The finance director of Royal Liver Assurance (RLA) was sacked over claims he made unauthorised payments worth millions to an advisory business run by a former colleague.
Financial advice firms are being urged to revisit their business checking procedures in the wake of the public censure and £7.8m customer redress ruling at IFA Park Row.
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.
Attempts by Royal London to rescue Royal Liver are still in the "very early stages", the mutual insurer says.
All national IFA Park Row's 240 advisers have now left the company, which has begun its planned solvent wind-down.
The protection industry is expecting a reduction in the number of IFAs post RDR of from 20-50%, depending on the survey chosen. Will this impact on sales of protection and will this prompt the resurgence of in-house sales forces - the man from the Pru?...