PKD Mortgage Network has been told it can no longer have any appointed representatives (ARs) by the Financial Conduct Authority (FCA).
On 13 February the FCA told PKD to immediately stop all new regulated activities, “offboard” all ARs within 28 days and not sign up any new ones.
PKD had 11 ARs when the FCA brought in its restriction.
The FCA added: “The firm must not, without the prior written consent of the Authority, enter into any new agreement or arrangement with any appointed representative or introducer appointed representative.”
The director of PKD Mortgage Network is Manvinder Sehmi.
The action was requested by PKD itself and accepted by the FCA.
PKD is based in Chiswick Park, London, and was set up in 2020.
The LinkedIn page for PKD said the firm “wanted to set up a network whereby we have a NO fear culture within our advisor community”.
PKD did not respond to requests for comment. The FCA would not comment further.
