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Santander and Barclays commit to keep lending with Financial Ltd

Santander and Barclays have committed to continue lending to clients advised by Financial Ltd.

The advice network was last month the subject of FCA action, prompting NatWest to withdraw support for new lending via Financial Ltd intermediaries.

A spokesman for Barclays says the bank will not follow suit.

He says: “We have reviewed the matter and we will continue to lend to clients advised by appointed representatives of Financial Ltd.”

Santander also says it will continue to support new business through Financial Ltd and has no plans to place restrictions on the firm.

Halifax says it has a ongoing broker monitoring in place and has no plans to restrict lending via Financial Ltd brokers. 

Financial Ltd managing director Brian Galvin says the network has not been notified of any other suspensions.

He says: “We have been in contact with lenders and the majority are happy with the changes we have made. We are hoping to get the situation with NatWest resolved next week.”

Skipton Building Society, Leeds Building Society, Aldermore and Nationwide declined to comment.

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. Hands up who knew the FSA had changed their name to FCA?
    Hands up who knew that stationary, advertising and literature had to be updated by March 2014, BTW it should have been done by last year but the time frame was extended?
    Hands who knows which Network failed to check or ensure it was done by their members?

    Yes – Financial Ltd. The compliance team are the biggest joke out there. Over this weekend I sent approx 5 names of Financial AR’s that hadn’t updated their info to the FCA and this website. I checked yesterday and believe it or not most of them had been updated!

    I did the compliance work for the FCA and Financial – when will I get paid for that?

    Yesterday I found another load and sent them off to the same people, I copied Galvin in each time so that at least someone in Financial had a clue what was going on and yes, some of them have been corrected too.

    What does this tell us?

    Well Galvin is fast to tell us they are on track in complying with the FCA’s orders etc and everything is ok but they can’t even look after the simple things like the AR’s advertising!!

    If they can’t get that right what can they get right?

    MM – I sent this info to Tessa Norman and Thomas Selby, Tessa is on hols but Thomas didn’t even bother replying!!

    Kind regards

    Diddly

  2. @diddlysquat
    It sounds to me like you may be a disgruntled ex member of Financial Ltd with too much time on your hands.

    I saw your previous comment about Financial still advertising they were recruiting but when i looked myself there was no such thing on their website- Did you try refreshing your page or were you using a link that you have saved?

    I am actually a member of the network myself and can assure you that the compliance team are very thorough (as you would know being an ex member) and my website/ stationery etc is reapproved annually.

  3. @Derbyifa

    I am a disgruntled member. Feel as though I am completely ignored by Financial – last count over the last 6 months 25 emails have gone unanswered!

    My site took 4 months to approve!

    I sent my findings to the FCA but copied Galvin in as I thought he should at least be aware of the poor service and standards. Did he respond to me? – No.

    Did the sites I pointed out had issues change – Yes the majority did, some were taken down, a few haven’t changed.

    I appreciate that their will be good and bad in everything but when the FCa have pointed out that they have mass failings at the higher up level, you and other AR’s may not even realise the extent.

    I pay them a fee each month but in return get a poor service, much poorer than my past network and much poorer than my friends networks!

    I am now stuck, I approached a couple of networks and I felt they were stonewalling me.. Its obvious Financial cannot survive this crisis, they were making no money before the proverbial hit the fan, its going to get worse if they can’t take on new AR’s and if other AR’s leave what is going to happen?

    D

  4. @diddlysquat

    Based on your quality spelling and grammar one would assume that your site approval took a few months to sign off due to the amount of resubmissions that were likely required!

    That’s bizarre that no other networks will touch you… I wonder if there’s a reason?!

    You don’t say your name by the way… If you have been sending messages to ‘Galvin’ and the FCA as you state in your blog, I’d have thought that your identity would not be a secret…

  5. @DerbyIFA
    There are at least five grammatical errors in your post at 10.20am… birds of a feather?

  6. Moderator – why is DerbyIFA showing as Helen Cooke in the ‘Most recent comments’ section on the left?

  7. When I had my little meeting with the FCA over my mention of the lonsgtop in our client contracts in JUNE this year, individual members of the FCA were still listing themselves on Linked in as employees of the FSA and had not updated their personal profiles, that included several who were in the legal dept at the FCA.
    The difference with the FCAs version of pot and kettle is if we get it wrong, they haul us over the coals, if they get it wrong, even if you get an apology out of them, they don’t do it in public and from conversation sI have had with them, if you imply you WILL make an apology public, their response it to suggest you get legal advice before publicizing their apology! For me that is NOT an apology if it is not public. (watch this space in about 2 months time)

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