Park Row ordered to redress £7.8m to customers

clock

Park Row must redress customers up to £7.8m for failing to ensure its sales were suitable, the FSA has announced.

The firm's former CEO, Peter Sprung, has been fined £49,000 and has agreed not to perform a significant function for five years. The FSA says it identified serious failings at the national IFA network between January 2007 and January 2009. Park Row has been publicly censured and will have to begin a customer redress exercise, which could cost between £5m and £7.8m.  As Park Row is currently being wound-down, redress was secured with the support of its parent company, Royal Liver Assurance. An FSA investigation found the firm failed to ensure its advisers properly documented the sui...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Hitting milestones later in life could impact when people seek advice

Hitting milestones later in life could impact when people seek advice

People will likely be seeking financial advice later

Laura Suter
clock 19 April 2024 • 3 min read
Regulatory pressures taking a toll on industry stress levels

Regulatory pressures taking a toll on industry stress levels

'Regulatory pressures are the first thing on my mind’

Sahar Nazir
clock 19 April 2024 • 1 min read
Advisers blast FCA funding requirement of £755m 'inexorable'

Advisers blast FCA funding requirement of £755m 'inexorable'

‘I don’t really know what value I’m getting from the FCA – if any’

Hope Coumbe
clock 19 April 2024 • 2 min read