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.”