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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I am a broker and have been removed from the nationwide panel,

Customer Question

I am a broker and have been removed from the nationwide panel, with out any reason given, appeal went in from my net work and they are still saying no, I have had no documents or information given to me what so ever, and now my net work who are whole of market will not allow me to stay with them, as I am not whole of market anymore. This has meant I am unable to do what I love. What can I do the FCA so they do not get involved with disputes.
Submitted: 4 years ago.
Category: Law
Expert:  Ash replied 4 years ago.

AlexWatts2013 : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return.
AlexWatts2013 : On what basis are they removing you please?
JACUSTOMER-wztyl6y5- :

I have no idea what I am accused of, but from my net work they are saying verbally they accept no fraud is involved, but I should have pulled the case, why? The client had both his business and personal accounts frozen and some heavy handed threats while supposedly undergoing a VAT and Inland revenue inspection, which he was given a clean bill of health from, so obviously fraud was suspected at some stage. How is that treating customer fairly which is what we have to abide by. This has stopped me working for a month and now my net work has terminated me, as their contract says I have to be whole of market. Having tremdous problems with now finding another net work, for something I have no Idea as to what I or the clients have done wrong. It seems lenders can just say they do not want to work with you and that is it.

AlexWatts2013 : What do Nationwide rules say about pulling you from a panel and right to know why etc?
JACUSTOMER-wztyl6y5- :

what rules, it seems they don't have any, and I have not seen any, and they say they don't have to give a reason.

AlexWatts2013 : When you were approved there must be rules or terms and conditions for membership?
JACUSTOMER-wztyl6y5- :

The terms are when you log in, I cannot get onto the broker site to check, I will try with a friend of mine to get them, as she is still a broker.

AlexWatts2013 : Ok please. I need to know what it says about termination.
JACUSTOMER-wztyl6y5- :

Surley regardless of terms and conditions they have a duty of care and have to take responsibility for their actions, last I heard in this country the rule of law was innocent until proven guilty not guilty until proven innocent and we don't care anyway because to us you're still guilty of breathing!

AlexWatts2013 : You are referring to criminal matters, this is a civil matter between a private company and you. They can make any decision they like and if their terms state they can terminate your membership of a panel then they can do that. Unless they have breached any of their terms and conditions, no matter how unfair it is, there would be nothing you can do. This would be different if it was a public body but ad a private company even if you went to court a judge would look at the terms, conditions and ask did they act within them. If the answer is yes then they can do it. Therefore the answer to your question will entirely depend on those terms and conditions of contract. If it allows them to remove membership then they are able to.
JACUSTOMER-wztyl6y5- :

Thanks Alex this is what I have been told, yet it seems so unfair that anybody private company or not can do this. I feel that they have not looked at the appeal at all, and they have not done any investigation, but yet they can flick a buttom and end maybe my career.

JACUSTOMER-wztyl6y5- :

Is Nationwide a private company or did the government put funds into it, and would this make this a part public company to go forward.

AlexWatts2013 : Yes it is unfair but the law does not stop private companies from doing this. If you agreed to their terms then this is a contract. As such you are bound by those terms and conditions. It is like a mortgage technically that can be called in for any reason and at any time, they are repayable upon demand. Sadly if the terms and conditions allow it then they can do it. Just because the government put money in does not make it in any way a public body, it is still private. I am sorry.
AlexWatts2013 : Therefore the answer to your question will be contained within the terms and conditions.