Last week, Money Marketing revealed that many of the 240 former Park Row advisers were facing delays in gaining re-authorisation. The regulator says it can take up to three months to re-authorise the advisers who have not been able to advise clients since November 13. It has now sent a large sample of advisers extra questions to answer.
MoneyMarketing.co.uk has been flooded with comments from ex-Park Row advisers who have been unable to earn an income or offer any advice to their clients.
Both Tenet and Personal Touch Financial Services, who took on the majority of Park Row advisers, have confirmed they are experiencing delays.
One adviser who wants to remain anonymous says: “Clients are leaving and business is being redirected due to this mess and shocking behaviour by the FSA.”
Another said: “The reality is that we all feel deflated, powerless and let down to the point of apathy. Worse, we are scared that the FSA will find more and more excuses to delay or even stop our authorisations.”