“However, my issue here is that a company of your size should have guidance for this. Not to mention dealt with similar cases, including LCF - which is something that I haven't.
“If you had originally said you wouldn't accept this due to the timescale, I would've invested this money alongside the other money the client invested in a general investment account with yourselves.”
Morris told FT Adviser he doesn’t believe advisers would be aware of this 180-day limit unless they had dealt with a case from LCF or similar.
“Large financial institutions like Aviva should have guidance on such matters when it comes to processing these types of applications and should make sure staff are referred to this guidance.
“It’s not possible for small advice firms to have that type of guidance available, they just don't have the resources for it,” he added.
alina.khan@ft.com
