argued tiem and again and a recent JR against the FOS highlighted what HM Treasury described as the ‘legitimate expectation’ of firms not to have to face retrospection.
If I am wrong could someone tell me?
Are you claiming a victory here with “we have achieved”? Many IFAs wonder what AIFA has been doing all these years, the ones on the Council who don’t worry about it are either unable to comprehend all this or they think they can offload all their liabilities on their ARs.
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