Mortgage Times directors set up financial planning firm
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The directors of defunct network Mortgage Times have set up a financial planning firm on the same premises as their former business.
Carmody & May has yet to be registered on Companies House and is not yet authorised by the FSA, but its website says the company “provides capital market advice to perspective investors within the UK financial markets, and it combines high net worth financial planning, mezzanine asset management, corporate and financial planning”.
According to the website, the business is located at 247 Tottenham Court Road, London – the same address as Mortgage Times.
Earlier this week HM Revenue & Customs sought the winding up of Mortgage Times. The network’s management emailed advisers before Christmas to say that the company had ceased trading and cancelled its FSA permission before Christmas, leaving appointed representatives unable to conduct business.
HMRC’s case was heard in court earlier this week, but the decision over whether to force Mortgage Times into liquidation was adjourned. No administrator has officially been announced.
The Carmody & May website says: “We are one of London’s premier financiers with well over 20 years experience within the UK Financial Market.”
Services that the firm claims to offer include consultancy, funds management, financial services such as mortgage broking, financial planning and corporate finance, as well as transaction advice.
Neither Carmody nor May could be reached for comment.
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Readers' comments (19)
Anonymous | 15 Jan 2010 3:01 pm
No doubt the losers in the Mortgage Times debacle will be pleased to see this new venture and comments like ' we are one of Landon's premier financiers' will gladden their hearts. Obviuosly it's now ok to drive one business into the ground leaving client's, appointed reps and introducers in the lurch.
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Anonymous | 15 Jan 2010 3:05 pm
Joke Joke Joke! FSA you should be ashamed!
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dan w | 15 Jan 2010 3:13 pm
What is the point of RDR if this is allowed?
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Disgluntled ex AR MT | 15 Jan 2010 3:13 pm
This is unbelievable!
If the FSA allow them to set up again there ought to be a public outcry against the FSA.
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Anonymous | 15 Jan 2010 3:14 pm
the directors have made a mockery of the fsa!
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Anonymous | 15 Jan 2010 3:17 pm
The FSA haven't approved them yet but I am sure the years spent in sales for a life assurance company will provide all the qualifications they will need for the services they say they can offer.
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Anonymous | 15 Jan 2010 3:17 pm
What an absolute farce.
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Anonymous | 15 Jan 2010 3:21 pm
It is an absolute disgrace that these guys can just walk away from their existing commitments at MT & start a new business with no questions asked. I assume that as a Financial Planning firm they will need to be regulated by the FSA? I wonder how the ex AR's & staff from MT who are no doubt owed substantial money,feel about that? The FSA appear to be concentrating their focus on brokers committing fraud & just turning a blind eye to this.
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Rachel | 15 Jan 2010 3:28 pm
I'm just wondering what a 'perspective' investor is. Anyone know?
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Dave Smith | 15 Jan 2010 3:32 pm
I was under the impression that either the FSA or the DTI had put a stop on what they called Phoenix Firms re-emerging after their previous business had been put into liquidation. There must be some really angry ex Mortgage Times A.R's
out there and I dont blame them. I wonder how many other networks are struggling. The lesson to be learnt is go directly authorised.
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