Moneygate has applied to the FSA for consent to undertake a bulk transfer of Clarkson Hill advisers.
In a statement to the stock market this afternoon, it revealed it has been in talks with Clarkson Hill for three months with a view to acquiring the firm but is reviewing its position as Clarkson Hill can no longer conduct regulated activities.
Moneygate says it has made a number of attempts to contact the directors of Clarkson Hill in the last two weeks but has “yet to re-engage in constructive discussions”. It has made a bulk transfer application with the FSA.
The statement says: “The directors of Moneygate have a great deal of sympathy for advisers, staff and clients of Clarkson Hill who they believe will be keen to know what the immediate future holds for them.
“Moneygate’s management are receiving many calls and emails from Clarkson Hill advisers seeking information. Unfortunately, Moneygate is not currently in a position to answer these queries other than to confirm that it has made an application to the FSA for consent to take a bulk transfer of Clarkson Hill’s advisers.”