Major advice firms hit by regulator fines
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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