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Broker fined £10,000 after monitoring visit

The PIA has fined a Kent broker £10,000 after "serious concerns" were identified in a monitoring visit. It says Julian Harris Financial Consultants of Musgrove, Ashford, failed to seek relevant information about the circumstances and investment objectives of its clients and failed to organise and control its internal affairs in a responsible manner.

The PIA has rejected membership applications from Franklyn William Alexander of Brettingam Gate, Broome Manor, Swindon, and Phillips Financial Services of South End, Croydon, Surrey.

The PIA has fined a Birmingham broker, Petrie & Petrie, £5,000 after concerns about its compliance procedures during two monitoring visits.

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