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.
