The PIA has fined 20 small IFAs a total of £76,000 for pension review failures.
The firms are being disciplined for failing to take all reasonable steps to meet the December 1997 deadline for completing 90 per cent of their most urgent cases.
The regulator which has issued fines totalling over £500,000 in the last five months is warning firms about the serious consequences of failing to meet the December 31 deadline for completion of Phase 1 of the pensions review.
PIA chairman Joe Palmer says: "Firms should have substantially completed Phase 1 and be concentrating on gaining of redress offers. The significance of this deadline has been made clear since it was set in spring 1997."
The 20 firms being fined are Augustine Limited, B A Taylor, Brims & O'Donnell Personal Financial Services, City Assurance Consultants, Delta Financial Management, Hugh J Boswell Limited, Integro Life & Pensions Limited, J A Fairweather Associates, John K Miln & Company, Johnston Financial Services Limited, Laing Markey Lyness Limited, Leon Menzies Limited, McGee Financial Services, Munro-Greenhalgh, North Wales Mortgage and Investment Centre, Premier Investment Management Services Limited, PTL Associates, SB Financial Management Limited, Tolson Messenger FS Limited and West of Scotland Insurance and Mortgage Brokers.