Eighty-three former Park Row advisers are still awaiting reauthorisation with Personal Touch Financial Services and Tenet after Royal Liver closed down the network last autumn.
Sixty-four of the 128 advisers that applied to PTFS are still awaiting authorisation while a further 64 have been approved for mortgages and protection only. Meanwhile, 19 of the 35 advisers that applied to Tenet are still awaiting authorisation.
Park Row’s 240 advisers applied to join PTFS and Tenet and many are still waiting to be reauthorised and have not been able to conduct business since they were deauthorised in November. Park Row is still under investigation by the FSA as part of a review into its systems and controls. The FSA has said it can take up to three months to reauthorise advisers and an extra month’s delay can occur where additional information is requested.
Personal Touch group sales director Dev Malle says: “We had over 120 applications and 64 have been part-authorised for mortgages and protection and the rest are awaiting approval from the FSA. Those out of the remaining 64 who applied for IFA status are also still waiting for FSA approval on this.”
A handful of ex-Park Row advisers applied to join 2plan. Brian Sampford completed the induction course for 2plan in December but is still waiting for his authorisation.
He says: “This is causing a lot of distress, anger and hardship. Self-employed advisers have to pay a tax bill at the end of January and many Park Row advisers will not be able to.
“The FSA is not allowing us to treat our customers fairly because we cannot service them until we are reauthorised.”