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PIA fines two IFAs for compliance breaches

A London broker has been hit with a total PIA disciplinary bill of nearly £37,000 after compliance failures over the recruitment of IFAs. Financial Strategy, of Paul Street, which has 13 IFAs, has been fined £25,000 and must pay £11,760 in costs. The PIA says the action was taken after "a number of rule breaches were identified". The PIA has slapped a £5,000 fine on West Midlands IFA Knowle Financial Services of Wychwood Avenue after finding its compliance procedures were "well below an acceptable standard".


Model route to better T&C

An industry that nurtures active debate over its important issues must surely be a healthy one. Measured by that yardstick, our own industry is showing pleasingly robust signs of life. One of the more hotly debated areas of recent years is that of training and competence and its role in developing professional standards within the […]

EFM turns trusts into Oeics

Edinburgh Fund Managers is set to convert its £600m in unit trusts into an Oeic. Group sales and marketing director Nigel Whittingham says the company is committed to transferring all its 21 unit trusts into open-ended investments. Edinburgh&#39s unit trust business represents 12 per cent of its £7.4bn total assets under management It also has […]

&#39Slapped wrists&#39 for Gordon&#39s firm over PI

The PIA has reprimanded former board member Tony Gordon&#39s firm Redcliffe Assoc iates, after its PI insurance failed to comply with regulatory standards. Gordon was a PIA practitioner director for three years before standing down in July 1996. Redcliffe Associates will pay £2,000 in costs to the regulator. According to Gordon, the firm has had […]

Winterthur reissues protected pension vehicle

Winterthur Life is rolling out the second tranche of its stockmarket pension fund which gives equity-linked growth with security. The fund is linked to the FTSE 100 index for five years and is available to all pension investors. Winterthur believes the fund is particularly suitable for self-invested personal pensions and small self-administered schemes. It guarantees […]


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