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PIA slaps £250,000 fine on IFA Network

The Personal Investment Authority has slapped a £250,000 on IFA Network because of serious lapses in its pension review programme.


IFAN failed to identify clients whose cases should have been included in the review and did not take adequate steps to correctly categorise priority cases particularly in relation to investors who had retired or died.


It also failed to review the pensions business of many former appointed representatives, to produce an adequate project plan to ensure satisfactory completion of the review and to conduct mailings to investors in accordance with PIA guidance.

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