The PIA has reprimanded former board member Tony Gordon's 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's PI insurance policy failed to cover all the IFA's 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's firm.
In September, DBS chairman Ken Davy resigned from the PIA board after the network was fined over the pension review.