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Network Data says business as usual for MBSL

Network Data Holdings says it is business for usual for its Mortgage Broking Services Limited network after the FSA withdrew permission for the Network Data network.

In a note to the London Stock Exchange this morning, Network Data Holdings informed shareholders that the FSA had revoked the permission of Network Data yesterday.

But it reassured appointed representatives of MBSL, the network acquired from Manchester Building Society in November 2008. It currently has 170 ARs.

Chief executive Richard Griffiths wrote to his ARs yesterday to inform them of the FSA’s decision. He also instructed ARs to inform their clients of the development.

Griffiths told ARs Network Data was in talks with the FSA regarding its permission and a further announcement from the board would be released later today.

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