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Burns-Anderson fined £85k for list of compliance errors

The PIA has hit IFA network Burns-Anderson with an £85,000 fine and ordered it to pay costs of £35,000 for a series of compliance failings dating back to 1999 and 2000.

The action comes even though Burns-Anderson clients did not suffer significant losses as a result of the shortcomings but the regulator says the network&#39s inability to prevent the breaches increased the seriousness of the situation.

Compliance visits in 1999 and 2000 found a number of failings, including not retaining sufficient information on file to demonstrate suitability, issuing inadequate reason why letters, not giving appropriate training to advisers and not having supervisors competent in the required areas.

Since the visits, Burns-Anderson has revised its training and competence scheme and changed its management team to attempt to improve procedure and quality of advice.

FSA director of enforcement Andrew Procter says: “Networks must have adequate systems and controls in place to make sure they can effectively monitor their advisers and make sure that consumers are being given appropriate advice. They need to ensure that they are providing their appointed representative firms with appropriate compliance assistance and support.”

A Burns-Anderson spokes-man says: “A considerable amount of resource and exp-ense has been incurred by Burns-Anderson to rectify the deficiencies identified in the PIA reports.

“With the fine shortly to be firmly behind them, Burns-Anderson believes it shall be better able to continue to focus on developing quality network services to the benefit of all IFA members and clients.”

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