AIFA wants statute of limitations

The Association of Independent Financial Advisers (AIFA) is launching a new working group to campaign for the ‘fair application’ of the Statute of Limitations to the IFA profession.

The Statute, which provides legal certainty for firms regarding the time limit within which complaints can be raised, applies to all other industries but not the financial services market.

Members are invited to join the new working party. The group will be tasked with developing a campaign plan and meeting with politicians, the FSA, the Financial Ombudsman Service and all the major consumer groups to deliver a solution that better protects firms and ensures clients’ rights are protected.

Chris Cummings , director general of AIFA, said: “A core element of AIFA’s response to the Retail Distribution Review was our campaign to have the Statute of Limitations applied to our sector. We are within sight of a general election and around 300 new MPs will be elected to Westminster next year. This will provide a brand new opportunity to address this issue as the political backdrop will have changed markedly