Network Data calls in administrators

In a statement to the London Stock Exchange, the group, which encompasses Network Data, Network Data Ltd and Mortgage Broking Solutions Ltd, announced Baker Tilly will oversee the winding down process. The announcement follows weeks of unrest at the Aim-listed firm. On 20 April, it was ordered to cease doing regulated business by the regulator after small brokerages working with the group accused it of withholding commission payments owed to them. Less than three weeks later, on 5 May, a deal which would have seen IFA Lighthouse Group purchase upward of 200 of Network Data's appointed...