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Black and White withdraws from regulated mortgage market

The Black and White Group has confirmed it is withdrawing from the regulated mortgage and insurance market.

It says it has voluntarily recinded its Part IV permissions which allowed it to operate in the mortgage and insurance markets.

The broker says it will now focus on its unregulated distribution strategies such as lead generation, secured loans, commercial loans and its mortgage packaging arm B&W Gateway.

The firm says continued market difficulties in the sub-prime mortgage sector from where the majority of its business was sourced, means the board of Black and White Group do not believe it is economic to continue operating in this sector at present.

It says that this move will mean that there will be further job redundancies. The firm announced in October it was to make 50 out of its 200 workforce redundant as a result of the liquidity crunch.

The broker was also in the news in December after it emerged the FSA raided the firm, bringing half a dozen police with them.

At the time, Black and White chief executive Thomas Reeh said the visit was to do with self-certification mortgages and involved a particular lender. Reeh also insisted there was no systemic fraud or failing at its firm and that it was happy to work with the FSA.


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