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Regulator takes action against three more firms

Three more IFA firms have been disciplined by the PIA, despite the fact that it no longer exists as a regulatory body, having been replaced by the FSA on Saturday.

The FSA says any disciplinary action that was decided on before December 1 will still come under the banner of the PIA.

Julian Harris Financial Consultants of Julian Harris House, Musgrove, Ashford, Kent was hit with a £15,000 fine and ordered to pay costs of £7,500 for pensions review problems.

Hamroy Financial Services of Mortimer House, 123 Stourbridge Road, Hallesown, West Midlands has been fined £10,000 and ordered to pay costs of £3,000 for pensions review failings.

Finally, G T Mortgage Services of Sinfin District Centre, Arleston Lane, Sinfin, Derby has been expelled and banned from conducting investment business because it has not maintained its PI insurance cover, doesn&#39t meet the financial resources requirements and failed to cooperate with the PIA Ombudsman.


Baillie Gifford raises bond platform

Baillie Gifford is adding to its range of fixed-interest funds with the introduction of its high yield bond fund.The objective of this Oeic is to achieve a high level of income and to minimise volatility by investing mainly in non-investment grade bonds. With an income yield of 10.80 per cent a quarter this fund is […]

Exclusive – Black expected to leave Towry Law

Towry Law chief executive Douglas Black is expected to leave the National IFA soon.The IFA&#39s Australian owner AMP says it cannot comment on market speculation. Black led the negotiations with AMP and the Investors Compensation Scheme leading up to Towry&#39s purchase by AMP in June in a deal worth £75.7m as exclusively predicted in Money […]

Berkeley blames regulation for increase in network fees

IFA network Berkeley Independent Advisers is increasing fees and charging extra for some compliance services, with one month&#39s notice of the changes.The network&#39s 250 member firms have had a letter explaining its revised charging structure from January 1, including a minimum monthly fee being levied for the first time of £562.50 for firms with an […]

Unicorn Asset Management – Falcon Investment Trust

Thursday, December 06, 2001 Type: Investment trust. Aim: Growth by investing in UK smaller companies. Minimum investment: Subject to negotiation with stockbroker. Maximum investment: No maximum. Investment split: 100 per cent in UK smaller companies. Types of share: Ordinary. Isa link: Yes. Pep transfers: Yes. Redemption date: None. Charges: Initial subject to negotiation, annual 1 […]

Protecting long-term savings from short-term policy

By Jamie Clark, Business Development Manager The pensions revolution is almost upon us. As with any revolution, there will be winners and losers. The winners in this case could presumably be the politicians that orchestrated pensions freedom and choice just before the general election. As for the losers, there may be many thousands of people […]


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