View more on these topics

Network Data cancels Marrakech trip

Network Data has cancelled its trip to Marrakech for its top 20 appointed representatives and revealed there are two possible buyers for its broker networks.

The network, which has come under fire from appointed representatives for delayed commission payments, emailed its members yesterday to update them on the sale of the networks, Network Data and former Manchester Building Society subsidiary Mortgage Broking Services Limited.

In an email to advisers Network Data Holdings chief executive Richard Griffiths says:

“Having had approaches from six interested parties, we now have a short list of two parties with whom we are in intensive discussions on the financial and practical aspects of the proposed deal.

“I can confirm that both the short-listed parties are large financial services companies that have the necessary funds to complete the deal.”

Last week the network wrote a letter to its top advisers to inform them that the planned trip to Marrakech, which was organised for the weekend of May 7, had been cancelled.

Network Data chief executive Alex Cotton wrote: “In view of the current economic climate and the ongoing discussions with regard the transfer of the ARs networks it would be inappropriate to continue with the planned arrangements.

“I would like to sincerely apologise for any inconvenience and disappointment that this might cause.”

Cotton assured ARs that Network Data would try and reschedule the trip for later in the year.


Darling will put tax rises on hold

Treasury select committee member Labour MP Andy Love predicts that Chancellor Alistair Darling will delay any tax increases in his Budget next week due to the recession.

Barclays accused on single fund choice

An IFA claims Barclays’ advisers transferred the long-term savings of six separate clients approaching or in retirement into a single specialist fund, resulting in huge losses.

'Feeling the Squeeze'

Royal London carried out a UK wide survey with 2,500 consumers age 35-44 over the summer. The survey found that over a third, 34 per cent, said their finances felt Squeezed and so were struggling to meet day-to-day expenses, despite 87 per cent being aware that they need to save more. However, the survey did […]


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