In an IFA update, seen by Money Marketing, Maguire says Ainscough has worked unpaid since April 2009.
He says: “I have encouraged Marc to now go back into the mainstream and start to try and earn a living again. I wish him every success, he has been a good and loyal friend in some very dark times.”
Maguire is seeking funding to establish the Arch Capita Compensation Group and says he will issue membership documents to IFAs and private investors next week.
Maguire reiterated that he will not cooperate with law firm Regulatory Legal, who has also set up an action group, until it confirms its legal challenge is not against cru, but against Arch and Capita.
He states: “I repeat that when Regulatory Legal write to me to confirm that their legal challenge is not against cru, but against Arch and Capita, I will happily work with them to pursue their claim.”
Maguire says he is not prepared to work with Regulatory Legal for free, and quotes a fee of £100 per hour.
He says if Regulatory Legal do not secure his input “vital evidence will be the preserve of the ACCG”.
He adds: “If we secure judgment for compensation it might be that only ACCG member firms will benefit.”
Maguire insists the blame for the debacle lies solely with Arch and Capita.
He says: “What is the point of wasting member firms’ money on trying to investigate cru, with the company about to go into liquidation, its offices locked and bolted and a staff headcount of one, me? I have better things to do with my time.”
Maguire revealed last week that he was to set up the action group and that he was on the brink on bankruptcy.