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Directors facing big pension review fines

Directors of the PIA&#39s biggest member firms face hefty fines in four months if they continue to drag their heels over the pension misselling review.

The PIA has brought forward individual registration for directors of its 92 biggest members in a bid to speed up the long-running review.

The contracts come into force on May 18 for directors of the 92 firms. These include independent advisers with 26 or more registered individuals, networks, life offices, friendly societies, banks and marketing associates.

These companies have the biggest number of pension misselling cases, accounting for 96 per cent of the cases identified for review.

PIA spokeswoman Sarah Modlock says: "This will focus people&#39s minds and make the lines of accountability more relevant."

Individuals will face disciplinary action if they fail to comply with the PIA&#39s rules, including meeting misselling review deadlines. Individual registration will be extended to the rest of the PIA&#39s membership from October 1.

The Treasury and the PIA will continue their naming and shaming campaign this week when they reveal which companies have not met their pension misselling review deadlines.

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