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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.

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