View more on these topics

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.

Recommended

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 […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com