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FIMBRAFinancial Intermediaries, Managers and Brokers Regulatory Association
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A report by Fimbra said the Rainbow Equity Release Scheme was "over ambitious and inherently risky".
Caledonian is prevented from financial dealings during the FIMBRA probe.
Fans who want more information should contact FIMBRA on 0171 538 8860 or 0171 895 1229.
Last night, FIMBRA confirmed inquiries were continuing and Caledonian had been suspended.
A PIA spokeswoman said the firm had been authorised to conduct investment business through its FIMBRA membership, but the decision meant it was no longer authorised under either body.
Mr Richard Johnson, an independent financial adviser in Wolverhampton, has been refused membership of the Personal Investment Authority, nearly five years after he was first authorised by its predecessor organisation FIMBRA.
The PIA has taken over from Lautro and Fimbra. It also regulates the pension, life assurance and investment sales of most banks and building societies.
It is understood Messrs Graham and Michael Petrie, the firm's two advisers have been in business under other names for 25 years, regulated by FIMBRA and its predecessor.