PIA: Budget and fees 1998/99

United Kingdom
In announcing its intentions for its final full year as a regulator, the PIA has said that it will concentrate on 3 issues.

  • Work on the pensions review (including reviewing non-priority cases) will continue.
  • Individual registration, which was launched in January 1998, will be implemented. This will sharpen PIA's regulatory focus by giving PIA direct regulatory relationships with principals, managers and advisers of firms. Individual registration took effect for principals of life offices, banks, marketing associates, "Directive" friendly societies, networks and independent practitioners with 26 or more financial advisers on 18th May 1998. For all other registrable individuals the rules take effect on 1st October 1998.
  • Work on strand 3 of PIA's Evolution Project to cover risk assessments and surveillance, will continue enabling PIA to develop a more targeted approach to monitoring.

Having prepared its budget to provide sufficient resources to allow for the transfer of functions to the FSA, which will happen during 1998, PIA has been able to contain the funding requirements for its mainstream activities for 1998/99 at 1997/98 levels, resulting in a zero increase in income requirements.