It is incredible that such a “well respected” firm should be found to be giving advice when not authorised in certain areas, regardless of the high-commission selling.
It is a shame a company which has some strong, well qualified advisers ends in this manner. The signs had been there for a few years. The chief executive inherited the problems – consistent losses, large fixed costs and overheads, lack of strong direction and advisers allowed to do whatever they wanted. The story writes itself.
As an ex-employee of Park Row I must say that Peter Sprung is a sweet and lovely individual. It is just unfortunate he was not strong enough to stand up to people and make harsh decisions to get Park Row on track.
For every story like this, the case for the RDR strengthens. Qualification clearly is not the only factor – it is possible to have every qualification and still chase commission and give inappropriate advice.
Part of the problem was down to the forced integration of Royal Liver’s salesforce into Park Row. It is hard for anyone used to selling a couple of products to suddenly be expected to offer whole of market, holistic advice
This was an accident waiting to happen. Park Row should take the blame for not heeding previous FSA visits and warnings. It is time to ban all commission to truly be called a profession.
If Peter Sprung is guilty of something, it is hoping that some advisers would meet the standards he aspired to as an individual. He got rid of some advisers he thought were a risk and he understood the sloppy files did not mean product misselling was taking place. I understand only a small percentage were proven to be so.
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