National financial advice firms Tenon and Park Row have been hit by huge penalties from the FSA.
RSM Tenon Financial Services Limited (Tenon) was fined £700,000 for "significant failings in its advice and sales processes relating to Lehman-backed structured products", and for having poor systems and controls to prevent unsuitable advice in its structured product and pension switching business.
Park Row Associates Limited (Park Row), a national IFA network, was publicly censured by the FSA for failing to ensure its sales were suitable. The firm will be required to make customer redress estimated at between £5m and £7.8m.
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