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FSA bans Moorley from running a network

The FSA has banned the former chief executive of defunct mortgage network Premier Network Group from carrying out a similar role, ruling that he lacked competence and capability.

Steven Moorley escaped a £30,000 fine because the FSA believed it might have pushed him into insolvency. PNG, which had 43 appointed reps, closed to new business in February and went into administration in May, owing an estimated £132,000, with only £5,000 in assets.

The regulator says Moorley failed to take appropriate action when some ARs were removed from lenders’ panels following the submission of fraudulent mortgage applications.

It found he failed to ensure the network properly handled complaints and failed to submit complete and accurate information in its retail mediation activities return. The failings exposed customers to the risk of receiving unsuitable advice and allowed the firm to be used by some of its ARs for financial crime.

Director of enforcement Margaret Cole says: “Moorley’s conduct was particularly serious because it exposed customers to the risk of receiving unsuitable advice and allowed the network to be used by some of its appointed representatives to submit fraudulent mortgage applications.”

Former PNG AR and creditor Kal Kandola says: “The FSA vis- ited PNG in September last year and surely the writing must have been on the wall about the state of their finances at that point. I feel the FSA should have done something about it at that point and stopped them from submitting any further business.”

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