Park Row cut case checks despite FSA warnings

The former Royal Liver-owned distribution business was today censured by the FSA and forced to redress up to £7.8m to customers. Its former CEO Peter Sprung was also fined £49,000. The FSA's final notice on Park Row's former CEO, Peter Sprung, reveals the network scaled back its desk based monitoring (DBM) compliance checks despite serious concerns over the suitability of advice. In July 2008, despite numerous letters of concern from the FSA, dating as far back as 2006, Park Row reduced the level of DBM case checks from 35% of cases submitted to just 25%. The DBM function at Park ...