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Mortgage Times directors set up financial planning firm

The directors of defunct network Mortgage Times have set up a financial planning firm on the same premises as their former business.

Carmody & May has yet to be registered on Companies House and is not yet authorised by the FSA, but its website says the company “provides capital market advice to perspective investors within the UK financial markets, and it combines high net worth financial planning, mezzanine asset management, corporate and financial planning”.

According to the website, the business is located at 247 Tottenham Court Road, London – the same address as Mortgage Times.

Earlier this week HM Revenue & Customs sought the winding up of Mortgage Times. The network’s management emailed advisers before Christmas to say that the company had ceased trading and cancelled its FSA permission before Christmas, leaving appointed representatives unable to conduct business.

HMRC’s case was heard in court earlier this week, but the decision over whether to force Mortgage Times into liquidation was adjourned. No administrator has officially been announced.

The Carmody & May website says: “We are one of London’s premier financiers with well over 20 years experience within the UK Financial Market.”

Services that the firm claims to offer include consultancy, funds management, financial services such as mortgage broking, financial planning and corporate finance, as well as transaction advice.

Neither Carmody nor May could be reached for comment.

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Comments

There are 25 comments at the moment, we would love to hear your opinion too.

  1. No doubt the losers in the Mortgage Times debacle will be pleased to see this new venture and comments like ‘ we are one of Landon’s premier financiers’ will gladden their hearts. Obviuosly it’s now ok to drive one business into the ground leaving client’s, appointed reps and introducers in the lurch.

  2. Joke Joke Joke! FSA you should be ashamed!

  3. Cough cough….Phoenix ….cough cough

  4. What is the point of RDR if such phoenixing is allowed?

  5. Disgluntled ex AR MT 15th January 2010 at 3:13 pm

    This is unbelievable!
    These guys have actually stolen money from hard working AR’s who had been loyal to them over the past 5 years.
    If the FSA allow them to set up again there ought to be a public outcry against the FSA for allowing these thiefs to set up again.

  6. the directors have made a mockery of the fsa!

  7. The FSA haven’t approved them yet but I am sure the years spent in sales for a life assurance company will provide all the qualifications they will need for the services they say they can offer.

  8. What an absolute farce.

  9. It is an absolute disgrace that these guys can just walk away from their existing commitments at MT & start a new business with no questions asked. I assume that as a Financial Planning firm they will need to be regulated by the FSA? I wonder how the ex AR’s & staff from MT who are no doubt owed substantial money,feel about that? The FSA appear to be concentrating their focus on brokers committing fraud & just turning a blind eye to this. Can someone please explain the difference to me?

  10. I’m just wondering what a ‘perspective’ investor is. Anyone know?

  11. I was under the impression that either the FSA or the DTI had put a stop on what they called Phoenix Firms re-emerging after their previous business had been put into liquidation. There must be some really angry ex Mortgage Times A.R’s
    out there and I dont blame them. I wonder how many other networks are struggling. The lesson to be learnt is go directly authorised.

  12. Does this statement on their website seem a bit tongue in cheek ? “We are keen to developed long-term relationships and ensure that the financial solution we provide stands the test of time through regular servicing and reviews”

  13. We must congratulate the FSA and those who govern for slowly and sytstematically destroying an industry that t was basically sound with a few bad apples.Mortgage Times is another example of their shameful behaviour.Clueless to the end

  14. Dermot Brannigan 15th January 2010 at 4:21 pm

    No, no, this sort of thing is fine. But if you fail to keep a copy of someone’s payslip on file, well…..you’ll be for it!
    No, no , this sort of thing is perfectly ok.

    And Rachel, a ‘perspective investor’ is one you saw coming!

  15. Not yet authorised by the FSA, not yet registered on Companies House…
    Sounds like a great outfit they’ve got there.

  16. Debbie Lloyd-Smith 15th January 2010 at 4:55 pm

    absolute joke, seems to me that networks can do just as they like and get away with it!!!

  17. Not all networks are like MT thank god, but it does mean you have to ensure they have capital behind them. The ex directors of MT will have fun proving they are fit and proper well at least I hope they have to prove they are. I would love to read their applications

  18. The same thing happened at TaxInvest (Group) Limited which went bust. The directors set up a new firm called Synthesis Wealth – and they operated in the same office.

    The whopping big loophole is they became appointed Reps – in this case they used Alpha 2 Omega

  19. May and Carmody must have brass necks to even show their faces whilst the devastation they have left behind and losing brokers hundreds of thousands of hard earned pounds which went , who knows where but we can have a good guess.

    These guys have sysematically lied and assets stripped MTG for the last year.

    The fact the FSA have done the square root of nothing is an absolute disgrace but hardly suprising. They are more interested in wiping out all mortgae brokers and their cull is nearly complete. MTG actions will means many brokers will give up which the FSA will rejoice in.

    Its ok to fold up and compnay devastating hundreds of lives and set up immediately with the FSA but if you do not have an idd on your file, well thats much more serious isn’t it FSA.

    It is NOT possible to hate an organisation more than the FSA. May, Carmody, FSA, there all the same.

    Still this will all be brushed under the carpet and the FSA will probably be attending Carmody and May’s launch party near Canary Wharf for all the free Champers.

  20. Very interesting especially when the domain name of their new venture was registered on the 20th November 2009 being at a time when all was supposedly being sorted out with all those concerned about the company.
    Does this strike anyone as being a bit anticipative of the two directors of things to come?

  21. Directors of a mortgage network who lied to their own ARs are now setting up a Financial Planning firm?

    These low lifes clearly have no dignity nor sense if they want to pretend they have the ability to do financial planning.

    FSA – have you checked their website? Didn’t think so… Didn’t you tell firms that if the word “mortgage” is mentioned on the firm’s website, it must make their fee scale and risk warnings obvious?

    Are you going to follow this up, or if you don’t and approve this con website, does that mean other firms can ignore the stupid mortgage warning?

  22. It is clear that they have no idea how to run a business. The thought of them being allowed to set up again and make a mockery of clients and the industry is a joke! The FSA should not give them authorisation if our professional standards are to mean anything!

  23. I wonder whose mney they will be using to set up. Probably all of the people they owe form Mortgage Times. i suppose this comes under the heading Treating Customers Fairly

  24. WOW!! Another failure which may set up again under a different name. Dear FSA do the industry a favour and do what’s right PLEASE.
    You need to lead the way and stop this otherwise our industry will remain a JOKE.

  25. cannot wait for tory’s to come into power so incompetent fsa will become front liners in the dole queue!!

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