View more on these topics

Kilminster Financial Management set for liquidation

The Kilminster Financial Management network looks set to go into liquidation.

A note sent by Malcolm Kilminster through insolvency practitioner B N Jackson Norton on June 6, and seen by Money Marketing, invites creditors to their offices at 143 Orchard Street Bristol at 11.30 on July 16.

The meeting will hear a statement of the company’s affairs for the purpose of nominating a liquidator and of appointing a liquidation committee.

The move for liquidation is likely to prove controversial among KFM creditors and shareholders many of whom claim they are owed large sums of trail commission.

Minority shareholders attacked KFM in January over a deal in which the network’s advisers were offered the chance to transfer to financial planning network Alpha to Omega. The majority of the KFM’s 30 advisers made the move.

Under the terms of the deal, Malcolm Kilminster’s own practice became an appointed rep of A2O.

As part of this deal residual income, including trail commission, from KFM would pass to Malcolm’s own practice if KFM ceased trading.

Documents from a KFM EGM earlier this year show the network was facing two potential litigations totalling around £300,000. If liquidation does occur, responsibility for these claims could fall upon the Financial Services Compensation Scheme if they are successful.

At the time a spokesman for Malcolm Kilminster said that Kilminster Financial Management would continue to trade and to benefit from the trail commission due to the company.

The spokesman also said that there was ongoing litigation between KFM’s minority shareholders and the firm.

Malcolm Kilminster was understood at the time to have received £265,000 up front for selling the “goodwill” in his own practice with a further £50,000 in six months, and another £50,000 in twelve months.

Kilminster was unavailable for comment when Money Marketing rang his office this morning. A member of staff said he is on a five week holiday in America which began this week.


TMP rebrands as Modus

The Mortgage Partnership has rebranded as Modus Mortgage Network, with 25 appointed representative firms and over 40 RIs. warns NR customers to shop around

Northern Rock mortgage customers coming off fixed rate contracts remain at risk despite a remortgaging deal with Lloyds TSB and should shop around for the best deal, according to

Tax avoidance (the fight goes on)

In recent times, we have witnessed high-profile celebrities and sports stars make the headlines for potential tax liabilities on ‘failed’ tax avoidance schemes. We are now used to reading about these individuals, but what about those who advise on such schemes? Read more


News and expert analysis straight to your inbox

Sign up


There are 3 comments at the moment, we would love to hear your opinion too.

  1. susanclaypolesmth 4th November 2009 at 6:37 pm

    I have just been offered a Life Settlement Fund investment by Malcolm Kilminster. I met him and his wife in Big Timber, Montana this summer where they have a holiday home and other property. (this is a small ranching community of about 1200) Not sure what a Life settlement Fund is. Thanks.

  2. I would like further information on the Following Money making Subjects.

    Hedge Funds
    Carbon Certificates
    Solar Panels

  3. Where is Malcolm now? I need to find out what’s happened to the self admin pension he sold me!!

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm