The network, who offers compliance management and technical support to advisers, says it is now in discussions with a third party over a potential investment into the business to continue trading.
The losses come following news in July that FCA has used its suspension power for the first time to ban Financial Ltd from recruiting new Appointed Representatives and individual advisers for a period of four and a half months.
According to the FCA, the firm failed to ensure that their ARs and individual advisers were adequately supervised and controlled to minimise the risk of mis-selling and the provision of unsuitable advice to consumers.
The firm said that despite concerns that the ban "posed a material uncertainty that casts doubt upon the company’s ability to continue", with investment they could reasonably expect to remain in operational existence for the foreseeable future.