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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 […]


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