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Liddell in warning to small firms on review

Treasury economic secretary Helen Liddell has turned her wrath on smaller IFAs which fail to progress sufficiently with the pension review.

Speaking in the House of Commons last week, Liddell criticised IFAs over their conduct of the review and warned that they must step up their efforts.

So far, Liddell has concentrated on naming and shaming big IFA firms, networks and life offices. But her latest comments mark an escalation in her efforts to push the review to completion.

She said: "All firms must get on with the job before the pensions industry can put this affair behind it. This includes IFAs, whose progress still leaves much to be desired.

"They should note that last month, Cox Hepburn Financial Services was fined £15,000 by the PIA for its failure to satisfactorily undertake its review. Small firms will not escape sanction when they fail to act."

The IFA Association is to send its 2,500 members a booklet highlighting prob lem areas in completing the review.

The IFAA particularly wants members to be sure they have correctly identified all their cases for review.

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