The PIA has fined IFA Westerby Investment Man-agement £20,000 for
pension review failings.
The Hampshire IFA must also pay costs of £3,850.
PIA visits to the firm in March last year identified serious failings in
its conduct of the review, including failures to identify its starting
position accurately and adequately verify its starting population.
Westerby also failed to gather sufficient information to carry out an
adequate compliance assessment and take all reasonable steps to complete
the corrective action instructed by the regulator.
Since the start of the year, the PIA has taken disciplinary action against
34 firms, resulting in fines totalling £1,042,000.
Since the start of the pension review, the regulator has taken
disciplinary action against 334 firms, resulting in fines totalling