Tenet has launched an e-petition to ask the government to address the lack of a long-stop for financial advice on their dedicated petitions website.
Entitled ‘Fair liability for financial advice', the petition asks the government's Department for Business, Innovation and Skills to remove the subordinate legislation of the FCA rules which permits the ombudsman to consider a claim without any long-stop restriction and to apply the Limitation Act 1980.
Tenet aims to secure 10,000 signatures in six months, which would ensure the petition is submitted to the government's Petitions Committee.
The committee can then either hold its own inquiry, refer it to a departmental select committee, seeking a response from the relevant minister or holding a seminar on the issue.
Helen Turner, distribution and development director at Tenet, said: "The time has come to again address the current unfairness regarding liability for financial advisers when compared to other professions.
"Despite the FCA arguing that it is ‘not in the interests of the consumer' to bring in a long-stop, that is not an acceptable reason for departing from the rules which apply for other professions whose work also has long term implications.
"The situation we find ourselves in is patently unfair on IFAs. No other profession is being penalised in such a selective, unjustifiable manner."
