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Mortgage Advisory Centre faces receivers

Scottish mortgage and insurance broker, the Mortgage Advisory Centre, faces liquidation as a result of endowment claims.

Director Robert McGrail, who has a 10 per cent stake in Heart of Midlothian Football Club, had set aside a compensation pot of an undisclosed sum to deal with claims.

But liquidator KPMG says it appears this may not be enough to meet 688 claims that are being processed.

More claims are expected to flood in as liquidator KPMG contacts clients of the Edinburgh firm. KPMG Scotland partner Brian Nimmo is liaising with the Financial Services Compensation Scheme and the FSA, which has already posted a warning on the consumer section of its website.

MAC made a loss of around 200,000 in 2004 after almost 20 years in the mortgage business. It stopped selling new policies in 2002 and was only dealing with existing clients.

McGrail is understood to own between 24 and 27 companies, the best known being First Mortgage, an independent mortgage advisory firm with seven outlets in Scotland.

Nimmo says: “We are liaising with the FSCS to determine what protection may be available for existing and future claimants. Our job is to ensure this company is wound up efficiently and effectively while trying to realise maximum value for creditors.”

The Mortgage Advisory Centre was unavailable for comment.


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