IFA Marshall Williams, which was put out of business by the FSA earlier this year for failing to find professional indemnity cover, has survived through a merger with Park Row.
Marshall Williams was ref-used cover by Magian Underwriting Agency a year ago despite having had no claims in five years with the insurer.
It was forced to stop trading by the FSA in May, provoking outrage from IFAs who felt the FSA was piling unnecessary pressure on small IFAs.
Director Ian Williams says at that point he decided that the only way to keep his clients together was to find a good partner and extensive research led him to Park Row.
Also merging with Park Row is Kent-based IFA Warwick Leigh, which is bringing three advisers on board, and London-based Rayburn Group, which specialises in dedicated employee benefits, bringing four advisers.
Warwick Leigh looks after trust investments and in-depth pension planning. It is headed by former Sofa vice chairman Gary Jefferies.
Williams says: “The FSA put us out of business because we could not get PI insurance. I decided the only way to keep my clients together was to find a good partner and after a lot of research, chose Park Row.”
Park Row head of business development Jo Smith says: “We are
absolutely delighted that these three IFAs are joining us – they are all businesses of a very high calibre.”