The FSA is due to contact advisers over the next few weeks, determining whether they fall in to one of three categories. Advisers in the first category will be reauthorised imminently.
The FSA still has questions over the second category of advisers, meaning they will have to wait for the outcome of a past business review before learning whether they will be reauthorised. The third category will be told the FSA already deems they are not “fit and proper” and their authorisations will be refused.
Over 30 advisers have already transferred to Tenet while 10 are awaiting investment permissions. Other advisers are waiting to transfer to Personal Touch Financial Services.
Tenet sales and marketing director Keith Richards says: “Given the time that has elapsed, I would hope that each adviser will be given confirmation of their category within the next fortnight.”
Many of the 240 former Park Row advisers have been waiting four months to be reauthorised and have been unable to service clients during this period.