The FSA is expected to this week sanction the bulk transfer of around 200 Park Row advisers to up-and-coming national IFA 2plan Wealth Management in a deal worth a possible £1m.
2plan chief executive Chris Smallwood and managing director Chris Davies met with the regulator on Tuesday morning to discuss the move, a meeting which IFAonline has been told "was very positive". The FSA will make its decision on Friday. Park Row will be subject to a solvent wind-down of the business and CEO Peter Sprung will retire. It is understood 2plan will pay up to £5,000 per adviser but the amounts will depend on each adviser's earnings potential and figures will be agreed between the companies. A 'bulk' transfer is the preferred option for all parties, as it involves the F...
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