View more on these topics

Royal Liver ponders Park Row options

Royal Liver is considering strategic options which could include the sale of its loss-making distribution arm Park Row.

The company bought Park Row in 2003 for £16.7m but the adviser firm posted losses of £5.8m last year despite cutting costs from £11.2m in 2007 to £7.9m in 2008.

Heavy hits to Park Row’s core mortgage and protection business, declining investor confidence and the loss of a number of registered advisers last year coupled with the economic downturn were blamed for the reduced group turnover.

A Royal Liver spokesman says: “We have received a number of enquiries about Park Row in recent months. The sector is changing rapidly and some are looking to enter or expand. We are considering our strategic options, which, as always, could range from withdrawal from the distribution space or could include adding to our presence, given that any operation needs scale in this sector.”

In March, Money Marketing revealed that Park Row was being investigated by the FSA as part of a review into its systems and controls.

Park Row says it continues to cooperate with the FSA on all matters relating to regul- atory controls and systems.

A spokesman for the firm says: “We are doing our utmost to ensure that we are beyond reproach on that front.”

Recommended

The long road

With all the hype over the last 18 months about people not investing any longer and retail investment funds seeing more than their fair share of outflows, it is time to take a long-term view.

Question of cashflow

Alistair Darling’s admission to the Treasury select committee that there was “no science” employed in arriving at the new top rate of tax for salaries over £150,000 seems incredulous.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com