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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.

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