Advisers move to circumvent PIA

From: The Independent (London, England) | Date: October 1, 1994| Author: | Copyright information

HUNDREDS of small independent financial advisers have signed up with large firms to avoid joining the Personal Investment Authority directly.

As the deadline for applications to the PIA, the new retail investment regulator, closed last night, large advisers reported a huge increase in the number of firms hoping to join them. Any adviser that had not applied to the PIA by midnight will cease to be authorised and cannot trade. Some financial advisers are hoping to circumvent this by joining firms that already have PIA authorisation.

Don Westacott, deputy chairman of DBS, Britain's biggest ...

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