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PIA rules update

In the wake of the Equitable closure the PIA has issued a reminder to firms of the standards expected when advising customers.

Investment staff should obtain sufficient information about clients&#39 circumstances before offering advice.

All advantages, disadvantages and options should be disclosed. Firms must ensure that advisers and representatives have a sufficient understanding of the position arising for Equitable&#39s policyholders if they are to advise on the client&#39s options.

A reason why letter must be sent.

The PIA expects firms to undertake checks to enforce these standards. Any firms or registered individuals failing to meet these standards could face disciplinary action.

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