RegulationPractice RegulationCustomer complaint loophole criticised

Customer complaint loophole criticised

A loophole that protects advisers authorised through accountants has been criticised by an IFA

A LOOPHOLE that affords advisers authorised through accountants the privilege of a five-year deadline for complaints has been criticised by an independent financial adviser.

Keith Williams, former IFA with Positive Solutions, revealed one of his clients raised a grievance about a pension switch suggested by another financial consultant ten years ago, New Model Adviser reports.

The Financial Services Authority directed the aggrieved to the IFA’s regulator, the Association of Chartered Certified Accountants.

But the body threw out the claim, citing the five-year long-stop protection for its members and leaving the pension holder out in the cold.

Williams blames the FSA for allowing the loophole to slip through the cracks, but the body has refused to comment.

Related Articles

ACCA launches Education Global Forum

Accounting Standards ACCA launches Education Global Forum

11m Stephanie Wix, Writer
ACCA and Morison KSi sign global MOU

Accounting Standards ACCA and Morison KSi sign global MOU

11m Stephanie Wix, Writer
Accountants need to prepare for 50 public sector forces, outlines ACCA report

Accounting Firms Accountants need to prepare for 50 public sector forces, outlines ACCA report

1y Stephanie Wix, Writer
ACCA launches qualification innovations

Governance ACCA launches qualification innovations

1y Stephanie Wix, Writer
Major ACCA online training package launched

Accounting Standards Major ACCA online training package launched

2y Accountancy Age, Reporters
ACCA's Pakistan students call off protest

People In Practice ACCA's Pakistan students call off protest

5y Kevin Reed, Writer
Accountancy should follow lawyers on social mobility

Accounting Standards Accountancy should follow lawyers on social mobility

6y Kevin Reed, Writer
Disciplinary funding costs leap at the ICAEW

Accounting Standards Disciplinary funding costs leap at the ICAEW

7y Kevin Reed, Writer