Richard Craven and ex-Money Portal colleagues launch new IFA
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Money Portal co-founder Richard Craven is setting up a new national IFA with Swaines director Allen Swaine, former Bates’ head Glyn Clarke and other ex-Money Portal colleagues.
This week’s Money Marketing reveals the new venture, Obsidian Financial, is currently trading as an appointed representative of HCF, as its application to become a directly regulated firm is still pending FSA approval. Craven is registered as a director of Obsidian on Companies House, although this is also pending FSA approval.
Craven was previously Money Portal chief executive, overseeing the firm’s aggressive acquisition strategy, and became executive vice chairman when Mark Lund joined as chief executive in 2008. He left Money Portal in January 2009 and the company was put into administration in June.
For the full details of Craven’s new business see this week’s Money Marketing.
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Readers' comments (15)
Anonymous | 25 Nov 2009 11:49 am
...the reason why I left TMP and Bates was because of the people that were running the company - luckily I left before they went into administration.
Good luck to them, hopefully they spent some time in management school or got some further education whilst unemployed.
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Kevin Moss | 25 Nov 2009 11:49 am
Richard Craven - a very capable gentleman who I am sure that anything he is associated with will be a huge success.
it's good to see a man making his own luck rather than moan about industry changes!.
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Anonymous | 25 Nov 2009 12:06 pm
Another successful businessman rising from the ashes of administration. Sadly, the industry is full of them. Dificult to name many really successful large ventures - Hargreaves the main exception. How long will Obsidian survive before that too disappears? Look at the motives behind this - I suspect it has nothing to do with providing decent client advice and a lasting business model - a quick buck more like!
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James | 25 Nov 2009 12:29 pm
Craven and Clarke - the Dick Darstardly and his sidekick Muttley of the financial services industry
If the FSA show any sense they will refuse a license for the guys who managed to rack up £52mn of debt at Money Portal before they swanned off, leaving everyone else to pick up the pieces
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Pelyma | 25 Nov 2009 3:00 pm
Great to see the phoenix rise again, I am sure it will be a great success. Well done.
Really good to see such educated responses on this item - not.
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Anonymous | 25 Nov 2009 3:16 pm
This industry goes from bad to worse with every step it takes and these guys lead the way. Obsidian to Oblivion and beyond watch this space....
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The Captain | 25 Nov 2009 4:08 pm
How childish can some people be ?
it would appear "James" that you are ill informed and very unsure of your facts,
i say good luck to these guys in building something that the industry can learn from,
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Anonymous | 25 Nov 2009 6:05 pm
There appear to be a number of bloggers who would rather not see a new firm rise from the ashes. They also appear to be unaware of the facts and personalities....or are part of the "let's blame Craven" rear guard who stayed with MP on service contracts that are uneconomic to unwind...
A straighter or more sincere pair you would be hard pushed to find. Their error was in market timing and choice of partners.
So rather than take ill informed moral high ground or take partisan pot shots at a new venture in case it becomes a rival( or exposes the remaining Honnister pack)....wish them well and give them some respect for starting again....or get informed..
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Gareth | 25 Nov 2009 11:07 pm
Anyone who knows these guys knows that you won't find two more honest or passionate guys in re industry. Whislt Craven can be accused of being too passionate whilst at TMP he left well before the current mob put it into Administion - a move which should - in my opinion - expose the current board to far more serious allegations.
In contrast to a previous comment, glyn Clarke is deeply passionate about serving clients interests and delivering a quality client proposition.
Good luck to them both.
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Anonymous | 25 Nov 2009 11:13 pm
I'm struggling here. How can we give respect for a firm "rising from the ashes" once the brainchild has raked up around £50m of debts?
I mean anyone who joins such visionary management must be mad. This industry is full of egos coming in and wasting money buying and selling, giving the same story....only hargreaves can stand tall and be admired.
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