The call for a longstop for the advice profession is one that has been consistently made in the industry and one that APFA has been leading.

What is clear is that there is widespread agreement that the current situation is both unfair on advisers and a barrier for the profession. With the FCA announcing in its 2014/15 business plan that it would review the need for a longstop, there is no better time to raise the issue of adviser liability with policymakers whilst at the same time driving forward a potential solution.

With your support we believe we can achieve this change.

Read more about the campaign below.

Fair Liability 4 Advice campaign.

In 2012 APFA and Zurich launched a report setting out recommendations aimed at creating a fairer level of liability for advice whilst also protecting consumer interests.

As part of the Fair Liability 4 Advice campaign, APFA and Zurich presented the report to government and regulators, calling for an amendment to the rules governing complaints and challenging whether they meet statutory objectives. The report highlights the recurrent issue that open-ended liability is preventing investment in firms and hindering the development of the advice profession.

Read our recommendations and the full press release.

We have met with the FCA a number of times to discuss our case for reform and we expect a conclusion this year.

Read our case for a 15 year longstop

Download APFA's Fair Liability 4 Advice report

Campaign objectives

Partnering with Zurich, the campaign:
  1. Called on advisers to support our call for the Financial Services Bill to introduce a longstop or require the new regulator, the Financial Conduct Authority, to introduce it for the advice profession at a later date;

  2. Researched the impact of long term liabilities on the advice profession and the attractiveness of firms to long term investment;

  3. Explored the existing options available for advisers and help them understand, limit and manage their long term liabilities;

  4. Called for a clear and compelling case for change in Parliament on behalf of advisers.
Desired outcomes
  • Remove disincentives to investment in the sector and help growth

  • Minimise consumer detriment

  • Bring advisers in line with other professional services
Get behind the campaign

We want to raise awareness of the campaign amongst advisers and one of the ways we are doing this is by working closely with the media, and in particular, leading adviser publication, Financial Adviser and its website FTAdviser, where full coverage of the campaign can be found.

We would like the industry to get behind the campaign and demonstrate just how fundamental this issue is to the long term future of the industry.

By showing your support to the campaign, you're helping us to make a real difference.