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PIA fines Sussex IFA

The Personal Investment Authority has fined Sussex IFA Horsham Financial Services £15,000 for compliance failings over its pensions review.

The disciplinary action was taken after the firm failed to take reasonable steps to carry out a review of its previous pension transfers and opt-out business and maintain adequate records of its pensions review.


L&G launches ethical trust

Legal & General has launched an ethical trust based on the FTSE 350 stockmarket index.The Ethical Trust which will be passively managed will operate by filtering out those companies which do not meet its ethical investment criteria.The criteria has been established through research among the existing ethical and more conventional investors.The new trust which is […]

Sales of income protection insurance bounce back

Sales of individual income protection insurance policies are enjoying a renaissance according to reassurer ERC Frankona.The re-assurer says sales of individual policies are nearly back to their 1991 level. Sales last year topped 158,000 close to the previous best of 160,000 in 1991.By the end of 1998 1.1m policyholders had income protection, a figure which […]

Gartmore jumps on the bond wagon

Gartmore is jumping on the bond wagon by launching a high yield corporate bond fund.The fund offers an estimated annual gross yield of 7.95 per cent. It will primarily be invested in corporate bonds, with a range credit ratings.The fund which is fully Isa-able has an initial charge of 3.62 per cent and an annual […]

United Assurance appoints supplies and services director

United Assurance has appointed Alfonso Pacitti as its supplies and services director.His responsibilities include all aspects of the group&#39s procurement and outsourcing.Pacitti joins the life office from IBM UK where duties have included the design and delivery of outsourcing services for IBM&#39s insurance clients in the UK and the Netherlands.He will report to group insurance […]


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