PIA fines pension advisers pounds 400,000
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Your support makes all the difference.THE PERSONAL Investment Authority yesterday fined two independent financial advisers a total of pounds 400,000, largely for failures relating to the pensions mis-selling review.
The financial watchdog said Financial Options and Investment Options, both part of the Manchester-based Financial Options Group, had failed to take all reasonable steps and devote adequate resources to carrying out the review into wrongly-sold pensions. They were also fined for failings in the internal organisation of their general investment business. The two companies were also ordered to pay a total of pounds 87,300 costs. The PIA's fines result from its ongoing monitoring of progress on the pensions review which was set up to ensure compensation was paid to people who were wrongly advised to opt out of occupational pensions in the late1980s and early 1990s.
In the case of Financial Options and Investment Options pounds 250,000 of the fine relates to the pensions review, because they failed to provide accurate and adequate information to their representatives and verify information they received from them, the PIA said in a statement.
The remaining pounds 150,000 was imposed for imposed for failures "in the internal organisation of general investment business," the PIA said.
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