View more on these topics

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?



NAPF in plea for £8k state pension

The National Association of Pension Funds has called on the Government to create a simple state pension that pays £8,000 a year.

Trinity says Ucits III hedge move could see lower returns

Trinity Fund Administration expects the number of Ucits III hedge funds and funds of hedge funds to grow but is concerned that investors could pay the price in terms of lower returns. Trinity, which provides middle and back-office services to hedge fund managers, says more hedge fund managers are launching Ucits III funds in response […]

What are the key changes to transform pensions?

By Fiona Tait, pensions specialist In her final article for Royal London, Fiona Tait reviews key changes she believes have transformed, or will transform, pensions. In my 12 years with Royal London I have been paid to review, study and explain the numerous changes to pension legislation which have transformed our industry in that time. This is […]


News and expert analysis straight to your inbox

Sign up


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.

Leave a comment


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