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Park Row confirms FSA review of systems and controls

Park Row has confirmed that it is being investigated by the Financial Services Authority as part of a review into its systems and controls.

In this week’s Money Marketing, the IFA distribution arm of Royal Liver, which has 235 advisers, says it is in discussions with the FSA as part of an ongoing review of its current systems and legacy business.

It says meetings began with the regulator last week and the time scale of the review is uncertain.

Park Row chief executive officer Peter Sprung says: “We are working with the FSA on the review into our systems and controls with regards to the current systems in place and our legacy business. We are working with them closely to demonstrate these systems and controls we have in place are appropriate.”

Sprung says the firm is confident its systems and controls are “wholly appropriate”. “We won’t know until some point in the future what the review will mean to the firm or how far they will actually go,” says Sprung.

The FSA declined to comment.


Double bottom on the charts

It was all banks last week. If it wasn’t RBS disclosing the largest annual loss in corporate history, then it was the introduction of the Government’s asset protection scheme.


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