Park Row ordered to redress £7.8m to customers

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...