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IFA fined £145,000 for review failings

IFA Meryl Court Technical Services has been fined £145,000 by the PIA for pension review and compliance failings.

The fine is the biggest lev ied against an IFA firm for review failings since 1998.

The PIA discovered a number of problems after visiting the Bristol-based IFA, form erly known as Redcliffe Associates.

They include the company&#39s failure to accurately identify its starting population of pension cases, not excluding cases from the review and failing to take all necessary steps to meet the December 31, 1998 deadline for completing phase one of the review.

An earlier visit to the firm showed it was not organising its internal affairs in a responsible manner and was not keeping proper records or ensuring its investment staff were adequately trained or supervised.

It was also not maintaining a compliance plan, updating its recruitment procedures or meeting PIA established deadlines for review of its investment business.

A spokesman for the IFA says: “Meryl Court Technical Services had fallen behind in the review process. The company has ensured the regulator is fully appraised of the reasons for the delay and is taking appropriate action to ensure the situation does not recur.”

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