The re-authorisation of former Park Row advisers with Personal Touch Financial Services has been delayed because the FSA is treating them as non-standard applicants and asking for extra information.
Money Marketing understands that some of the former 240 Park Row advisers have not been able to do business since they were de-authorised on November 13 because the FSA has not yet re-authorised them under their new networks. Park Row is still under investigation by the FSA as part of a review into its systems and controls.
The majority of Park Row advisers are transferring to Personal Touch Financial Services, with some going to Tenet, after parent group Royal Liver agreed the networks could present their propositions to its advisers in October.
Tenet says that the regulator is taking an increased interest in the transfer but it has not led to delays for the network. Money Marketing understands that transfers to Personal Touch have been delayed, although no one at the network was available for comment.
Tenet sales and marketing director Keith Richards says: “The FSA have taken an increased interest in the application process of ex-Park Row advisers, which, from our perspective, was fully expected.
“They are asking for information on their previous supervisory arrangements and they want to compare this against the new supervisory arrangements that have been put in place. But we are not aware of any delays in the process.”
Royal Liver decided to close Park Row after the firm sustained heavy losses in the past two years and posted a deficit of £2.17m for the first half of 2009.