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Networks fear heavy PIA fines

IFA networks are bracing themselves for a series of heavy PIA fines in the wake of the £125,000 fine which was recently imposed on Berk-eley Independent.

Industry sources say networks are waiting to see if the regulator slaps an even bigger fine on the next network in line, given that successive fines for failings over the pension review grew.

Networks which have had compliance visits from the PIA in the last few months include M&E, Burns-Anderson and the networks inthe Misys stable.

The PIA is believed to be scrutinising record-keeping and post-training supervis-ion of IFAs.

Berkeley, the fifth-biggest network, was fined for a string of rule breaches, including failure to adequately monitor the conduct of appointed representatives, keep records or handle complaints.

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