Alpha 2 Omega ARs chased for fees and PI payments
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Former Alpha 2 Omega ARs are being chased over regulatory and PI payments that were not made to the network which is now in administration.
Law firm Callaghans is understood to be chasing advisers for various payments, including FSA fees and PI insurance payments, that it believes are outstanding.
Letters have been sent to advisers informing them that if payments have not been made within 14 days, the law firm will initiate court proceedings for the sum owed plus legal costs and interest.
Alpha 2 Omega was placed into administration in January, with Simon Underwood and Rupert Mullins of Benedict Mac-Kenzie being appointed joint administrators. The move came after the FSA suspended Alpha 2 Omega from all regulated activities over concerns around its compliance arrangements.
Moneygate was understood to be the front runner for the business but the firm - which tabled an offer only to later revise it downwards - cooled its interest. A takeover bid from the ARs of A2O is also understood to have been rejected by the administrator.
Alpha 2 Omega had 50 representatives at the time it was placed into administration.
Callaghans and Benedict MacKenzie were unavailable for comment.
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Readers' comments (1)
Evan Owen | 3 Sep 2010 2:12 pm
Tell them to contact me..
But then again... nah... forget it.
The trouble with ARs is they sign contracts without taking legal advice and then try to fend the network off, again without taking legal advice, fools.
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