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PIA expels default IFA firm

The PIA has expelled the IFA R.A. Austin Life and Pensions formerly located at Portland House, 11-13 Station Road, Kettering, Northants because it no longer meets the regulator&#39s financial resources requirements.

The firm is no longer authorised to conduct investment business after it was placed into Creditors Voluntary Liquidation on July 24, 2000. Following that, investors lodged claims with the Investors Compensation Scheme which declared the firm to be in default.

This is the fifth firm this year the PIA has taken action against because they no longer meet financial resources requirements and the 65th firm any type of discipline has been taken.

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Monday, November 19, 2001.Type: Unit-linked personal pension.Minimum premium: £30 a month for existing customers, £50 a monthfor new customers, £2,000 lump sum.Minimum-maximum ages: 18-75.Fund links: UK capital protected, money, unitised with profits,index-linked gilt, UK fixed interest, property, cautious managed,balanced managed, Schroders, Framlington, select managed, UKequity income, UK equity growth, aggressive managed, international,Perpetual, green, UK capital […]

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