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PIA fines and suspends firms

The PIA has fined IFA The Pension Shop of High Street, Ripley, Surrey £40,000 and ordered it to pay costs of £10,000 for pensions review failings. It has also suspended the investment business of Dorset based IFA Capella Financial Services of Salisbury Road, Christchurch and Edinburgh based firm Wilson Insurance Services of Newhaven Road because of a failure to renew their Professional Indemnity cover.

The fine and suspensions are the 26th time the regulator has taken action against firms this year, resulting in a total of £842,000 in fines. Of these, eight relate to pensions review failings, eight for failing to renew their professional indemnity cover, three because they have been deemed not fit and proper to carry on investment business, two because they no longer meet financial resources requirements and five for general compliance failings.

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