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IFA fined £20k over review

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

£8,709,750.

DOCE:

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