The FSA has revealed that Network Data owed its appointed representatives more than £2m in unpaid commission, as of April 6.
The regulator released its final notice on the insolvent network on Tuesday detailing reasons as to why it finally decided to revoke its permissions.
The FSA found from evidence provided by Network Data that the group owed ARs £2,075,000, of which £967,245 was more than three months overdue as of April 6 but says Network Data disputes the amount.
The FSA’s second supervisory notice says Network Data provided written evidence claiming the initial figures it had supplied were wrong and it was in fact still solvent. The group said that it owed ARs £1,343,162, of which £561,093 was more than three months overdue.
It claimed the FSA’s actions were invalid and argued that this had hindered attempts to sell the business.
Network Data asked the regulator to revoke any statutory notices so it could complete a buyout deal.
But the FSA says: “Written representations were substantially different from its oral representations. The oral representations accepted the FSA’s statements on Network Data’s solvency.”
The FSA revoked its permission on April 17.