The FSA has ordered Network Data to notify its appointed representatives within one day that it is no longer permitted to carry on regulated activities.
The regulator is also demanding that the network provide the FSA with a copy of such written advice sent to all its ARs, together with a list of all ARs
Network Data must also ensure that all of NDL’s ARs have notified their customers for regulated business that they are no longer permitted to conduct regulated business on behalf of NDL, within the next three days.
The FSA could not comment on the immediate future of former Manchester Building Society subsidiary Mortgage Broking Services Limited and whether it will keep its regulatory permissions.
The network, which has come under fire from appointed representatives for delayed commission payments, emailed its members last week to update them on the sale of the networks, Network Data and MBSL. It said it has a short list of two parties in intensive discussions on the financial and practical aspects of the proposed deal.