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FSCS set for claims as Moorgate House IFA goes into liquidation

Building society chief executives have presented over 22,000 signatures to the Chancellor in support of the national Raise the Roof stamp duty campaign to lift the stamp duty threshold from 60,000 to 150,000.

Pictured outside No 11 Downing Street, left to right, are: Tony Carroll, Black Country Chamber of Commerce; Andrew Messenger, chief executive, West Bromwich BS; Rob Cairns, chief executive,Furness BS; David Webster, chief executive, Hanley BS; Peter Bolton King, chief executive, National Association of Estate Agents and John Whayman, chief executive, Ipswich BS.

Accountancy firm MacIntyre Hudson has seen its Moorgate House IFA arm put into liquidation 18 months after selling its assets to Carrwood Barker.

The IFA arm MHMH and execution-only firm MHID of Moorgate House went into provisional liquidation on December 20, 2004, leaving misselling cases which could fall on the Financial Services Compensation Scheme.

BDO Stoy Hayward has been appointed as liquidator and is assessing the liabilities of the accountant’s IFA arm which in 2002 had 280m assets under advice and employed a staff of 125. The liquidator confirms the FSCS is involved and it is working closely with the scheme which is expected to have to pay out.

Manchester IFA Carrwood Barker acquired the assets of the IFA for an undisclosed sum in September 2003 without acquiring any liabilities, forming a new firm called Carrwood Moorgate.

MacIntyre Hudson would not comment.

BDO Stoy Hayward partner Paul Keeley says: “We are quantifying the liabilities. Given the volume of business, you would expect a certain number of misselling issues.”

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