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Small Business Panel hits out at Network Data

The Small Business Practitioners’ Panel has attacked Network Data for leaving its appointed representatives and their borrowers out in the cold.

Speaking at this year’s FSA Mortgage Sector Conference, Small Business Practitioners Panel member for mortgages Stephen Atkins voiced concerns over the recent problems surrounding Network Data and their impact on appointed representatives.

He said: “We fully support networks but we are very, very concerned regarding the demise of the smaller appointed representatives who were with Network Data.

“We have questioned what has been going on regarding financial reporting with Network Data; what was happening with the internal audits there where suddenly these firms were left without a principal, unable to look after their customers and unable to generate income?”

Atkins said there are some very good networks on the market, but he warned that going forward the FSA has to monitor and regulate distributors closely in the wake of the Network Data issues.


Overweight resources boost Waverton fund

Russell Wallis says sticking with an overweight resources position over the past two years has helped the fund generate a positive return. The manager of the Waverton UK fund, alongside Simon Wilson, says he has stuck with positions in the oil, gas and mining sectors throughout the funds existence, despite many managers dubbing the time […]


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