View more on these topics

NatWest refuses mortgage applications from Financial Ltd advisers

NatWest Intermediary Solutions has stopped accepting new mortgage applications from members of network Financial Limited following FCA action against the firm.

Last month, the regulator banned networks Financial Ltd and Investments Limited from recruiting new ARs and individual advisers for four and a half months after finding “systemic weaknesses” in the firms’ systems and controls.

Were it not for the networks’ financial position, the FCA would have imposed a £12.6m fine on Financial Ltd and a £621,583 fine on Investments Ltd.

A spokesman for NatWest Intermediary Solutions says the lender is not accepting any new applications from members of Financial Ltd as a result of the FCA action.

He says: “As a responsible lender we take seriously the findings of the FCA and will undertake a full review of Financial Limited.

“Mortgage applications that have already been submitted to us will be able to proceed to completion. We have written to all members of Financial Limited to explain the situation.”

Financial Ltd chief executive Brian Galvin says: “NatWest has contacted our members to say it is not accepting new applications.

“There is no good reason for this suspension and we are working with NatWest to get it lifted.”


News and expert analysis straight to your inbox

Sign up


There are 5 comments at the moment, we would love to hear your opinion too.

  1. Brian Galvin said –
    “There is no good reason for this suspension and we are working with NatWest to get it lifted.”

    Damn it must be tough having a suspension for no good reason!! Sounds like Comeuppance

    I have just checked your website – it is completely misleading and non compliant. You are still offering the chance for IFA’s to join your company. I suggest you take it down immediately before the FCA see it and fine you again!!

  2. We're all doomed!!!!! 8th August 2014 at 4:21 pm


    If more providers follow Nat West’s lead, particularly Investment providers, then a Financial AR is effectively no longer independent, and could struggle to trade.

    Not for anything they have done, but because of the regulators perception of their Network’s weaknesses……. mainly in the Investment arena.

    If this is not an advert for becoming Directly Authorised, I don’t know what is!!

  3. First of many

    In my last post I mentioned that Financial’s days were numbered, however, even I didn’t realise how fast this would escalate.

    Let me ask my first question –

    1. Do you think other providers will look at Natwest and leave them standing there alone with the only suspension, or will this create an avalanche?

    Answer – I would go for the avalanche, If I ran an Insurer or bank or mortgage company and saw this happening, would I stand on the sidelines waiting to see how it panned out or would I take decisive action.

    2. Second question, would the FCA expect to see decisive action or see you stood on the sidelines?

    Answer – I’ll be kind – you can answer that one!

    3. This is a great question. If you are an AR of Financial Ltd, will YOU stay loyal to this firm who are slowly but surely ruining your reputation or will YOU take decisive action?

    I feel sorry too for the Financial AR’s who are going to be hit by all this proverbial fan flinging stuff. If the providers are already tarring you with the same brush, what will happen when you try to fly the nest? What happens if by Monday all providers refuse to accept business?

    The FCA may not have fined Financial but they have certainly put quite a few nails in their coffin and with comments like Galvin’s above, he is doing a good job of finishing the job. But the previous poster is correct. The compliance team would have had a big hand in bringing this to the FCA’s attention. Has anyone put them over the coals because of this?

    Let me remind the staff and AR’s or Financial Ltd – ABANDON SHIP

    Of course I could be completely wrong



  4. The FCA kiss of death has been planted squarely on the lips of Financial Ltd, can you blame Natwest ? are they the first of many ? I’m sorry but all I see is another big bill that will have to be paid by us and our clients, the other issue is PI have they secured their renewal and / or at what cost ?

  5. Dear Diddlysquat,

    Urban dictionary: diddly squat

    diddly squat: nothing.

    “You know diddly squat about anything.”

    Words related to diddly squat

    jack sh*t



Leave a comment