A complaints long-stop: Five options on the table

Part of consultation on advice gap

The government and the FCA are considering five options for re-introducing a complaints long-stop for advisers.

As well as the introduction of a single long-stop, possibly of 15 years, the Treasury and Financial Conduct Authority (FCA) may introduce varied limitation periods linked to the terms of products, such as mortgages, or measures to strengthen firms' professional indemnity insurance cover for claims linked to long-term advice. Another option would be to set up a compensation fund which would pay out in the event of a justified claim older than 15 years, which all firms would contribute to. Crucially, this measure would not require the firm in question to be insolvent before a payout is tri...