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PIA fines several IFAs

The Personal Investment Authority has fined several IFAs for pensions review compliance failings.

Smithson Mason Financial Services of Leeds was fined £12,500 and ordered to pay £1,097 in costs and Heritage Investments of Bristol was fined £10,000 and costs of £2,982 for failures including not accurately identifying starting populations and not excluding cases from the pensions review.

Interlink Premier Network of Cardiff were fined £25,000 and costs of £3,000 for failing to maintain documentary evidence, issue reminder letters in a timely fashion and to properly conduct several compliance assessments.

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