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Steven Moorley, CEO of Premier Network Group (PNG) , has had his approval removed by the FSA citing that he lacked competence and capability saying that Moorley failed to manage and control the network of mortgage brokers.
It added that he also failed to ensure the network properly handled complaints, that PNG failed to submit complete and accurate information in its regulatory returns and did not take appropriate action when some ARs were removed from certain lenders’ panels.
On February 16 PNG closed to new business and went into administration in May and owes an estimated £132,000 to creditors including former appointed representatives, providers and HMRC.
The FSA says as a result of his failings some of the network’s appointed representatives “took advantage of the weak systems and controls by submitting fraudulent mortgage applications and recommending unsuitable mortgage contracts”.
