View more on these topics

Network chief told brokers to quit if they were owed

Network Data chief executive Richard Griffiths advised appointed representatives who were owed commission by their mortgage networks to “jump before being pushed” in a mortgage trade publication over two years ago.

Network Data has been heavily criticised for late payments of commission, which prompted 11 ARs to visit the network’s Surrey headquarters recently to demand their money. After the visit, Network Data emailed ARs to say it could not commit to a date by which the commission would be paid.

But in an article in in October 2006, Griffiths advised appointed representatives to leave their networks instead of “waiting in vain for outstanding procuration fees”.

He said: “The stark message generally is this – if you are beg- inning to have concerns about your existing mortgage network, start thinking about jumping in your own time, before you are pushed out with undue haste.”

According to the FSA Register, 133 ARs have left Network Data since July 2008.

Blue Q Mortgages director Jason Carpenter, who is waiting for outstanding procuration fees from Network Data, says: “It beggars belief it is so ironic.”

Griffiths was unavailable for comment.


Adrian Lowcock

The name of Adrian Lowcock will be familiar to anyone who takes more than a passing interest in the trade investment press. The senior investment adviser at Bestinvest has been a notable commentator on all things investment related in the last six months and says the firm took a conscious decision to alter the way its media and marketing operation was structured, with Lowcock becoming the main media spokesman.

Mortgage brokers banned

The FSA has banned Dorset mortgage brokers Peter and James Dean for regulatory failings, including submitting false mortgage applications and acting without authorisation.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm