The PIA has slapped fines totalling £75,000 on two IFA over the pensions misselling review.
The Brunsdon Group of Wessex House, 30 Clarence Street, Gloucester was fined £45,000 and ordered to pay PIA costs of £3,500.
Sage Financial Services of Pearson Court, 3 Kings Road, Fleet, Hampshire was fined £30,000 and order to pay £20,000 towards PIA costs.
The PIA says the Brunsdon had failed to make adequate plans for its review and had not sufficiently monitored and resourced it at an early stage . It also failed to provide the regulator with accurate information in its quarterly returns between December 1997 and June 1998.
The regulator says Sage had failed to provide adequate staffing resources and did not take "diligent steps to trace investors." It also failed to issue accurate instructions to its appointed representatives over the review.
In a further move the regulator has suspended the investment business of six IFAs because they have failed to renew their professional indemnity insurance.
The six, Fortune Financial Services of Stafford, Howard Netting & Associates of Plymouth, Harry Whitehouse of Nottingham, Roger Jay Financial Services of Sawston, Deane Financial Services of Winscombe and David Adcock & Co of Kings Langley are suspended in the interest of their investors.