View more on these topics

Rush of registrations in bid to beat PIA deadline

The PIA expects most member firms to beat the March 27 deadline for submitting individual registration forms.

Latest figures show that some 30,000 forms have been returned out of an expected 87,000. About 4,000 forms are being returned a day.

The PIA has warned that any firm which misses the deadline will face a £250 surcharge and the threat of disciplinary action.

It says it is willing to be lenient if forms come in a couple of days past the deadline but any later and surcharges will be imposed.

The forms have come under fire from IFAs for being difficult to fill out. M&E Network has already confirmed that it expects to miss the deadline.

However, other networks are confident that they will complete the forms in time, as are most life offices, scotching fears that many firms would miss the deadline.

PIA press officer Iris Murdoch says: "We have had 30,000 forms returned. They are coming in increasing numbers and we are now getting returns from the large product providers.

"We would have liked to have them in earlier but we are confident that most firms will get them in on time."

Contracts for registered individuals come into force for directors of large firms in May and for all others in October.

The contracts will enable the PIA to fine brokers for compliance failures.

There will be a 30-month period after an adviser or director has retired during which time the contracts will remain in force.

Recommended

Britannia Life aims to secure sales team jobs

Britannia Life staff are in talks with two life offices with a view to securing the jobs of its broker sales team of 132. Regional managers, who are in charge of negotiations, hope to be close to a deal by March. Other life offices, including Colonial, are still interested in taking on selected staff.

Finger on the heir trigger

Chancellor Gordon Brown surprised the tax planning industry when his first post-election Budget in July failed to tighten up on inheritance tax avoidance. But tucked away in the details was a promise to publish a consultation document on tax reform before the next Budget. That paper will now be published on November 25 and fears […]

CML and ABI join forces on protection

The Council of Mortgage Lenders and the ABI have joined forces to lobby the Government on improving protection for homeowners. Measures being sought include favourable tax treatment of mortgage payment protection insurance. The move underlines an industry shift away from mortgage indemnity guarantees towards a policy of “prevention rather than cure” when insuring mortgage lending.

Consultant hired to seek new shareholder for GFH

Guinness Flight Hambro has hired DLJ Phoenix to find it a new shareholder just two weeks after the sale of Bank of Yokohama&#39s stake in the company to Investec. The management of Guinness Flight Hambro is fuming at BoY for selling its parent company, Guinness Mahon Holdings, as a whole rather than selling its stake […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment