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IFA fined £15k in review

Leicester IFA The Pearce Murphy Partnership has been fined £15,000 by the PIA for pension misselling.

The fine follows an investigation by the pension review monitoring department between September 1999 and February 2000 which identified several failings in the company.

Its report cited a failure to correctly exclude cases from the pension review and issue mailings to investors in a timely manner. The PIA also says Pearce Murphy did not have an adequate system for identifying recently deceased or retired investors.

The IFA has been ordered to pay PIA costs of £3,500 and must now appoint third-party consultants to help it complete the pension review.

Since the start of 2001, the PIA has taken disciplinary action against 35 firms, resulting in fines of more than £1m. Twelve cases have related to pension misselling, with fines totalling £288,000. The PIA says £31m has been set aside by firms for compensation.

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