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NatWest repeals mortgage ban against Financial Ltd advisers

NatWest has resumed mortgage lending through members of network Financial Limited.

The lender placed a temporary suspension on new mortgage applications from Financial brokers earlier this month after the firm was banned from recruiting for four and a half months by the FCA. Other lenders conducted a review of business with the network but continued to lend.

A spokesman for NatWest says: “Having concluded a review of Financial Ltd, NatWest Intermediary Solutions is pleased to announce that from today, we will be accepting new mortgage applications from appointed representatives of Financial Ltd. We have been working with the management team at Financial Ltd to complete this review and we have informed them of our decision.”

Financial Ltd managing director Brian Galvin says: “Although we did not agree with the original process or at least how it was put in place, NatWest has reacted well to address the matter. In doing so we have been able to share our control and process information and they, along with other lenders, have been satisfied with what they have seen and heard. We are pleased the suspension has been lifted and I look forward to building a business relationship and avoiding such issues in the future.”

The FCA took action against Financial Ltd in July 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, part of the same group.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Rt Hon Sir Arthur Streeb-Greebling 28th August 2014 at 2:03 pm

    The Grand Old Duke of York
    He had five thousand men
    He lead them up to the top of the hill
    And he lead them down again!

  2. If a client signs a general power of attorney in favour of their solicitor, limited to info only, can they be involved in a direct mortgage application made by a consumer? From a commercial perspective as well as a regulatory basis, can a lender refuse to deal with one party if another is their attorney?
    IF instead an mortgage advisor is appointed as an attorney limited to info only, would that be any different to a solicitor?
    Lesley Titcombe of the FSA was warned pre MMR about double pricing by lenders and that a client should be able to choose their OWN adviser (with no commission/proc fee.
    A lender dealing a mortgage because of their agent unless the adviser has been disbarred should not be allowed. FCA sort this put now please.

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