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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".

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EFM turns trusts into Oeics

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