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The human cost of long wait for Park Row consultants

My husband is one of the many Park Row consultants still awaiting authorisation from the FSA.

This is a very worrying time and I can see my husband’s mental and physical health deteriorating on a daily basis, particularly as I work alongside him and have done so for many years. We also have two full-time members of staff so if the situation does not change, we might have to say goodbye to them.

My husband has been in the industry for 30 years and has a proven track record, so much so that he has been inundated with numerous job offers. He has clients who contact us to say how pleased they are with the service he has provided and has many referrals from them. This is such an embarrassing situation. It has made him feel like a criminal.

The question, which I am sure all the consultants would like to know, is how much longer they will need to wait to find out if they are to be authorised? Is that too much ask? It appears that some consultants that have got feedback from the FSA have been put in category B, which means that they require additional information. My husband has not even reached this hurdle yet and
I am in fear of him not being authorised at all.

He did get a letter from the FSA via our MP to say that it would be unlikely to receive a reply before the end of February and here we are at the end of March Furthermore, what about clients who want/need to take out investments before the end of the tax year? If they make a client complaint, will this be my husband’s fault?

Why can’t anyone help?

NAME AND ADDRESS SUPPLIED

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Park Row Consultants are real victims here; the protracted wait seems punishment to all concerned, especially as I am assuming Park Row Consultants have already paid Park Row substantial fees for a service that has not been delivered. Park Row Consultants, must have entered into this agreement because they wanted to make sure they were complying with the regulations and giving their customers the very best service. Park Row has not delivered and has completely let them down; everything should be done as swiftly as possible to help Park Row Consultants before they leave the profession.

  2. The most ridiculous thing in this whole sorry saga is that these advisers need to be reauthorised. They are all individually registered with the FSA, the FSA has details of their occupations etc prior to joining Park Row, and they know whether there have been any compalints against them. What else do they need to know?

  3. Brenda – I agree, it is completely disgusting. I cnahed from being a network member to direcy authorisation in 2002/03 and what with the issue of any business being written being “retained” by the network to cover potential clawback, effectively did little business for nearly 10 months, in part becuase of the delay of reathorisation. Arguably as it was not a simple matter of moving firms, but setting up a new directly regulated firm with systems and controls, I felt this accpetable, even if I didn’t like it and it was painful.
    It is totally UNACCEPTABLE for it to take more than a month in my view to “passport across” a registered individual from one firm to another UNLESS the FSA have specific concerns about an individual rather than general concerns about their former employer/network
    The Park Row case is even more disgusting on the part of the FSA as they KNEW this was coming for former Park Row advisers.

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