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PIA revokes Adams&#39 suspension but fines Hanover Park £20k

The PIA has revoked the suspension of London IFA Adams Financial Planning, which allows the firm to resume its practice.

The IFA had been ordered to cease conducting and soliciting business as of December last year after the PIA found it had failed to maintain professional indemnity insurance cover.

The regulator has imposed a £20,000 fine on South-east London IFA Hanover Park Financial Services for pens-ion review failings. The firm was ordered to pay costsof £2,571.

After a visit to the seven-RI firm, the PIA&#39s monitoring department found it failed in a number of areas. It did not accurately identify its starting population, it deliberately excluded cases from the pension review, failed to conduct its mailing exercise in a timely manner, failed to take all reasonable steps to progress its review exercise and failed to ensure all investors identified had received a transfer mailing from the firm.

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