I write in respect of last week’s article (Adviser hits out at Standard Life in client ownership row – MM Feb 13) and do so in my capacity as a director and part owner of Croesus Financial Services, the wronged party in the High Court Case mentioned in the article.
Firstly, I want to point out some factual inaccuracies within your article
- The judgment was made in November not December;
- Taken as a whole, the total amount of damages was over £75,000, rather than the £30,000 quoted.
- Compensation was order rather than negotiated.
It is worth pointing out that at a subsequent hearing we were awarded 100 per cent of our reasonable costs.
I am also concerned the tone of the article portrays both Attain Wealth and Matthew Bradshaw as the wronged party. Whilst it may be the case that Standard Life did disclose that two clients had transferred from Croesus to Attain, this was not germane to the case. We were already aware as to where these clients had transferred to and frankly, the fact that they had gone was enough in itself for us to take the action we did.
Mr Crothers talks about trust. It is the case that Croesus was trusting Mr Bradshaw to stick to the employment contract he had whilst with Croesus. Had he done so, the case would have been avoided. I should point out that there never was a dispute between the two firms. Our action was only ever taken against Matthew Bradshaw and his father David Bradshaw. Attain we’re never party to the court action.
The real story here is not about Standard Life disclosing information to Croesus but the fact that we as a company defended ourselves against an unlawful attack on our client bank from a previous employee who was subject to a contract that was seen to be legally binding.
The Bradshaw’s have to take responsibility for their own actions and accept that had they not breached their contracts then none of the action that followed would have happened.
An important legal principle was reinforced by us taking the action that we did and I do feel that your readers would be more interested in this than the Standard Life angle.
Croesus Financial Services