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NatWest repeals mortgage ban against Financial Ltd advisers

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

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The lender placed a temporary suspension on new mortgage applications from Financial brokers last 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 Fin-ancial Ltd, NatWest Intermediary Solutions is pleased to announce that 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 have 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.

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