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.”