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&#39Slapped wrists&#39 for Gordon&#39s firm over PI

The PIA has reprimanded former board member Tony Gordon&#39s firm Redcliffe Assoc iates, after its PI insurance failed to comply with regulatory standards.

Gordon was a PIA practitioner director for three years before standing down in July 1996.

Redcliffe Associates will pay £2,000 in costs to the regulator.

According to Gordon, the firm has had its "wrists slapped".

The PIA issued the reprimand after it found that the firm&#39s PI insurance policy failed to cover all the IFA&#39s activities.

Gordon says: "We brought it to the attention of the PIA. We had a disagreement with our PI insurers over our ability to say that we could state in advance the exact number of pension opt-outs we had."

This is the second time this year that the PIA has taken action against a former board member&#39s firm.

In September, DBS chairman Ken Davy resigned from the PIA board after the network was fined over the pension review.


investment view

Smaller-cap stocks are at last returning to favour. Perhaps this is because the FTSE 100 now offers poor value. But the widening gap in the performance between small companies and the FTSE 100 has been a cause of considerable concern. In the US, where the penetration achieved by tracker funds is considerably greater than here, […]

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Investment Analysis

The stockmarket corrections have reversed gains made in October but our view of economic fundamentals remains unchanged. Indeed, the slowdown in the Far East enhances the steady growth/low-inflation case for the West. Exporting companies in the West will find life more competitive but cheaper goods from the Far East will allow retailers to increase margins […]


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