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PIA strikes off two and fines four

The PIA is terminating the membership of two investment firms and issuing fines totalling £32,000 to another four.


Broadpulse Limited&#39s membership is being terminated because it was struck off the register maintained under The Companies Act 1985 by the Register of Companies.


The Financial Partnership is being expelled for failing to obey an earlier Order of the Disciplinary Committee.


Grundy Mack & Company in London is being fined £17,500 for failing to organise its internal affairs in a responsible manner. It also failed to keep proper records and make adequate arrangements to ensure investment staff were suitable.


B Independent is being fined £5,000 for engaging in business for which the PIA had not granted permission.


PBR Financial Services is being fined £5,000 for failing to take due care and attention in monitoring its appointed representative and John S Lees & Company is being fined £5,000 for failing to seek from its clients sufficient information prior to making recommendations.

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