Ongoing concerns about the amount of unsuitable pension advice written at Leeds-based IFA Park Row were at the heart of FSA action against the company.
A quarter of cases written by the Royal Liver-owned company's advisers continued to be "unsuitable" despite warnings going back more than two years, the FSA's final notice says. The FSA today publicly censured the distribution business for unsuitable risk controls, fining its former CEO Peter Sprung and ordering it to pay customer redress estimated at between £5m and £7.8m. According to the regulator, Park Row, currently in the process of being wound down, recklessly failed to ensure proper advice was given on pensions, mortgages and investments. Its final notice reveals a catalo...
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