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Network falls into administration

Mortgage network First4Brokers has confirmed it is in administration, with question marks hanging over the reason for its slide.

Money Marketing asked the appointed administrator whether the network was one of the four firms that voluntarily agreed not to take on any appointed representatives.

Administrator Mark Bowen of insolvency firm Moore Stephens says it is too early to determine why First4Brokers went into administration or answer specific questions as he does not know yet.

The firm has not hired an AR since February 6, 2006.

Bowen adds: “The company ceased trading on Friday August 11 at 3.45pm. There is no-on within the company any longer and it is too early to comment on what has happened over the past few weeks as we have only just been called in recently.”

None of the company’s employees including managing director Charles Gooding were available for comment.

The Financial Services Authority would not comment on whether it was one of the four unable to recruit.

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