“Every person and organisation has a Common Law duty of care to those they engage with."
Alan Lakey
The Treasury and the FCA have been consulting on the reintroduction of a longstop defence – in this instance a 10-year longstop. Great, I hear you say, but what’s the catch?
As anticipated, there is one: it’s only for short-term products, so pensions, mortgages, investments and most protection plans will continue to be fair game for complainants.
I don’t propose to recount the sordid history of the longstop removal or its doubtful legality. But a recent slice of injustice has brought it back into focus and provides a warning to all advisers, particularly those who have ever been appointed representatives.
