It is now well over six months since Park Row was wound up and the situation for many of the firm’s advisers looks like it is getting worse rather than better.
Many advisers are still waiting for news about their reauthorisation having not been able to work or look after their clients for over half a year.
Advisers have complained about some of the results of the past business reviews being carried out on behalf of the FSA, which are being used to judge whether advisers will be reauthorised.
There is concern that Park Row’s parent company Royal Liver will chase advisers for some of consumer redress it has been ordered to pay by the FSA.
The Park Row situation has turned into a total shambles and much of the blame lies with the regulator.
The FSA has yet to give us a reasonable explanation as to why it did not allow a bulk reauthorisation of former Park Row advisers so they could continue to service their clients. This could then have been followed up with a stringent review of advisers to ensure their competency.
Surely this policy would have been a better way to proceed rather than cutting advisers’ income for over six months and restricting their clients’ access to financial advice?
The situation many of these advisers find themselves in is a direct result of senior management failings within Park Row. Any misguided attempts by Royal Liver to chase advisers for excess professional indemnity payments would leave a very sour taste.