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 that meetings began with the regulator last week and the timescale 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 regard to the current systems in place and our legacy business. We are working with them closely to demonstrate that these systems and controls we have in place are appropriate.”
Sprung says the firm is confident its systems and controls are “wholly appropriate”.
He adds: “We will not know until some point in the future what the review will mean to the firm or how far they will actually go.”
The FSA declined to comment on the issue.