I imagine that most IFAs feel deeply sympathetic towards the plight of those ex-Park Row advisers whose re-authorisation the FSA appears to be prolonging without explanation. One can only surmise that the thinking of the FSA is that the victims a will eventually give up hope and drop all ambitions to resume their roles. One wonders how quickly their applications would be whisked through if the proposed new host
company was a bank.
One way forward may be to seek authorisation via a firm already authorised by a regulator other than the FSA, a non-UK regulator.
Several such firms are out there. Sure, an alternative regulator may well seek to establish with the FSA that the applicant is fit and proper but if the applicant has done nothing wrong and has no regulatory black marks against his name, then on what grounds would the FSA report the
applicant not to be fit and proper for re-authorisation?
Harvest IFM, Bristol