The PIA has expelled a Surrey IFA for being unfit to conduct investment business and failing to meet the regulator's financial requirements.
The PIA says Professional Advisers Investment Services of Regent House, Guildford, which had four RIs, was expelled after being placed into creditors' voluntary liquidation on March 10.
At least one of its clients lodged a claim with the Investors' Compensation Scheme, which resulted in the ICS declaring the firm in default.
It is the sixth time this year that the PIA has expelled a firm for failing to meet its financial requirements.
It has taken disciplinary action against 45 firms this year, handing out fines totalling almost £1.5m. As a result, firms have had to set aside £46m in compensation.
The regulator has also suspended 16 firms for not renewing their professional indemnity cover and three firms on the grounds that they may not be fit and proper to continue investment business.