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

The banks are back: What does this mean for advisers?

The banks are back: What does this mean for advisers?

Banks ‘uniquely positioned’ to provide advice to mass market

Sophia Panayi
clock 24 August 2026 • 6 min read
Social media investment advice leaves investors out of pocket - research

Social media investment advice leaves investors out of pocket - research

Over half who acted on social media financial advice regretted it

Isabel Baxter
clock 21 August 2026 • 3 min read
New sexual harassment duty: Can adviser firms show they've taken 'all reasonable steps'?

New sexual harassment duty: Can adviser firms show they've taken 'all reasonable steps'?

'Employers will be expected to take all reasonable steps'

Emily Bradshaw
clock 19 August 2026 • 4 min read