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Lighthouse in the frame for Network Data ARs

Appointed representatives with Network Data Limited have been offered a new contract with the Lighthouse Group.

One Network Data AR contacted Mortgage Strategy to say that they have been told that under the deal none of the outstanding commission due will be paid.

Instead ARs will be offered a payment of £1,000 on enrolment and a further £1,000 another two months later, but you have to stay with Lighthouse for two years or the money will be clawed back.

Speculation is also mounting speculation about the deal on Botleys Forum, a forum for Network Data ARs.

One posting on the forum, thought to quoting from a Network Data communication, says: “We are delighted to release full details of the exclusive arrangement we have now secured to enable you to start writing business, as well as secure any pipeline business.

“We have teamed up with LighthouseXpress Limited, who can offer you a seamless transfer to avoid any further delay in you writing business.

“If you would like to take advantage of this exclusive arrangement, please sign and fax the signature page of the attached contract back by tomorrow as we have secured approval from the FSA for a bulk transfer to ensure that you are up and running on Tuesday.”

Richard Griffiths, chief executive at Network Data Holdings, declined to comment.

Lighthouse Group says it is unable to comment on market rumours.

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