The PIA has fined Yorkshire based IFA London York Fund Managers £23,500 including costs for pensions review failings.
The fine and reprimand results from a visit the regulator paid to the firm in late 1998. It identified failures to exclude cases from its pensions review in accordance with PIA Guidance, not progressing the pensions review in a timely manner and failure to carry out the information gathering and compliance assessment stages of the pensions review.
The PIA has also revoked the suspension of Somerset IFA Holdsworth & Company that had been ordered in January. The firm had been suspended for failing to renew its professional indemnity insurance cover, which it has now done.