It said it was preventing the firm from carrying on regulated financial services activities because it had failed to comply with three awards made by the Personal Investment Authority
Ombudsman and two by the FOS.
The review was set up by the Personal Investment Authority
, an FSA predecessor, after the mis-selling scandal of the 1980s.
Johnson Jenkins is a member of Interlink Premier Network Ltd, which is regulated by the Personal Investment Authority
for investment business.
5million customers in Britain - were probed by the Personal Investment Authority
following reports that there were "gaps in their product knowledge".
If you believe this is the case, the official procedure is to complain first to the firm or financial adviser who sold you the endowment and then, if you're not happy with the response, you can ask the Personal Investment Authority
Ombudsman to investigate for you.
You should ask how long they have been in business and take care to ensure they are covered by a watchdog such as the Financial Services Authority or the Personal Investment Authority
The company was not licensed by the Personal Investment Authority
which means there is no compensation scheme for investors.
However, investors who require precision guidance through the financial maze must ask for assistance from an independent consultant, who is registered by the Personal Investment Authority
The fine, the second biggest the Personal Investment Authority
has ever issued, follows complaints over the way GL&P, formerly Gan Life and Pensions, sold 25-year investment plans.
A THE Personal Investment Authority
(PIA) Ombudsman say compensation should be worked out by returning the money paid into the endowment, plus eight per cent simple interest paid on top, and most companies do abide by these guidelines.
The Personal Investment Authority
has lowered the projection rates investment firms are allowed to use to reflect lower growth and inflation.