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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.


Sun Bank offers flexible mortgage

Sun Bank claims it has designed its new mortgage product to meet its customers&#39 flexible needs.The mortgage offers payment holidays, simple lending criteria and has a special status version for self-employed customers.Borrowers can take advantage of the mortgage&#39s features from day one.Sun Bank says customers will be able to monitor their mortgages easily with monthly […]


Watchdog extends look into small business lending

The Competition Commission is extending the scope of its look into small business lending practices by banks and building societies. The watchdog is now sending questionnaires to banks and building societies not involved in lending to small business as it attempts to explain why the big four high street banks have such a stranglehold over […]

&#39Sell stakeholder as alternative to AVCs&#39

Product providers are urging IFAs to sell stakeholder and personal pensions to occupational pension scheme members as an alternative to AVCs.Pension experts say IFAs should use partial concurrency as a way to revive the pension top-up market by preparing to sell stakeholder or PPs as a type of additional contribution.Providers claim far too few people […]

The survival of the fittest

Stakeholder will bring planning to the fore ahead of just flogging plansSpotting the winners in the stakeholder pension market isa matter of careful analysis.The Welfare Reform and Pensions Act in 1999 laid out the basic framework for stakeholder pensions. During 1999, the Government issued a series of consultation papers on detailed aspects. Regulatory Update 64, […]

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


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