Mortgage Times' reps slam directors over new venture
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Former appointed representatives of Mortgage Times have hit out at company directors Chris May and Paul Carmody for setting up a new financial planning venture on the same premises as the defunct network.
Carmody & May has yet to be registered at Companies House and is not yet authorised by the FSA.
However, its website says that the company “provides capital market advice to prospective investors within the UK financial markets and it combines high-net-worth financial planning, mezzanine asset management and corporate and financial planning”.
According to the website, the business is located at 247 Tottenham Court Road, London the same address as Mortgage Times.
Last week, HM Revenue & Customs sought the winding up of Mortgage Times but the court hearing was adjourned.
The network’s management emailed advisers before Christmas to say that the firm had ceased trading and cancelled its FSA permission, leaving appointed representatives unable to conduct business. 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.”
The site says the firm offers consultancy, fund management, financial services such as mortgage broking, financial planning and corporate finance as well as transaction advice.
Former Mortgage Times AR Arrowclass director Joe Burton says the system is to blame.
He says: “I think it is a disgrace that the system allows it but show me one broker who would not do the same. It is a crying shame but they
have done nothing other than take advantage of the system.”
Barrie Hallybone Financial Services mortgage consultant Barrie Hallybone says: “I think that it is wrong. They have made a mess of one business so why should they be allowed to go and run another?”
Carmody and May were both unavailable for comment.
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Readers' comments (2)
Anonymous | 22 Jan 2010 4:33 pm
Where I come from, name and reputation count for everything. Any individual who was left high and dry by the manner in which they exited and wishes to be associated with these two again - makes their own choice.
Good Luck to them, they worked the system and it worked for them - RDR 2012 will sort out the rogues from the professionals.
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Anonymous | 23 Jan 2010 2:44 pm
There are a number of important questions which have not been answered about the Mortgage Times debacle.
Now another two can be added to the list:
1) did the directors of the Mortgage Times deliberately not apply for administration on 21 December 2009 because they hoped to leverage their own debts against the company (and those of companies which they controlled) to attempt to get the office transferred into the ownership of their new venture? Presumably an administrator would raise questions about the legitimacy of the directors acting in this way; and
2) Given the website was set up in November 2009 can we assume they had decided the company could not longer trade? It would seem odd for full time directors of a large company to hire their skills out to competitors if they thought the company could continue.
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