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.