The FSA has withdrawn Network Data's approval to carry out regulated activities.
In a note on the FSA register, the regulator confirmed the network is no longer permitted to carry out regulated activites and is required to contact all appointed representatives (ARs) within the next day to explain the situation. It is also required to provide the regulator with a list of its ARs and ensure that, within the next three days, it has contacted all of its customers to notify them it is no longer permitted to conduct regulated business. The network has endured a torrid few months, coming under frequent fire from its ARs for the alleged non-payment of commissions.
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