AIFA floats 'customer agreed liability' long-stop solution

clock •

The Association of Independent Financial Advisers (AIFA) has proposed the idea of ‘customer agreed liability' as a way of tackling the absence of a 15-year long stop on complaints.

AIFA is expecting the issue to be raised through an amendment to the Financial Services Bill in the in the House of Lords, although Hannant insisted government opposition to any ideas there would not kill off efforts to reform the system.

"If that is an unsuccessful route, we will be pursuing the debate with the Financial Conduct Authority when it comes around," he said.

"We believe it is incumbent on the new regulator to take a fresh look at this."

Today's report also set out consumer research which suggested 76% of those who have received advice believe there should be some sort of limit on liability.

Meanwhile, 87% of advisers questioned supported the introduction of a long-stop, with 57% citing open-ended advice liability as a critical issue for their business over the next 10-15 years.

More on Adviser / Broking

ChatGPT will change the way insurance is discovered

ChatGPT will change the way insurance is discovered

The Google AdWords of the 2020s

Alain Desmier
clock 22 October 2026 • 4 min read
COVER Women in Protection and Health Awards 2027 open for nomination

COVER Women in Protection and Health Awards 2027 open for nomination

Deadline 12 November, 2026

COVER
clock 14 October 2026 • 1 min read
SM Advice adds AI visibility and authority audit service

SM Advice adds AI visibility and authority audit service

AI search visibility and practical steps

Jaskeet Briah
clock 29 September 2026 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read