In a statement, the Group cited the ongoing market conditions as a catalyst for this decision to withdraw, especially within the non-conforming sector.
It has subsequently voluntarily rescinded its Part IV permissions after the board deemed further operations within the sector to be uneconomic.
Instead the Group will focus on un-regulated distribution strategies in relation to lead generation, secured loans, commercial loans and mortgage packaging arm, B&W Gateway.
Black & White also confirmed that further job losses will be unavoidable as a result of this move.
