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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.


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