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PIA expels five small IFAs

The Personal Investment Authority has doled out another swathe of expulsions and fines to smaller IFAs. It has also refused membership to firms previously authorised to do investment business by Fimbra.

Roger Fish & Company has been expelled and fined £2000 for non-payment of membership fees and for failing to give an undertaking that it would not conduct investment business.

D A McKenna Insurance Services and Berkeley Financial Management have been expelled and fined £2000 and £1000 respectively. Both firms failed to supply a completed pension transfer and opt-out declaration.

Chartfield Financial Planning Services has been expelled for not having adequate financial resources while Craigs Mortgage & Financial Services is expelled for among other things poor record keeping, monitoring and training.

Robert Ward and Co and Doshi Financial Services has been fined £10,000 and £5000 respectively.

The PIA has also refused applications from three Fimbra-authorised firms. The rump regulator now oversees only four firms.

Those rejected are Clifton Financial Management,E & P Consultants and MDA Investment Management because of their record of compliance failures.


Clerical Medical revamps sales team

Clerical Medical has announced plans to reorganise its sales arm following the retirement of its sales general manager David Arthur in November.The sales team will be divided by function into pure sales and business development.The new dedicated sales arm, headed by assistant general manager sales Graeme Riddoch, will concentrate on building IFA relationships, sales management […]

Aon merges consulting businesses

Aon Consulting is merging its consulting operations into a new one-stop pensions and investment division.Former regional director for London Maurice Dyson will head the new division.The move brings the actuarial and benefits consulting, pensions administration and investment consulting practices together.Midlands regional director Steve Carlisle will succeed Dyson in the London post.Gordon Clark will head the […]

Bank of Ireland introduces its first Sipp

PENSIONSBank of IrelandType: Full Sipp offering streamlined lending facility and trustee bank account through Bank of Ireland.Minimum investment: None.Administrator: AJ Bell Ltd.Charges: Establishment fee – £250 plus vat. monthly – £30 plus vat.Options: Income drawdown and phased retirement.Commission: 0.25 per cent of cash balances.Tel: 0161 876 8706.

Foreman to quit as R&SA chief executive

The chief executive of Royal & SunAlliance Peter Foreman is quitting the position at the end of this month. Foreman will be replaced by current group finance director Paul Spencer.Julian Hance, another internal appointment will replace Spencer.Foreman is also quitting his post as a Group Director Europe but will remain on the board until the […]

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In Focus — February 2015

Jelf Employee Benefits looks at the issue of paying anaesthetist fees when the patient had no chance to discuss or agree to them prior to care; and provides recommendations for avoiding this scenario.


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