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Broker attacks Openwork AR for telling its clients it had ceased trading

A broker has attacked an appointed representative of its former network Openwork after it told his clients the broker had gone out of business.

Mark Gregory Ltd, a brokerage based in Aylesbury, recently left Openwork to join Intrinsic. It says it fully understood that another AR of Openwork would begin to contact clients to try and win back business.

But Mark Gregory says it was informed by its clients that Openwork AR, Pocock Vyner & Smith, had been ringing his client base wrongfully informing them that the firm had ceased trading.

This led to Mark Gregory complaining to the Openwork AR, but the firm says clients continued to be contacted in the same manner.

In a voicemail from the Openwork AR left on a client’s answerphone, a recording of which has been heard by Money Marketing, the representative of Pocock Vyner & Smith clearly states that “Mark Gregory are no longer trading in Aylesbury”.

Mark Gregory has written to the FSA complaining about the tactics, claiming they breach TCF. It has also demanded Openwork write to all those clients called by PV&S to apologise and assure them the broker is still trading in the Aylesbury area.

Correspondence from Openwork received today by Mark Gregory states the network will ensure that “all the clients who have been contacted and received a message that suggests Mark Gregory have been closed down are written to and the correct explanation is given.”

Both PV&S and Openwork were unavailable for comment at time of publication.

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