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39 Network Data reps apply to join PTFS

Personal Touch Financial Services says that 39 Network Data appointed representatives have applied to join its network in just one month.

It says the ARs applied to join between March and April. Network Data was suspended from carrying out regulated business by the FSA on April 20 but has told its remaining ARs it is in continuing dialogue with the regulator.

PTFS sales director Dev Malle says: “It is sad to see the Network Data advisers being put in this position, it is encouraging that the regulator has taken decisive action. Over the last two months, we have seen a large number of Network Data firms apply to PTFS.”

According to the FSA register, there are currently 370 Network Data ARs, 10 fewer than last week.

Chief executive Alex Cotton last week wrote to ARs apologising for the network’s current predicament.

She said: “I appreciate that since April 20, things have been even more difficult for you. Meetings have taken place with the FSA and a number of possible acquirers. We hope to be in a position to offer you a solution shortly.”


Friends protection deal with Tesco

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Case study: administration — managing group life schemes

Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).


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