The Personal Investment Authority (PIA) has fined Bristol-based National Deposit Friendly Society af...
The Personal Investment Authority (PIA) has fined Bristol-based National Deposit Friendly Society after it identified a series of pension failings.
The society was ordered to pay a £100,000 fine plus £6,720 in costs after the PIA Pensions Review Monitoring Department visited NDFS in February and December 1999.
Failings include the inability to adequately monitor work undertaken by its staff over a four-year period ending in 1998. In particular, the society was found to have no idea of the number of registered clients, and it did not close correctly at least 142 cases. All but one of these was found to be 'non-compliant' but failed to reopen them within a proper time span, as well as failing to trace the new addresses of at least five investors that had moved.
Since the failings were noticed the friendly society has taken steps to remedy these problems and has "made significant progress with corrective action" between February 1999 and April 2000, says the PIA.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected