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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.


Star fund manager quits for Australia

Gartmore star fund manager Tim Gregory is to leave the fund management industry later this year and emigrate to Australia. Gregory, who is head of UK large-cap retail funds, will continue in an advisory role at Gartmore until the end of the year but will pass most of his management responsibilities to other members of […]

Johnson should rethink views

I understand that you believe no advice is required for stakeholder. I would like to point out that many middle-class people, such as yourself, who are financially aware do not require investment advice. However, the bulk of working-class people in this country do not understand financial affairs and will not commit to financial products without […]

Axa to provide stakeholder to Abta staff

Axa is to offer stakeholder pensions to the 2,500 member firms of the Association of British Travel Agents.The agreement gives Axa access to around 100,000 travel agent employees to offer its stakeholder scheme. The product will be promoted through Abta publications, mailings and the internet. Axa will also be providing on the spot advice to […]

L&G admits it pushed for the 1% regime

Legal & General is coming under fire from IFAs for boasting that it actively promoted 1 per cent charges on stakeholder from the outset of the planning for the product. L&G says it was the only insurance company at the Government&#39s earliest working parties on stakeholder agreeing with a 1 per cent charging cap. In […]


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