The idea
All financial services firms are subject to the Act and the interpretation placed on it by the Financial Services Authority.
Unbeknownst to Parliament the passing of FSMA breached financial advisers human rights by retrospectively removing the ability to claim protection under the Limitation Act 1980. All other UK citizens and firms are able to rely upon the 15 year longstop to protect thrmselves against stale claims.
Financial advisers have not only lost this protection but it has been amde retrospective. In this regard they have lesser rights than terrorists, sex offenders and other unsavoury groups.
If we are fighting for a fairer and more just society then this distortion must be removed.
Why is it important?
FSMA must be repealed or adjusted such that financial frms and advisers have their human rights restored to the level enjoyed by all other UK citizens.