Mortgage Next left off FSA register

However the group was finally included on Wednesday 3 November.

Mortgage Next Network Ltd, Freedom Finance plc and Freedom Lending were all missing from the register as it went live.

It is unclear exactly what economic effect this failure by the FSA had on the group.

The failure of a network to appear on the register could mean that lenders refuse to do business with the network’s members.

The FSA in turn explained that there were a number of firms which had not been included and that it was doing all it could to keep the website list up to date.

Speaking on Monday morning Stephen Atkins, managing director of the Freedom Network, said: “To be honest it is a shambles. We have been on to the FSA and the person on the end of the phone said it was very hectic down there.”

He went on to reiterate that all parts of the business had received full authorisation from the FSA. However he did concede that an audit by accountants KPMG on the group’s IT had only been submitted to the regulator on Thursday, though he said this should not have affected its inclusion on the FSA register.

FSA press spokesman Robin Gordon-Walker, said: “We would urge all firms who have received their authorisation letters and find that they are not on the website to contact us. The lenders can also check whether firms are authorised to write mortgage business by calling the FSA call centre.”

Firms, who find themselves not included on the list, which can be found at www.fsa.gov.uk/register/ can call the FSA on 0845 500 5525.