The FSA has warned consumers against dealing with Carmody & May, the firm set up by ex-Mortgage Times directors Paul Carmody and Chris May on the same premises as the defunct network.
It says: “The financial planning firm was set up by the two directors after the network’s collapse and they are not authorised to carry out regulated activities by the FSA”. The firm is not regulated to carry out activities like “advising on investments, arranging deals in investments and establishing, operating and winding up a collective investment scheme.” It adds: “The FSA believes the firm may be targeting UK customers”. It warns that investors should be aware that redress schemes would not cover any advice or business transacted through the firm.
The Carmody & May website was set up in January, offering to provide investors with “high net worth financial planning, mezzanine asset management, corporate and financial planning”, but since appears to have been taken offline.
The launch angered former appointed representatives of the network which had ceased trading at that time and went into administration in February.