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.